Finance Regulation Technology

FRT Episode 142: The Future of Human-Centered AI and Policy Development

Tue, 27 Feb 2024 21:00:00 -0000

In this episode of FRT, we welcome Russell Wald, Deputy Director of the Stanford Institute for Human-Centered Artificial Intelligence (HAI), to discuss important developments and various projects being advanced within the Institute as a leading voice on the future of AI. These topics include the findings of the 2023 AI Index Report, the case for a multilateral AI research institute, and work via the Center for Research on Foundation Models that, among other findings, sheds light on possible implications of European efforts to regulate AI.

Russell also discusses key focus areas in human-centered artificial intelligence for 2024, high-level efforts to develop international frameworks and their importance, aspects of the Biden Administration’s Executive Order, HAI’s role in the launch of the Stanford Emerging Technology Review, potential areas of importance for financial institutions’ deployment of AI, and more. Additional recent HAI reports of interest may include a January 2024 Policy Brief titled, “Safety Risks from Customizing Foundation Models via Fine-tuning” and a February 2024 Working Paper titled, “Inspiring Action: Identifying the Social Sector AI Opportunity Gap.”

FRT Episode 141: Inside the Competition for Big Money in 2024

Tue, 09 Jan 2024 14:00:00 -0000

Digital Money and Future Scenarios for High-Value Flows Developments in tokenization and distributed ledger technology (DLT) are opening up new fronts in the evolution of digital money. High-value transactions—including large transfers between banks, payments by big corporations, and multi-billion dollar investments by companies, asset managers, and asset owners like pension and sovereign wealth funds—are coming into range as market actors seek programmability, automation, and efficiencies across a broader array of transaction types.

In this episode of FRT, we explore potential scenarios for how these developments might play out with the authors of a recent report by Oliver Wyman. Michael Wagner, Partner and Larissa De Lima, Senior Fellow Future of Money Initiative, explore the drivers behind this competition, the “replumbing of the financial system” underway, four visions for the way technology and policy developments may transform the business of high-value flows, and potential paths that market participants can take to realize each vision. These include the Evolution of TradFi, Rise of Digital Intermediaries, Universal Networks, and Sovereign Expansion. This discussion of competition between “new and old money” will be a part of dialogues during the World Economic Forum in Davos so check out this episode to hear a preview of the issues and trends being explored

FRT Episode 140: Project Tourbillon: Privacy, Security and Scalability for Retail CBDCs

Tue, 19 Dec 2023 14:00:00 -0000

In this episode of FRT, Morten Bech, Head of the Bank for International Settlements (BIS) Innovation Hub’s Swiss Centre, discusses Project Tourbillon, a recently completed project that developed two prototypes studying the trade-offs between privacy, security, and scalability for retail CBDCs, and how one might succeed at all three. Achieving this trifecta has been the focus of many engineers in the digital assets space. The lessons from Project Tourbillon are applicable to projects beyond retail CBDCs.

FRT Episode 139: Linking Europe's AI Act with Data Regulation

Tue, 22 Aug 2023 13:00:00 -0000

In this episode of FRT, Julia Sterling, Vice President in Business Development for Big Data & Advanced Analytics at Commerzbank, discusses artificial intelligence, the EU’s AI Act, and the connection to data policies – particularly cross-border policies.

FRT Episode 138: New Payments Infrastructure in Colombia

Tue, 20 Jun 2023 12:00:00 -0000

In this episode of FRT, Ana Maria Prieto, Director of Payments System at the Central Bank of Colombia (Banco de la República), discusses the new payments infrastructure being built in Colombia, key objectives of the new system such as interoperability and security, and the timeline envisioned for this project. Ana Maria also provides insights on how private and public collaboration is fundamental for the new payments model in Colombia and how the different roles played by central banks and private actors complement each other to reach the end-users in the new infrastructure.

Ana Maria also shares her views on how to navigate the potential conflicts of interest that can arise from having an actor with two hats: regulator on one side, and market player on the other. The chapter ends with considerations around cross-border payments, the benefits of cross-border collaboration, and the role Colombia visualizes for retail and wholesale CBDCs.

FRT Episode 137: Money, Tokens, and Games

Tue, 23 May 2023 13:00:00 -0000

In this episode of FRT, Ronit Ghose, Global Head of the Future of Finance think tank at Citi Global Insights, discusses the future of money, tokens, and games. Each year, Ronit’s team publishes the “Citi GPS: Global Perspectives and Solutions” report exploring trends in digital money. This year’s report, subtitled “Blockchain’s Next Billion Users and Trillions in Value” explores why innovation in money is different than innovation in other assets.

FRT Episode 136: Why Do We Need Digital Currency? Analyzing Its Value

Tue, 09 May 2023 13:00:00 -0000

In this episode of FRT, Fabian Astic, Managing Director and Global Head of Decentralized Finance and Digital Assets at Moody’s Investors Service, asks critical questions like “Why do we need digital currencies?” and “What is their value?” Fabian analyzes the use cases for various types of digital currency, from cyptoassets to stablecoins to deposit tokens to CBDCs, and closes by sharing his views on the future of decentralized finance.

FRT Episode 135: Evaluating the Digital Pound

Tue, 25 Apr 2023 13:00:00 -0000

In this episode of FRT, Tom Mutton, Director of Fintech at the Bank of England, discusses the Bank’s joint consultative report with HM Treasury, titled “The digital pound: a new form of money for households and businesses?” Tom additionally comments on the future of financial infrastructure, addressing privacy, interoperability, public vs. private solutions, and the future of decentralized technologies.

FRT Episode 134: Emerging Technologies and Infrastructure - Views from Asia Pacific

Tue, 11 Apr 2023 15:00:00 -0000

In this episode of FRT, Yue Hong Zhang of Boston Consulting Group (Hong Kong) and Daniel Wu of Amazon Web Services (APAC) discuss emerging technologies and the future of financial infrastructure, including the development of cloud, artificial intelligence, digital assets, blockchain technology, and the policy environment shaping the adoption of these technologies in the Asia Pacific region.

FRT Episode 133: Assessing Cloud Adoption

Tue, 28 Mar 2023 12:00:00 -0000

This episode of FRT reflects on the role of cloud computing in the future of finance, and the recent US Treasury Report on the topic, with Howard Boville, Head of IBM Cloud Platform & Technology Lifecycle Services. Cloud computing is an essential tool for the digital transformation of financial services, but its rise has been accompanied by a global policy dialogue on the role of cloud computing and the appropriate frameworks to manage risk and oversight.

