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October 12, 2018 to October 13, 2018

Bali, Indonesia

Program Agenda 
Friday, October 12, 2018
7:30am - 8:25am
REGISTRATION AND REFRESHMENTS
8:25am - 8:30am
WELCOME REMARKS
Meeting Host: Lisa Oake, Chief Executive Officer of Oake Media, former CNBC Anchor
Tim Adams, President and Chief Executive Officer, IIF
8:30am - 9:00am
IN CONVERSATION
Olaf Scholz, Federal Minister of Finance, Germany
Axel A. Weber, Chairman of the Board of Directors, UBS Group AG; Chairman, IIF
9:00am - 9:45am
VIEWS FROM THE C-SUITE: GLOBAL OUTLOOK
The panelists will discuss the economic and policy outlook and key risks for Asia and the global economy over the next year and its implications for financial markets and fund flows, as well as, the outlook for emerging market economies and the implications of structural economic challenges. In addition, they will focus on the impact of new technologies on the industry business model, and the growing role of sustainable investment strategies.
Ali Ahmed Al Kuwari, Group Chief Executive Officer, Qatar National Bank
Vijay Chandok, Executive Director, ICICI Bank
Martin Gilbert, Chief Executive, Standard Life Aberdeen plc
Jean Lemierre, Chairman of the Board, BNP Paribas
Axel A. Weber, Chairman of the Board of Directors, UBS Group AG; Chairman, IIF (moderator)
9:45am - 10:30am
GLOBAL ECONOMY AND MARKETS OUTLOOK
Recent months have taken the discussion of the global economy increasingly away from “synchronized growth” in the direction of “desynchronization”. This session will discuss this phenomenon, against the backdrop of weaker indicators in Europe, increasing market turbulence in emerging markets, and potential for more trade tensions looking forward. This panel will debate the global growth picture, risks and potential for policy makers to help bolster and smooth the outlook.
Robin Brooks, Managing Director and Chief Economist, IIF (moderator)
Joyce Chang, Global Head of Research, J.P. Morgan’s Corporate & Investment Bank
Joachim Fels, Managing Director and Global Economic Advisor, PIMCO
Janet Henry, Group Chief Economist, HSBC Holdings plc
Virginie Maisonneuve, Chief Investment Officer, Eastspring Investments
Michala Marcussen, Group Chief Economist and Head of Economic and Sector Research, Société Générale
10:30am - 10:50am
IN CONVERSATION: MAKING THE SYSTEM WORK AS A SYSTEM
This conversation will discuss the key thrusts of the G20 Eminent Persons Group on Global Financial Governance (EPG)’s Report. They call for reforms to meet the realities of a fundamentally changed world: multipolar, yet more interconnected; with development challenges ahead that are much larger than in decades; and with significant work still needed to avoid the recurring bouts of instability that set back countries’ growth, or future systemic crises.
Tharman Shanmugaratnam (G20 EPG Chair) - Deputy Prime Minister, Singapore; Chairman, Monetary Authority of Singapore; Chairman of the Group of Thirty
Tim Adams, President and Chief Executive Officer, IIF
10:50am - 11:30am
ACHIEVING GREATER DEVELOPMENT IMPACT: COLLABORATING ACROSS THE SYSTEM
The next decade is critical. The G20 Eminent Persons Group members will discuss the Group’s proposals to exploit a largely untapped potential for collaboration: to reduce risk, catalyze vastly larger private investment, and achieve much greater impact in development, and in managing the growing pressures in the global commons.
Mr. Masood Ahmed, President of the Center for Global Development (moderator)
Prof. Nora Lustig, Samuel Z. Stone Professor of Latin American Economics and Director of the Commitment to Equity Institute at Tulane University
Dr. Ngozi Okonjo-Iweala, Chairperson of the Board of GAVI
Lord Nicholas Stern, IG Patel Professor of Economics and Government at the LSE
11:30am - 12:30pm
SECURING THE BENEFITS OF INTERCONNECTED FINANCIAL MARKETS: REFORMS FOR GLOBAL FINANCIAL RESILIENCE
A decade after the global financial crisis, further reforms are needed to enable countries to get the full benefits of capital flows without risk to financial stability, and to avert another major global crisis. The G20 Eminent Persons Group members will discuss the Group’s proposals on issues concerning capital flows, risk surveillance, and the global financial safety net.
