Latest news with #AgustínCarstens
Business Wire
03-07-2025
- Business
- Business Wire
Queen Máxima of the Netherlands Appointed Chair of Global Finance & Technology Network's International Advisory Board
SINGAPORE--(BUSINESS WIRE)--The Global Finance & Technology Network (GFTN) announced today the appointment of Her Majesty Queen Máxima of the Netherlands, the United Nations Secretary-General's Special Advocate for Financial Health (UNSGSA), as Chair of the International Advisory Board (IAB). The other new members of the IAB are Mr Agustín Carstens and Mr Sanjiv Bajaj, effective 1 July, 2025. The appointment of these globally respected leaders to its IAB marks a key landmark for GFTN, a Singapore-headquartered not-for-profit organisation that leverages technology and innovation to create more efficient, resilient, and inclusive financial systems through global collaboration. 'We warmly welcome Queen Máxima, Mr Agustín Carstens, and Mr Sanjiv Bajaj to the GFTN International Advisory Board,' said Mr Ravi Menon, Chairman of the Board of Directors, GFTN. 'Their visionary leadership, breadth of experience and steadfast commitment to advancing financial innovation and inclusion will be invaluable for GFTN as we build bridges across policy, technology, and finance to foster a more purposeful financial ecosystem worldwide.' Queen Máxima, UNSGSA, is a distinguished advocate for global financial health. She has leveraged her professional background in finance to champion accessible and resilient financial systems worldwide. From 2009-2024 she served as the UNSGSA for financial inclusion for development to improve worldwide access to financial services, especially for the underserved such as low-income households, women, smallholder farmers and SMEs. Nearly 80% of adults now have access to a payment account (Global Findex 2021), but access alone is not enough. As the UN Secretary-General's Special Advocate for Financial Health, Queen Máxima will focus on financial products, services and policies that prioritise the financial well-being of people by enabling people to manage their day-to-day finance, protect themselves against financial risks with savings and insurance, allow them to invest in short and long-term goals and create confidence in their financial future. Through strategic and sustained advocacy, Queen Máxima encourages cooperation and commitment among political leaders, regulators, global standard-setting bodies, civil society, and the private sector, to meet the needs of financially underserved groups. Queen Máxima's work continue to shape policies that empower individuals and communities to achieve greater economic well-being and financial health. Mr Agustín Carstens is a globally recognised economist and central banker who has played a key role in both national and international finance. As governor of Banco de México and Mexico's Secretary of Finance, he led the country through challenging economic times, notably implementing innovative strategies during the 2008 global financial crisis that safeguarded Mexico's macroeconomic stability. On the global stage, Mr Carstens was Deputy Managing Director at the International Monetary Fund and has served as the General Manager of the Bank for International Settlements from 2017-2025. At the BIS, he promoted modernisation and innovation in central banking, launching initiatives to enhance the functioning of the global financial system by developing public goods and fostering collaboration amongst central banks. Mr Sanjiv Bajaj is one of India's most influential financial leaders. Under his leadership, Bajaj Finserv has grown into one of India's most diversified and innovative financial services groups, offering solutions across lending, insurance, and investments. Mr Bajaj has championed a digital-first, consumer-centric approach, transforming how millions of Indians access financial products. He has also served as President of the Confederation of Indian Industry and was a member of the Steering Committee appointed by the Government of India for B20 as part of India's G20 Presidency for FY 2022-23. About GFTN The Global Finance & Technology Network (GFTN) is a Singapore-headquartered organisation that leverages technology and innovation to create more efficient, resilient, and inclusive financial systems through global collaboration. GFTN hosts a worldwide network of forums (including its flagship event, the Singapore FinTech Festival); advises governments and companies on policies and the development of digital ecosystems and innovation within the financial sector; offers digital infrastructure solutions; and plans to invest in financial technology startups through its upcoming venture fund, with a focus on inclusion and sustainability.