The US official sector had been comparatively quiet on the subject; however, a recent report from the US Treasury has put forward a comprehensive review. The report, The Financial Services Sector’s Adoption of Cloud Services, takes stock of financial service applications moving to the cloud and the benefits it can deliver as well as exploring the risks and potential policy and regulatory responses. Various regulators and global standard setters have considered these issues for some time, and a variety of perspectives have emerged, particularly in the EU and some emerging markets. Now, the home jurisdiction for the major cloud service providers has publicly outlined their views.

Howard discusses trends in digital transformation, some of the challenges financial firms are solving in their cloud migration, and how firms are addressing the risks outlined in the Treasury report. Configuration of cloud services by the financial institution is one example of a place where more talent, expertise and communication between FIs, regulators/supervisors, and the cloud service providers could help advance understanding and support for critical applications migrating to the cloud. Addressing cyber risk is another focal point. Before the episode concludes we also look ahead at developments in AI and quantum computing as related developments for the future of finance.

FRT Episode 132: Central Bank Innovation - An Update on Digital Transformation in the Public Sector

Fri, 24 Mar 2023 16:00:00 -0000

Episode 132 of FRT provides an update on digital transformation in the public sector with Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore. The Bank for International Settlements (BIS) held their Innovation Summit 21-22 March where they convened Central Banks and representatives of the financial services industry to explore how technology is helping central banks and financial markets transform their operations. The program included views from Governors and BIS leaders on their strategic objectives as well as a review of progress and findings from the various BIS Innovation Hub projects around the world. On the side of the proceedings, FRT caught up with Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore, to discuss the current approach to innovation in the public sector, hot spots such as digital assets and AI, and the role of the public and private sectors for innovation in a rapidly digitizing society.

FRT Episode 131: Interbank Reconciliation and the Digital Euro with Silvia Attanasio

Tue, 28 Feb 2023 17:15:00 -0000

In this episode of FRT, Silvia Attanasio, Head of Innovation at the Italian Banking Association (ABI) and President of ABI Lab, discusses interbank reconciliation using distributed ledger technology (DLT) and work the Italian banks have undertaken in support of research into a Digital Euro. Silvia is a member of the ECB Digital Euro Market Advisory Group.

FRT Episode 130: Digital Economy Dynamics

Tue, 14 Feb 2023 15:00:00 -0000

Data is at the core of today’s economy and the future of finance, so the stakes are high as governments create the frameworks to regulate and control its use. In this episode of FRT, Jessica Renier and Conan French share some of the different vectors where the IIF sees the new developments in the policy debate as well as the key takeaways on data governance from the 2022 IIF-EY Machine Learning Survey and recent staff papers on the impact of data frameworks.

FRT Episode 129: CBDCs and The Digital Dollar Project 2.0

Tue, 31 Jan 2023 15:00:00 -0000

In this episode of FRT, Jennifer Lassiter, Executive Director of the Digital Dollar Project (DDP), discusses the global development of Central Bank Digital Currencies (CBDCs) and the DDP’s recent White Paper 2.0, titled “Revisiting the Digital Dollar Project’s exploration of a U.S. central bank digital currency.”

FRT Episode 128: Digital Finance in Davos (WEF 2023)

Tue, 17 Jan 2023 15:00:00 -0000

In this episode of FRT, Jesse McWaters, Senior Vice President and Global Head of Regulatory Advocacy at Mastercard, and former Financial Innovation Lead at the World Economic Forum, gives us a look into the 2023 WEF Annual Meeting and emerging digital trends on the horizon. In its first winter being held in Davos since the start of COVID-19, Jesse discusses this year's Annual Meeting theme, “Cooperation in a Fragmented World”.

FRT Episode 127: Digital Finance in 2023

Tue, 03 Jan 2023 14:00:00 -0000

In this episode of FRT, Jessica Renier, Managing Director of Digital Finance at the Institute of International Finance, discusses geopolitical and institutional frameworks as we close out 2022 and look forward to 2023. The environment in which financial institutions operate shapes priorities, and in turn, the workplans of global standard setting bodies with respect to digital finance. With this episode, we kick off our 2023 bi-weekly series of FRT.

FRT Episode 126: Machine Learning Adoption

Tue, 20 Dec 2022 17:00:00 -0000

In this episode of FRT, Ryan Moore, Managing Director of Financial Services at EY, discusses trends in Machine Learning adoption in financial services and key insights in the upcoming IIF-EY Report on ML for Credit Risk and Anti-Money Laundering. Ryan will join Conan French from IIF's Digital Finance department to discuss the state of development and adoption of ML, including the benefits and challenges that arise from ML use in financial services. Specific points include machine learning governance maturity, model monitoring, feedback mechanisms and other controls that are being used by Financial Institutions to assess bias and unfair practice risks that can come with ML use. With this episode, we will be returning to our bi-weekly episodes.

FRT Episode 125: The Future of Money and Crypto Winter with Doug Elliott

Wed, 24 Aug 2022 19:15:00 -0000

In this episode of FRT, Doug Elliott, Partner and Head of the Oliver Wyman Forum's Future of Money Initiative, discusses trends impacting global economics, the importance of designing CBDCs with a workable business model in mind, and the outlook for Crypto Winter.

FRT Episode 124: Is the US Entering the Global Landscape of Privacy Legislation?

Tue, 19 Jul 2022 13:00:00 -0000

The global trend of new privacy regulation that is both rushed and expansive is creating challenges for international financial services firms trying to operate amid increasing and fragmented regulation. Liz Roberts, IIF General Counsel, joins us on this episode to discuss the latest draft of the American Data Privacy and Protection Act which has garnered bicameral and bipartisan support and aims to set a federal standard for data privacy. Liz discusses the drivers for this legislation, comparisons with GDPR, the fragmented landscape of regulation, and highlights what businesses and consumers alike should be looking out for before the midterm elections.

FRT Episode 123: Discussing DeFi with Iota Nassr of the OECD

Tue, 05 Jul 2022 13:00:00 -0000

In this episode of FRT, Iota Nassr, Economist at the Organisation of Economic Co-operation and Development (OECD), discusses decentralized finance (DeFi), why it matters, its institutionalization, and the implications of volatility in the market.