Dr. Jacob Frenkel, Chairman of JP Morgan Chase International; Chairman of the Board of Trustees of the Group of Thirty (moderator)
Prof. Takatoshi Ito, Professor of International and Public Affairs at Columbia University
Mr. Fabrizio Saccomanni, Chairman of the Board of Directors of UniCredit
Prof. John B. Taylor, Mary and Robert Raymond Professor of Economics at Stanford University and George P. Shultz Senior Fellow at Stanford University’s Hoover Institution
Prof. Andrés Velasco, Dean of the School of Public Policy at the LSE
12:30pm - 1:55pm
LUNCH CONVERSATION: GLOBAL OUTLOOK-CRITICAL TRENDS AND CHALLENGES CONFRONTING TODAY’S POLICYMAKERS
Today it seems as if many countries around the globe are suffering from policy uncertainty. Geopolitics, burgeoning trade wars, and a rising populism are just some of the concerns that could threaten to disrupt the current arc of global growth. These panelists will offer their insights into how policymakers should be thinking about the challenges they’re confronting today and what they should be preparing for a vis-à-vis challenges down the road.
Tim Adams, President and Chief Executive Officer, IIF (moderator)
Stephanie Flanders, Senior Executive Editor for Economics, Bloomberg News; Head, Bloomberg Economics
Catherine L. Mann, Managing Director and Global Chief Economist, Citi
Martin Wolf, Associate Editor and Chief Economics Commentator, Financial Times, London
2:00pm - 2:45pm
GLOBAL FINANCIAL REGULATION: AVOIDING FRAGMENTATION, ASSESSING IMPACT AND ADDRESSING NEW CHALLENGES
This panel will analyze the evolution of the global financial regulatory agenda, taking stock on the accomplishment of G20 policy goals and emerging new policy challenges and priorities. What regulatory priorities remain to be achieved? What emerging risks need to be addressed and is the regulatory framework suited for them? Have we achieved a full understanding of regulatory impact on the economy and potential unintended consequences?
Dietrich Domanski, Secretary General, Financial Stability Board
Jordi Gual, Chairman, CaixaBank
Hiro Hayasaki, Counsellor on Global Strategy to President and the Board of Directors, The Norinchukin Bank Group
Ryozo Himino, Vice Minister, International Affairs, Financial Services Agency (JFSA)
Thomas B. Leonardi, Executive Vice President, Government Affairs, Public Policy and Communications, AIG
Andrés Portilla, Managing Director, Regulatory Affairs, IIF (moderator)
2:45pm - 3:30pm
G3 MONETARY POLICY: WHERE ARE WE ON THE PATH TO NORMALIZATION, AND WHAT ARE THE CHALLENGES?
The Federal Reserve is well on the path to normalization, having now hiked rates six times and continuing to pursue balance sheet roll-off. At the same time, market volatility has picked up substantially, not least in emerging markets where there seems to be growing fallout from the move to higher global interest rates. This panel will discuss the outlook for further policy normalization, considering also the fact that underlying inflation in the Euro zone and Japan remains very low (and certainly below ECB and BoJ inflation forecasts).
Lorenzo Bini Smaghi, Chairman of the Board, Société Générale
Howard Davies, Chairman, Royal Bank of Scotland (moderator)
Dr. Jacob Frenkel, Chairman of JP Morgan Chase International; Chairman of the Board of Trustees of the Group of Thirty
Randall Kroszner, Norman R. Bobins Professor of Economics, University of Chicago’s Booth School of Business
Sayuri Shirai, Professor, Keio University; Visiting Scholar, Asian Development Bank Institute
3:30pm - 4:15pm
VIEWS FROM THE C-SUITE: ASIA OUTLOOK
This session provides the perspectives of senior financial executives operating in Asia. The panelists will discuss the challenges and opportunities amid the Federal Reserve increase in rates, trade uncertainty, China’s Belt & Road initiative, regional cooperation, and rise of financial technology.