New York Post
29-06-2025
- Business
- New York Post
World economy faces ‘pivotal moment,' central bank body BIS says
Trade tensions and fractious geopolitics risk exposing deep fault lines in the global financial system, the central bank umbrella body, Bank for International Settlements, said in its latest assessment of the state of the world economy. The outgoing head of the BIS, often dubbed the central bankers' central bank, Agustín Carstens, said the US-driven trade war and other policy shifts were fraying the long-established economic order. He said the global economy was at a 'pivotal moment,' entering a 'new era of heightened uncertainty and unpredictability,' which was testing public trust in institutions, including central banks. 5 General Manager of the Bank for International Settlements (BIS) Agustín Carstens speaks at the forum Tokenization and the Financial System during the World Bank/IMF Spring Meetings at the International Monetary Fund (IMF) headquarters in Washington, Wednesday, April 23, 2025. AP The bank's report is published just over a week before President Trump's trade tariff deadline of July 9 and comes after six months of intense geopolitical upheaval. When asked about Trump's criticisms of Federal Reserve Jerome Powell, which have included Trump labeling the Fed chair as 'stupid,' he was not overly critical. 'It is to be expected at certain points in time that there will be friction,' former Mexican central bank governor Carstens told reporters, referring to the relationship between governments and central banks. 'It is almost by design.' The BIS' annual report, published on Sunday, is viewed as an important gauge of central bankers' thinking given the Switzerland-based forum's regular meetings of top policymakers. 5 The Bank for International Settlement's report was released just over a week before President Trump's July 9 trade tariff deadline. AP Rising protectionism and trade fragmentation were 'particular concerning' as they were exacerbating the already decades-long decline in economic and productivity growth, Carstens said. There is also evidence that the world economy is becoming less resilient to shocks, with population aging, climate change, geopolitics and supply chain issues all contributing to a more volatile environment. The post-COVID spike in inflation seems to have had a lasting impact on the public's perception about price moves too, a study in the report showed. 5 Bank for International Settlements chief Agustín Carstens was not overly critical of President Trump's criticisms of Federal Reserve Chair Jerome Powell, above. Getty Images High and rising public debt levels are increasing the financial system's vulnerability to interest rates and reducing governments' ability to spend their way out of crises. 'This trend cannot continue,' Carstens said referring to the rising debt levels and he said that higher military spending could push the debt up further. Hyun Song Shin, the BIS's main economic adviser, also flagged the sharp fall in the dollar. It is down 10% since the start of the year and on track to be its biggest first-half drop since the free-floating exchange rate era began in the early 1970s. 5 Hyun Song Shin, the BIS's main economic adviser, flagged the sharp fall in the dollar, which is down 10% since the start of the year. AFP via Getty Images Shorter-term analysis, though, showed 'hedging' by non-US investors holding Treasuries and other US assets appears to have made an 'important contribution' to the dollar's slide over the last few months. 'We haven't seen anything (yet) that would give us any cause for alarm,' Shin added. The BIS had already published one part of its report last week that gave a stark warning about the rapid rise of so-called stablecoins. 5 The Bank for International Settlements headquarters in Basel, Switzerland. doganmesut – He said there was no evidence that this was the start of a 'great rotation' away from US assets as some economists have suggested, but acknowledged that it was still too early to know given sovereign funds and central banks move slowly. In terms of the BIS' own finances, it said it made a net profit of $1.2 billion, while its total comprehensive income reached a record high of $5.3 billion and currency deposits at the bank also reached a new high. 'It is important that the BIS has the highest creditworthiness out there,' Carstens said.
Finextra
06-05-2025
- Business
- Finextra
BIS and South African Reserve Bank invite applications for G20 TechSprint
The Bank for International Settlements (BIS) and the South African Reserve Bank (SARB) today launched the sixth edition of the G20 TechSprint focused on developing innovative solutions to promote integrity and trust in finance. 0 The G20 TechSprint is an international competition to explore innovation and develop cutting-edge technological solutions to pressing global challenges. Following the success of the previous competitions in the areas of regulatory compliance and supervision, green and sustainable finance, central bank digital currencies, cross-border payments and solutions to support the UN Sustainable Development Goals, this year's TechSprint will focus on three problem statements, as formulated by the BIS Innovation Hub and SARB: Digital identity solutions: establish trust among financial institutions through innovative, verifiable and privacy-preserving digital identity technologies. Credit data portability: improve the ability of small and medium-sized enterprises to access finance through secure, consumer-consented data exchange solutions that facilitate seamless cross-border sharing of credit information. Solutions to mitigate fraud and cyber risks: drive the wider adoption of fast payment systems globally - and consequently promote financial inclusion and economic growth - through technology designed to reduce fraud and cyber risks. The G20 TechSprint is more than a competition. It is a collaborative effort to redefine the future of finance. Our collective challenge is clear: to develop scalable, adaptable, and inclusive solutions that reinforce trust and integrity across borders. The themes of South Africa's presidency- solidarity, equality, and sustainability-should inspire us to break down barriers and forge partnerships that have lasting global impact. Agustín Carstens, General Manager of the BIS Innovation must drive inclusion, build trust and deliver lasting impact on our continent and across the world. We are looking forward to solutions that will bring more people into the digital economy and enable cross-border trade. Lesetja Kganyago, Governor, SARB How to participate The G20 TechSprint 2025 is open to developers from around the world. To participate, register at: and submit technological solutions to one or more problem statements. Shortlisted teams will be invited to develop their solutions over an eight-week period and will have an opportunity to showcase them and receive feedback from national authorities and invited experts. An independent panel of experts will choose one winning solution for each problem statement, to be announced by November. The winners for each category (problem statement) will receive an award of USD 30,000. All short-listed projects receive a stipend of USD 5,000. The last day to submit proposals is 20 June 2025.