FRT Episode 122: Considering a Digital Dollar and Digital Euro

Tue, 21 Jun 2022 13:05:00 -0000

In this episode of FRT, Jessica Renier, Managing Director of Digital Finance at the Institute of International Finance discusses the IIF's responses to the Federal Reserve Bank and European Commission consultations on a central bank digital currency. The IIF commends the Fed and EC for taking this step forward in considering this momentous issue.

FRT Episode 121: The Future of Finance, Web 3, and the Metaverse

Tue, 31 May 2022 20:09:53 -0000

In this episode of FRT, Ronit Ghose, Global Head of Banking, Fintech and Digital Assets for Citi Global Insights discusses the future of finance, exploring potential benefits and likely challenges of Decentralized Finance (DeFi), Web 3.0, and the Metaverse.

FRT Episode 120: Conduct and Culture Risk Management

Tue, 17 May 2022 13:00:00 -0000

Leading supervisors and financial service firms are increasingly considering conduct and culture alongside the more established risk management areas. This episode explores the emerging trends surrounding conduct and culture and analyzes new solutions employing behavioral science and technology to deal with the scale and speed of the challenge.

FRT Episode 119: Central Bank Digital Currency with the IMF

Tue, 03 May 2022 13:00:00 -0000

In this episode of FRT, Tommaso Mancini-Griffoli, Division Chief in the Monetary and Capital Markets Department, and Gabriel Soderberg, Financial Sector Expert, of the International Monetary Fund (IMF) discuss Central Bank Digital Currency (CBDC), including design choices and interoperability, risks and opportunities in implementation, and how the IMF is working with countries as they explore CBDCs.

FRT Episode 118: DeFi and Disclosure: Rethinking Compliance with NFTs and DAOs

Tue, 05 Apr 2022 13:00:00 -0000

DeFi (Decentralized Finance) and blockchain technology are driving innovation in products and services including NFTs (Non Fungible Tokens), DAOs (Decentralized Autonomous Organizations), and DID (Decentralized Identifiers). They are also attracting regulatory scrutiny as the sector grows, risks become clearer, and these new kinds of organizations struggle to comply with existing regulatory frameworks. Chris Brummer has considered this situation and sees an opportunity to reimagine disclosure systems that are programable and leverage this new tech for modern compliance.

FRT Episode 117: U.S. Executive Order on Ensuring Responsible Development of Digital Assets

Tue, 22 Mar 2022 13:41:00 -0000

In this episode of FRT, Carole House, Director of Cybersecurity and Secure Digital Innovation at the White House National Security Council, and Christopher Giancarlo, former Chairman of the U.S. Commodities Futures Trading Commission and founder of the Digital Dollar Foundation, discuss the Biden Administration’s Executive Order on Ensuring Responsible Development of Digital Assets. They share observations regarding the comprehensiveness of the Order, the range of agencies involved, and developments in digital asset regulation globally.

FRT Episode 116: Can Cryptocurrency be Used to Evade Sanctions?

Tue, 08 Mar 2022 22:30:00 -0000

In this episode of FRT, Caroline Malcolm, Head of International Public Policy and Research for blockchain analytics firm Chainalysis, answers questions regarding cryptocurrency’s potential for use in sanctions evasion and humanitarian relief. Amid Russia’s invasion of Ukraine prompting rapid and unprecedented actions from the international community, Caroline provides in-depth explanations of how blockchain analytics tools trace transactions and expose trends in user behavior. We conclude that cryptocurrency, in this case, is not an effective tool for sanctions evasion at scale.

FRT Episode 115: Principles for Digital Trust Networks

Tue, 22 Feb 2022 15:00:00 -0000

In this episode of FRT, we hear from Greg Wolfond, Chair and CEO at the fintech SecureKey Technologies, Toronto; and Angus McFadyen, Partner at the law firm Pinsent Masons, London. Greg and Angus were among a team of experts and IIF members who developed and finalized the Principles for Digital Trust Networks as part of the Open Digital Trust Initiative of the IIF and the Open ID Foundation. Digital trust networks will be key to reducing fraud and delivering high levels of trust in e-commerce and digital finance. Greg and Angus share practical perspectives from their projects in the digital trust space and reflect on some of the key principles embedded in the document.

FRT Episode 114: Digitizing Finance for Women’s Empowerment

Tue, 08 Feb 2022 14:30:00 -0000

In this episode of FRT, we hear from Andy Woolnough, Executive VP of Global Advocacy, and Sonja Kelly, Director of Research and Advocacy, from Women’s World Banking, discussing digital solutions for financial inclusion and innovation. Focused on enabling women’s financial stability and resilience, Women’s World Banking pursues research and programs that enable not only women’s financial goals, but ultimately support SMEs, reduce gender inequality gaps, and promote economic growth.

FRT Episode 113: Digital Finance with Jessica Renier

Tue, 25 Jan 2022 14:30:00 -0000

We start off a new year of podcasts with the IIF’s new Managing Director for Digital Finance, Jessica Renier. Jessica shares her views on developments in digital finance, how she came to focus on this work, and discusses some of the key issues that will drive debate in 2022.

FRT Episode 112: Trends in Adoption and Regulation of Cloud in Asia-Pacific Region

Tue, 14 Dec 2021 14:30:10 -0000

Chester Chua, Head of Government Affairs & Public Policy at Google Cloud, joins us on this episode of FRT to share key findings from two studies commissioned by Google Cloud on the regulation and adoption of cloud in financial services.

FRT Episode 111: Open Banking: Implications in a World of Big Data

Tue, 30 Nov 2021 15:00:00 -0000

Linda Jeng, Georgetown University, and Andres Wolberg-Stok, Citi, join us on this episode of FRT to discuss Linda’s recently published book, “Open Banking”, which features chapters written by Andres and the IIF’s Brad Carr. A multifaceted and interdisciplinary topic, the book covers aspects from economics of data to consumer rights and decentralized finance as they relate to open banking. Andres and Brad discuss their chapters and elaborate on the ever-evolving topic of open banking, discussing its origins, mapping its growth into open data, and emphasizing policymakers and regulators’ impact on the competition landscape.

FRT Episode 110: Annual Download with FinTech Beat

Fri, 19 Nov 2021 14:00:00 -0000

FRT continues its 3-year tradition, partnering with Professor Chris Brummer on CQ Roll Call’s FinTech Beat podcast as we discuss key themes and developments from the recent IIF, IMF, World Bank, and DC Fintech Week conferences.

FRT Episode 109: Digital Identity: The Global Assured Identity Network (GAIN)

Tue, 26 Oct 2021 15:00:00 -0000

Gail Hodges, Executive Director of the OpenID Foundation, and Elizabeth Garber, VP of Digital Products at Santander, share their insights on digital identity following the recent publication of the GAIN Paper, an outgrowth from the IIF and OpenID Foundation’s Open Digital Trust initiative. GAIN outlines how an open network can encourage different participants to come together creating an ecosystem with interoperable solutions using common standards. The paper gathered over 150 signatories from an extensive and diverse group of digital identity experts and advocates interested in advancing this vision.

FRT Episode 108: Mobile Money in Sub-Saharan Africa

Thu, 30 Sep 2021 13:30:00 -0000

The dramatic growth of Mobile Money in Sub-Saharan African markets presents some interesting learnings for bank strategies and partnerships with FinTech firms, and with some fascinating scenarios ahead as app-based payment platforms enter the market.

FRT Episode 107: Banking Transformation & African Digital Growth

Tue, 14 Sep 2021 13:30:00 -0000

Mindset shift for digital transformation and supporting the next wave of African entrepreneurs and their tech driven innovations are the topics for this episode.

FRT Episode 106: Big Techs, Finance & Regulation

Tue, 31 Aug 2021 13:41:00 -0000

This episode dives into the landscape of bigtech platforms, their market advantages in a data driven economy, and the regulatory response in China, UK, EU and the US with new privacy, data regulation and competition moves.

FRT Episode 105: Spotlight on Inclusion

Tue, 17 Aug 2021 14:30:00 -0000

Having been spotlighted in the IIF’s new series on inclusion, Amin Khairy from CIB Egypt and Chad Harper from the Visa Economic Empowerment Institute join us on FRT to discuss their work in promoting inclusion through digitalization, with Amin’s work focusing on reaching the unbanked through device-driven banking, and Chad discussing VEEI’s latest research report on global digital remittances. Chad and Amin discuss the need for end-to-end digital enablement, the gender disparity in inclusion efforts, and the importance of public-private partnership, among other topics in this episode of FRT.

FRT Episode 104: Ethical Handling of Customer Data and the IIF Data Ethics Charter

Thu, 05 Aug 2021 16:15:00 -0000

NAB’s Jade Haar and UnionBank of the Philippines’s David Hardoon discuss key areas of focus for the ethical handling of customer data, including the importance of a governance framework, data control, challenges around algorithmic decision-making systems, and the importance of knowledge sharing and training. One of the key focal areas of the discussion was the IIF recently published Data Ethics Charter, which outlined a set of principles around the use of customer data, and included insights from Chief Data Officers and experts within our membership.

FRT Episode 103: Explainable AI and the US Request for Information

Mon, 26 Jul 2021 13:30:00 -0000

Wells Fargo’s Agus Sudjianto discusses approaches for ‘Explainability’, one of the key focal areas of the US agencies’ recent Request for Information on Artificial Intelligence and Machine Learning.

FRT Episode 102: U.S. Executive Order on Competition

Thu, 15 Jul 2021 19:20:42 -0000

President Biden signed his new Executive Order on ‘Promoting Competition in the American Economy’ on July 9. A particularly wide-ranging and comprehensive Order, it includes 72 initiatives and recommendations for actions by 12 agencies, with key focus areas in technology and financial services, in addition to others in healthcare, agriculture, transport and more.

We discuss some of the potential ramifications, including the focus on technology platform business models and data accumulation, a portent to Open Banking, and the requirement for the US Treasury to report on how the activities of big technology companies and non-banks affect competition in finance within the next nine months. We also discuss the political dynamics of the Executive Order and the process ahead, and how the focus on technology firms compares to initiatives in Europe and China.

FRT Episode 101: Innovation & Transformation in Risk

Thu, 08 Jul 2021 19:06:00 -0000

Scotiabank CRO Daniel Moore, FRT’s first guest, returns to discuss how data and innovation are supporting transformation of the Risk function, and some ground-breaking applications of Machine Learning technology to support customers, promote inclusion, and combat human trafficking.

FRT Episode 100: IIF Chairman Axel Weber

Tue, 29 Jun 2021 14:30:00 -0000

Axel Weber, Chairman of the IIF and UBS Group AG, discusses the future of the financial services industry, amidst digitalization, changes in cost economics, the rise of tech platforms, and a growing need for cross-border coordination in data and tech policies.

FRT 99: Cross-border Payments and Global Stablecoin Arrangements

Thu, 17 Jun 2021 14:30:00 -0000

We speak with Dr. Eva Hüpkes, Head of Regulatory and Supervisory Policies and Alex Stervinou, Member of Secretariat, both at the Financial Stability Board, Basel. Eva and Alex unpack the FSB consultation on targets for enhancing cross-border payments, and progress on regulation, supervision and oversight of global stablecoin arrangements, such as Facebook’s Diem project.

FRT Episode 98: The Platformization of Finance

Thu, 10 Jun 2021 14:00:00 -0000

Prof. Doug Arner of Hong Kong University discusses the experiences with China’s FinTech platforms, and some of the key learnings for policymakers and incumbent financial firms across the rest of the world.

FRT Episode 97: The Future of Money - Digital Currency 2.0

Wed, 02 Jun 2021 17:30:00 -0000

New developments in CBDC, what they mean for market participants, forecast of format wars, and the need for interoperability are the topics of the day as we speak with Ronit Ghose, Global Head of Banks and Co-Head of Global FinTech at Citi Research who is the author of a new report “Future of Money: Crypto, CBDCs and 21st Century Cash”.

FRT Episode 96: Connectivity and Customer Centricity: Highlights from IIF Asia Summit

Wed, 26 May 2021 14:50:00 -0000

FRT captures highlights from the 2021 IIF Asia Summit, with C-suite executives and central bank governors discussing the big strategic issues, including international digital co-operation and support for SME businesses in transitioning in an eCommerce economy.

FRT Episode 95: Machine Learning Trends & Developments

Tue, 18 May 2021 19:00:00 -0000

Shameek Kundu surveys the landscape of Artificial Intelligence and Machine Learning across the financial services sector, observing the industry’s maturity with the technology, how the ecosystem of players is evolving, and the role played by regulators.

FRT Episode 94: BankID and the Future of Identity

Tue, 11 May 2021 13:30:08 -0000

Norway’s BankID has been a leader in the use of secure bank credentials for accessing commercial and government services online. Vipps International’s Katinka Jussie Brurberg and Jessica Broström share the successes of this initiative, and the growing interest in --and opportunities for --applying this approach around the world.

FRT Episode 93: The Impact of COVID-19 on Machine Learning & Data Science in UK Banking

Tue, 04 May 2021 13:30:00 -0000

Bank of England’s Oliver Thew and Mohammed Gharbawi join us on FRT to discuss their recent Bank article on the impact of COVID-19 on the use of machine learning and data science in UK banking, and more widely key challenges around the use of AI and ML in finance.

FRT Episode 92: Realizing the Digital Promise – Transformation in an Expanding Ecosystem

Tue, 27 Apr 2021 14:55:00 -0000

Lead authors share the primary insights of the report, distilled from more than 150 interviews with public and private sector leaders, and the implications for the future of finance.

FRT Episode 91: Innovation & Supervision, with EBA’s Piers Haben

Tue, 13 Apr 2021 13:00:51 -0000

FRT Episode 91: Innovation & Supervision, with EBA’s Piers Haben We discuss the adaptability of banks and supervisors alike, both through the pandemic and in an environment of We discuss the adaptability of banks and supervisors alike, through the pandemic and in an environment of accelerated digitalization for future business conditions, with EBA Director Piers Haben.

FRT Episode 90: Digitalization in the Middle East

Tue, 30 Mar 2021 13:00:00 -0000

National digitalization strategies and proactive policies have played an important role in supporting digital transformation in the Middle East, both in financial services and across the wider economy. First Abu Dhabi Bank CTO Yuri Misnik and Banque Misr Trade and Working Capital expert Amr Atteya Ahmed join us to discuss specific examples in the UAE and Egypt.

FRT Episode 89: Advanced Analytics to Mitigate COVID Spread with Banco de Credito BCP

Mon, 22 Mar 2021 13:00:12 -0000

BCP’s Juan Taboada, Diego Escobar and Luisa Quispe join us on FRT to discuss their use of data and advanced analytics capabilities to reduce the spread of COVID amongst BCP’s employees across Peru.

FRT Episode 88: CBDCs with Nordea’s Johanna Lybeck Lilja

Mon, 08 Mar 2021 14:00:00 -0000

Nordea’s Johanna Lybeck Lilja discusses emerging developments in Central Bank Digital Currencies, where Sweden’s pioneering eKrona initiative highlights some of the key design considerations for other central banks and financial systems around the world.

FRT Episode 87: Digital Identity with SecureKey CEO Greg Wolfond

Mon, 01 Mar 2021 14:30:00 -0000

Digital Identity with SecureKey CEO Greg Wolfond

SecureKey CEO Greg Wolfond highlights developments in Digital Identity, and how banks feature in national cross-sectoral initiatives for secure identity services in Canada

FRT Episode 86: DBS’s PURE Framework for Data Ethics

Tue, 23 Feb 2021 15:30:00 -0000

DBS’s Chee Kin Lam, Jeffery Lee, and Sameer Gupta join us on FRT to discuss data ethics, DBS Bank’s PURE (Purpose, Unsurprising, Respectful, and Explainable) Framework, and how this operationalizes and extends beyond Singapore’s high-level FEAT (Fairness, Ethics, Accountability and Transparency) principles.

FRT Episode 85: FinTech & Payments with Visa’s Terry Angelos

Thu, 04 Feb 2021 14:30:05 -0000

We discuss new initiatives to provide cross-border connectivity for domestic payments innovations, and ways to improve how financial institutions onboard their FinTech partners, with Terry Angelos, Global Head of FinTech at Visa.

FRT Episode 84: Machine Learning Governance

Wed, 13 Jan 2021 14:00:00 -0000

Rachel Bailey, a senior manager specializing in machine learning in model risk and validation at Lloyds Banking Group, joins us on FRT to discuss key findings from our recent Machine Learning Governance study.

FRT Episode 83: Preparing for Quantum Computing

Wed, 16 Dec 2020 14:35:00 -0000

Recent developments have brought Quantum Computing out of the lab and into application testing. We discuss the key implications for financial services with experts Denise Ruffner (IonQ), Marko Milek (State Street) and Rudy Raymond (IBM).

FRT Episode 82: The Platform Economy

Wed, 09 Dec 2020 14:33:33 -0000

As the ‘Platformization’ of finance gathers pace, KPMG Global Co-Head of FinTech Anton Ruddenklau talks us through developments in partnerships, the necessary mindset shifts, cross-industry convergence, and the emerging FinTech trends to look for in 2021.

FRT Episode 81: Social Media Security, Surveillance and Ethics

Wed, 02 Dec 2020 14:30:00 -0000

Catherine Parry, Founder and CEO of DeepView, outlines the key trends in social media security and online surveillance technologies that have emerged through the COVID ‘Work from home’ era.

FRT Episode 80: Annual Download with FinTech Beat

Thu, 12 Nov 2020 18:00:00 -0000

Episode Notes

FRT once again joins forces with CQ Roll Call’s FinTech Beat podcast, as we exchange our key takeaways from across the IIF Annual Membership Meeting, the IMF & World Bank annual meetings, and DC FinTech Week, with FinTech Beat host, Professor Chris Brummer of Georgetown University.

FRT Episode 79 : Sandboxes - Innovating for Inclusion

Thu, 05 Nov 2020 17:00:00 -0000

Ivo Jenik of the World Bank’s Consultative Group to Assist the Poor (CGAP) discusses the opportunities and critical dependencies for digitalization to support greater financial inclusion, and key learnings for the application of regulatory sandboxes.

FRT Episode 78: Identity, Inclusion & Interoperability

Wed, 21 Oct 2020 20:30:00 -0000

With the criticality of Digital Identity underlined by the pandemic and recent economic shifts, we discuss the opportunities to support SMEs in the digital economy and promote financial inclusion, and the importance of enabling interoperability.

FRT Episode 77: Open Banking and Beyond

Thu, 01 Oct 2020 15:00:00 -0000

Looking beyond ‘Open Banking’, we discuss multi-sectoral Australia’s Consumer Data Right (CDR) with Dr Liming Zhu of the national science agency CSIRO, looking at the potential extension of open data principles to other consumer sectors.

FRT Episode 76: The Digital Economy: What’s Next?

Fri, 18 Sep 2020 18:00:00 -0000

The economy has been adapting and digitalizing rapidly in response to COVID-19, both in financial services and beyond. IIF economists and digital finance experts look forward at what this means not only in financial services, but also for SMEs to keep pace with tech firms in a competitive eCommerce environment.

FRT Episode 75: The COVID Catalyst

Thu, 20 Aug 2020 18:00:00 -0000

Where COVID-19 has forced radical changes, it has also removed many of the barriers that have plagued previous digital transformation effort. The IIF and Deloitte explore this as part of our Realizing the Digital Promise series, with industry experts Ulku Rowe (Google Cloud), Jaco Grobler (First Rand Bank), and Andres Wolberg-Stok (Citi).

FRT Episode 74: FinTech, BigTech & Regulation

Thu, 06 Aug 2020 19:00:00 -0000

BBVA’s Head of Digital Regulation and Trends (and former IIF secondee) Pablo Urbiola returns to FRT, discussing how the competitive landscape in financial services has evolved with digitalization, and where policymakers need to keep pace with ongoing developments.

FRT Episode 73: The Open Digital Trust Initiative

Wed, 29 Jul 2020 17:07:00 -0000

With COVID-19 ushering the increased digitalization of the economy and placing an increased emphasis on Digital Identity, Rod Boothby (Global Head of Identity at Santander) and Don Thibeau (Executive Director of the OpenID Foundation) visit FRT to discuss an important initiative for enabling online trust.

FRT Episode 72: Embracing the Islamic Banking Digital Evolution

Wed, 15 Jul 2020 15:26:32 -0000

Meeting customer preferences is at the center of both the digital transformation of finance and Islamic banking. In this episode, Bassel Gamal, Qatar Islamic Bank’s Group CEO, shares his experience with these two innovation journeys and how they intersect.

FRT Episode 71: Managing Risk and Using Data Ethically

Mon, 06 Jul 2020 10:00:00 -0000

Deem Finance CRO Torsten Kleine Buening joins us to discuss the ethical use of data and preserving customer trust, and the implications of the COVID experience for technologies such as digital identity and machine learning.

FRT Episode 70: Realizing the Digital Promise - Key Enablers for Digital Transformation in Financial Services

Wed, 24 Jun 2020 19:00:00 -0000

Deloitte’s Puneet Kakar joins fellow co-authors Conan French and Dennis Ferenzy from the IIF to discuss insights from the latest installment in our joint series on digital transformation.

FRT Episode 69: ISDA Common Domain Model

Mon, 15 Jun 2020 15:00:00 -0000

ISDA’s Tara Kruse and Ian Sloyan visit FRT to highlight their Common Domain Model initiative for harmonizing trade processing and improving compliance.

FRT Episode 68: The Libra Refresh and Digital Currency Developments

Tue, 19 May 2020 18:00:00 -0000

John Collins of FS Vector joins FRT to discuss the Libra White Paper 2.0 and key updates in the initiative, against the backdrop of various developments with central bank digital currencies (CBDCs).

FRT Episode 67: Managing Risk through Pandemics and Transformation

Wed, 06 May 2020 18:30:00 -0000

Peter Deans outlines the ’52 Risks’ framework that he has developed from his extensive career as a Chief Risk Officer, and relates this to the scenarios of a pandemic and digital transformation. He emphasizes the importance of avoiding quantification biases, and ensuring operations are versatile.

FRT Episode 66: COVID-19 and Data Policy

Tue, 28 Apr 2020 15:00:15 -0000

David Hardoon describes the key emerging issues in data policy that have been highlighted by the COVID-19 experience, including the value assigned to privacy, connectivity across borders, and the unintended consequences of some previous policy settings.

FRT Episode 65: ABA innovations for smaller US banks

Mon, 20 Apr 2020 18:00:00 -0000

Rob Morgan visits FRT to share how the American Bankers Association (ABA) initiatives are helping smaller US banks access business innovations.

FRT Episode 64: Trade, Technology and COVID with Kati Suominen

Thu, 09 Apr 2020 20:15:00 -0000

Kati Suominen returns to FRT, discussing how the COVID-19 experience will accelerate technology adoption and overhaul trade patterns.

FRT Episode 63: Doing Digital with Chris Skinner

Wed, 01 Apr 2020 14:30:43 -0000

Acclaimed author Chris Skinner visits on FRT to discuss his latest book, Doing Digital, profiling the digitalization efforts, challenges and success stories of JP Morgan, BBVA, ING, DBS & China Merchants Bank.

FRT Episode 62: Digital Identity - The Business Opportunity

Wed, 18 Mar 2020 11:30:00 -0000

Insights from the third installment of the IIF’s series on Digital Identity, exploring the positive impact creating business opportunities in the financial service industry.

FRT Episode 61: Look Ahead at the G20 Digital Agenda and COVID-19 Impacts

Mon, 09 Mar 2020 13:59:56 -0000

The G20 put payments, regtech, and bigtech in finance on the spring action plan for the FSB with data policy and the future of money forming the context. Meanwhile, impacts of the novel coronavirus seized attention as the official sector readied response plans.

FRT Episode 60: Realizing the Digital Promise – Part 1

Wed, 26 Feb 2020 12:00:00 -0000

The first report in our new IIF-Deloitte series Realizing the Digital Promise explores the key internal and external challenges that financial institutions face in their digital transformation journeys.

FRT Episode 59: Davos Download

Thu, 06 Feb 2020 17:06:20 -0000

Standard Bank CEO Sim Tshabalala and Refinitiv’s Sherry Madera join us in Davos to share their key highlights from the World Economic Forum, across climate, data, combatting financial crime, and how societies adapt with the pace of change.

FRT Episode 58: Standard Life Aberdeen Chairman Douglas Flint

Thu, 30 Jan 2020 15:51:29 -0000

Standard Life Aberdeen Chairman Douglas Flint discusses the opportunities in digital identity and combatting financial crime, as well as ensuring that banks and insurers can preserve customer trust in the way they handle data.

FRT Episode 57: Basel Committee Open Banking Report

Thu, 16 Jan 2020 22:14:27 -0000

We discuss the recent Basel Committee report on Open Banking and APIs with lead author Linda Jeng.

FRT Episode 56: InsureTech with Allianz CRO Tom Wilson

Mon, 30 Dec 2019 20:42:40 -0000

Allianz CRO Tom Wilson shares his insights on the transformation of the insurance business model, including through the growth of InsurTech solutions (with Mary Frances Monroe).

FRT Episode 55: RiskMinds Headline Themes

Wed, 18 Dec 2019 14:54:35 -0000

Climate risk, the Ethical use of data, and digital transformation were the dominant themes of the annual RiskMinds conference, as leading CROs Jaco Grobler and Peter Deans join us to discuss.

FRT Episode 54: Singapore Fintech Festival

Tue, 10 Dec 2019 17:35:48 -0000

Conan French speaks with Sopnendu Mohanty, Chief FinTech Officer at the Monetary Authority of Singapore, about key themes from this year’s festival and intersections with the IIF digital finance topics. More than 60,000 attendees from 130 countries participated in this year’s event to explore new technologies and the future of finance with data, APIX, digital transformation, and Central Bank Digital Currencies (CBDC) on the agenda.

FRT Episode 53: Chris Giancarlo and the Digital Dollar

Tue, 19 Nov 2019 22:27:36 -0000

Former CFTC Chairman Chris Giancarlo joins us at the Singapore FinTech Festival to discuss his proposal for a Digital Dollar with the IIF’s Brad Carr and Conan French.

FRT Episode 52: Future of Finance

Wed, 13 Nov 2019 17:09:17 -0000

The Bank of England’s wide-ranging Future of Finance report provides a forward-looking view across topics such as the emergence of a “cash-lite” economy, data standards, artificial intelligence, cloud, digital identity, demographic changes, and the transition to a low carbon economy. Lead author Huw van Steenis (formerly Special Adviser to Governor Mark Carney, and now Senior Advisor to the CEO at UBS) discusses the report’s key findings, and the implications for policy settings and modernizing regulation.

Recorded during the IIF Annual Membership Meeting (where he also presented a special briefing on the report), Huw highlights the emerging trends in payments and the longer-term implications for competition and discusses the barriers to cloud adoption and the opportunities presented by RegTech and SupTech initiatives. He also considers the outlook for central bank digital currencies, and where that activity has been galvanized in recent months by Facebook’s Libra initiative.

FRT Episode 51: Fintech Beat with Chris Brummer

Tue, 05 Nov 2019 18:05:31 -0000

FRT joins forces with CQ RollCall’s Fintech Beat podcast. Fintech Beat Host, Professor Chris Brummer of Georgetown University, and FRT's own, Brad Carr of IIF, share their key takeaways across IIF's Annual Membership Meeting, the IMF & World Bank annual meetings, and DC's FinTech Week.

FRT Episode 50: FDIC Chair Jelena McWilliams

Thu, 24 Oct 2019 20:34:30 -0000

FDIC Chair Jelena McWilliams joins IIF CEO Tim Adams and Brad Carr to discuss the roles for banks and supervisors in enabling innovative solutions for customers and promoting greater financial inclusion.

FRT Episode 49: Previewing the IIF Annual Membership Meeting

Mon, 14 Oct 2019 21:03:21 -0000

We preview the exciting speakers and panel discussions that will feature in the IIF Annual Membership Meeting, to be held in Washington DC on October 16-19.

FRT Episode 48: Cloud and Critical Infrastructure

Fri, 27 Sep 2019 22:16:48 -0000

IIF authors Brad Carr and Daniel Pujazon debrief our recent paper on Cloud Service Providers, and some of the potential regulatory treatments for the increasingly critical role they play in the financial system.

FRT Episode 47: Quantum Computing

Wed, 04 Sep 2019 17:24:15 -0000

Michael Brett (Rigetti Computing) returns to FRT, discussing the opportunities for quantum computing in financial services, market landscape for the technology, first-mover advantages, and the alignment with banks’ Cloud strategies (with Brad Carr and Conan French).

FRT Episode 46: New IIF Machine Learning Report

Mon, 26 Aug 2019 22:04:24 -0000

With the IIF Machine Learning in Credit Risk 2nd Edition Report tracking the industry’s progress with these technologies over the past year, leading contributor Paul Edwards (Scotiabank) joins IIF report authors Brad Carr and Natalia Bailey to discuss the survey’s key findings

FRT Episode 45: TechSprint Takeaways With Jo Ann Barefoot

Fri, 09 Aug 2019 19:38:05 -0000

Jo Ann and the IIF’s Adrien Delle-Case give us their readout of the 2019 Global AML and Financial Crime Tech Sprint.

FRT Episode 43: Libra and Beyond

Mon, 22 Jul 2019 15:14:28 -0000

Following his testimony at the US Congressional hearings on Facebook’s proposed Libra digital currency, Professor Chris Brummer joins FRT to discuss the top takeaways and the potential implications for other initiatives in the digital currency landscape (with Brad Carr & Conan French)

FRT Episode 42: Riksbank Governor Stefan Ingves

Mon, 08 Jul 2019 15:00:24 -0000

Riksbank Governor Stefan Ingves discusses Sweden’s “cashless” economy, the potential eKrona digital currency, and the importance of staying the course in regulatory developments (with Brad Carr).

FRT Episode 41: IIF Machine Learning Roundtable

Tue, 02 Jul 2019 15:00:19 -0000

The IIF 2nd Machine Learning Roundtable was held in Frankfurt on June 19 hosted by Commerzbank, and speakers Kerem Tomak (Commerzbank), and Farhaad Amod (Nedbank) join us to share their top takeaways (with Brad Carr, Natalia Bailey, and Adrien Delle Case).

FRT Episode 40: SEB CEO Johan Torgeby

Fri, 21 Jun 2019 18:00:09 -0000

FRT visits SEB CEO Johan Torgeby in Stockholm, to discuss Open Banking, Artificial Intelligence, advising new high-tech clients, and the emergence of Sweden’s cashless economy (with Brad Carr).

FRT Episode 39: S&P CEO Doug Peterson

Mon, 17 Jun 2019 17:59:59 -0000

S&P CEO Doug Peterson joins us during the IIF Spring Membership Meeting & G20 conference in Tokyo. Expanding on some of the remarks he gave during the conference’s ‘C-Suite: Future of Finance’ panel, Doug discusses investments in innovative technologies, environmental management tools, and the necessary evolution of pension systems. Doug touches on innovation across payments and other industrial sectors in Japan, and elaborates on the investments that S&P have been making in machine learning and visualization and delivery tools. He also emphasizes the increased demand for data and analytics, including in the area of ESG, with an emerging emphasis on plastics. Doug also highlights the criticality of an institutional investment framework for economies, as well as the role for technology in helping to reduce investment costs.

FRT Episode 38: Debunking Misconceptions on Machine Learning Interpretability

Tue, 11 Jun 2019 13:00:05 -0000

FRT welcomes Dr. Bill Kahn, leading data scientist and financial modeling executive, formerly at Bank of America where he led the IIF Machine Learning Working Group throughout the last year. Bill joins us to discuss Machine Learning, demystifying key misconceptions in terms of its risks, as well as discussing the special complexity of interpretability. Bill also spoke on this topic at our recent IIF Digital Finance Symposium, the top takeaways of which were summarized on FRT Episode 37. Bill relates that while at times some of the technical details, like overfitting, heterogeneity, and independence can matter, generally those are not the big mistakes. Rather he equates the big mistakes in machine learning as fundamentally the same as the big mistakes of all multiple regression. Bill discusses overfitting and heterogeneity, before delving into the topic of interpretability, where he differentiates between “what a model is doing” versus “how is the model doing it”. The discussion also includes a view of the special concerns related to the use of machine learning. Previous FRT episodes can be found here, You can also now find FRT on iTunes or Apple Podcast, Google Play, Spotify, as well as continuing to be available on SoundCloud and the IIF website. Looking ahead, we will debrief the IIF Roundtable on Machine Learning in the Financial Industry, as well as discussing the emergence of Sweden’s ‘Cashless economy’ with SEB CEO Johan Torgeby.

FRT Episode 37: IIF Digital Finance Symposium

Wed, 05 Jun 2019 13:00:15 -0000

The IIF 2nd Digital Finance Symposium was held in Washington on May 29, and speakers Annelie Schnaar-Campbell (Standard Bank), Gene DiMira (ManuLife) and Michael Brett (QxBranch) join us to share their top takeaways (with Brad Carr).

FRT Episode 36: Open Banking, Fiduciary Duty & Liquidity

Wed, 29 May 2019 17:00:27 -0000

FRT welcomes Mark Zelmer, former Deputy Superintendent at Canadian regulator OSFI and author of the recent UK government report on Co-operative bank. Mark joins us to discuss Canada’s upcoming adoption of Open Banking, and some of the potential impacts in fiduciary duties and for banks’ liquidity. Mark relates Open Banking against the backdrop of consumer expectations in terms of deposit insurance schemes, and how this may impact banks, intermediaries and consumers alike. He also discusses the potential rethinking of LCR and NSFR assumptions, and the application of liquidity buffers amid new markets impacts on banks’ traditional funding bases. Mark also discusses the recent finalization of the Basel III standards, the current context of a low-interest rate environment, the evolution of bank strategies, and the challenges with data literacy throughout society.

FRT Episode 35: Machine Learning in AML

Tue, 21 May 2019 13:44:30 -0000

Sarah Runge, Global Head of Financial Crime Compliance Regulatory Strategy for Credit Suisse, joins us on this week’s episode of FRT to discuss the benefits and challenges of applying Machine Learning in Anti-Money Laundering and Countering Terrorism Financing (AML/CTF). Sarah highlights the potential that enhanced analytics hold to strengthen the defense mechanisms against financial crime. Today’s framework and practices lead to inefficiencies that can make one lose sight of the bigger picture. However, we also explore how technology cannot (and should not) replace the human element and vigilance in a financial institution’s safeguarding measures. It should be seen as a way to empower analysts and focus their resources on the cases that need their attention the most. We also dive into the challenges institutions face when seeking to implement these techniques. The first is data integration challenges in legacy systems, especially for firms operating in a global environment, which are key to any successful initiative on financial crime prevention. The main challenge for global financial institutions, however, is that of data sharing. Varying rules across jurisdictions can lead to significant risks for the firm and the integrity of the financial system. Lastly, we also discuss how the implementation and execution of the global framework can be an opportunity to tackle these issues. We thank Sarah for agreeing to join us and share her expertise on this important topic, which has been one of the focus areas of the IIF’s work

FRT Episode 34: Consumer Data Rights

Mon, 13 May 2019 14:00:19 -0000

Douglas Elliot, Partner at Oliver Wyman in the Finance & Risk/Public Policy practice, joins FRT to discuss the policy debate around privacy and consumer data rights, and the specific challenges for the financial sector. He was one of the lead discussants at the IIF Roundtable on the New Data Ecosystem in Paris last March, where he presented his work with the World Economic Forum on "Appropriate Use of Consumer Data in Financial Services". Douglas believes that, given the particularities of financial data, the sector – both public and private parties – should come together to look at financial data and the rules around it. This does not mean isolating financial services from the broader societal debate around privacy and consumer data rights. "There needs to be a two-way flow of information and ideas", he says. With countries around the world developing their own data regulations, Douglas sees common rules as "hard to get", but considers that agreeing on a set of underlying principles would be helpful to narrow the range of geographical divergences and reduce the damage from the fragmentation.

FRT Episode 33: “Techlash” & Data Policy

Mon, 06 May 2019 18:21:37 -0000

Rob Atkinson, President of the Information Technology & Innovation Foundation (ITIF), joins FRT to discuss the emerging “Techlash” reaction against technological change, and the impacts for current debates on data privacy and protection policies (with Brad Carr).

FRT Episode 32: 3D Printing & Trade’s New Paradigm

Mon, 29 Apr 2019 17:48:29 -0000

FRT Episode 32: 3D Printing & Trade’s New Paradigm by Institute of International Finance

FRT Episode 31: Developments in Digital Assets

Thu, 18 Apr 2019 18:12:02 -0000

FRT ep 31: Developments in Digital Assets by Institute of International Finance

FRT Episode 30: New Data Ecosystem Roundtable

Thu, 11 Apr 2019 12:00:33 -0000

FRT Episode 30: New Data Ecosystem Roundtable by Institute of International Finance

FRT Episode 29: Partnering with Start-ups

Fri, 29 Mar 2019 14:19:49 -0000

FRT Episode 29: Partnering with Start-ups by Institute of International Finance

FRT Episode 28: Digital Customer Journey

Wed, 20 Mar 2019 19:21:02 -0000

FRT Episode 28: Digital Customer Journey by Institute of International Finance