Samir Assaf, Chief Executive, Global Banking and Markets, HSBC
Datuk Abdul Farid Alias, Group President and Chief Executive Officer, Maybank
Shri Rajnish Kumar, Chairman, State Bank of India
Takehiko Nakao, President and Chairperson, Board of Directors, Asian Development Bank
Lisa Oake, Chief Executive Officer of Oake Media, former CNBC Anchor (moderator)
Chartsiri Sophonpanich, President, Bangkok Bank
4:15pm - 5:00pm
CAPITAL FLOWS TO EMERGING MARKETS: RISKS AND OPPORTUNITIES
With the U.S. Federal Reserve continuing to tighten monetary policy and global trade tensions on the rise, the outlook for capital flows to EM has become significantly more uncertain. This session will look at emerging markets vulnerabilities and risks ahead, but also at opportunities including moves to open China’s financial markets and financial market deepening, particularly in EM Asia.
Claire Dissaux, Head of Global Economics and Strategy, Managing Director, Millennium Global
Rob Drijkoningen, Managing Director, Co-Head of the Emerging Markets Debt team and Senior Portfolio Manager, Neuberger Berman
Sonja Gibbs, Senior Director, Global Capital Markets, IIF (moderator)
Scott Grimberg, Portfolio Manager, Global Fixed Income, CalPERS
Salmaan Jaffery, Chief Business Development Officer, Dubai International Financial Centre Authority
Adam McCabe, Head of Asian Fixed Income, Standard Life Aberdeen plc
5:00pm - 5:45pm
GLOBAL TRADE: NAVIGATING THE TIDES OF PROTECTIONISM
As trade tensions mount, the risk of retaliation, escalation and disruption to supply chains has risen. While many countries and regional groupings are looking to bolster support for a global approach to trade, the task is challenging. This panel will look at the implications of changing U.S. trade policies in Asia and around the world and assess the broader outlook for global trade.
Tim Adams, President and Chief Executive Officer, IIF (moderator)
Taimur Baig, Managing Director and Chief Economist, Group Research, DBS Bank
Mitali Das, Deputy Division Chief, Strategy, Policy and Review Department, IMF
Sergei Guriev, Chief Economist, European Bank for Reconstruction and Development
Clay Lowery, Managing Director, Rock Creek Global Advisors
Paul Sheard, Senior Fellow, Mossavar-Rahmani Center for Business and Government, Harvard Kennedy School
5:45pm - 6:30pm
DEBT AND DEMOGRAPHICS
Almost a decade after the collapse of Lehman Brothers, global debt continues to hit new record highs. With little progress on deleveraging to date, what are the implications of rising global rates, particularly for highly leveraged borrowers? This panel will focus on the implications of adverse debt and demographic dynamics, both for policymakers and for financial markets.
John Daley, Chief Executive, Grattan Institute
Heather Hagerty, Research Analyst, Macro Research Team, Fixed Income Division, Fidelity Investments
Richard C. Koo, Chief Economist, Nomura Research Institute
James McCormack, Managing Director, Global Head of Sovereign and Supranational Ratings, Fitch Ratings
Reza Moghadam, Vice Chairman, Sovereigns and the Official Institutions, Morgan Stanley
Hung Tran, Executive Managing Director, Global Capital Markets, IIF (moderator)
6:30pm - 8:30pm
NETWORKING RECEPTION
Program Agenda 
Saturday, October 13, 2018
7:30am - 8:45am
REGISTRATION AND REFRESHMENTS
Meeting Host: Lisa Oake, Chief Executive Officer of Oake Media, former CNBC Anchor
8:45am - 9:00am
PRESIDENT’S REPORT
Tim Adams, President and Chief Executive Officer, IIF
9:00am - 9:45am
VIEWS FROM THE C-SUITE: INNOVATION
Digital transformation and innovation have moved to the top of the agenda in the C-Suite. Keeping pace in a data and AI driven marketplace, changing customer demands, and charting a course through partnerships and new competition are some of the challenges financial service leaders are grappling with for the future of finance.
José Antonio Álvarez, Chief Executive Officer, Banco Santander
Piyush Gupta, Chief Executive Officer and Director, DBS Group
Conan French, Senior Advisor, Innovation and Fintech, IIF (moderator)
Jonathan Larsen, Chief Innovation Officer, Ping An Group; Chairman and Chief Executive Officer, Ping An Global Voyager Fund
9:45am - 10:30am
REGULATING DIGITAL FINANCE: ENSURING A “LEVEL PLAYING FIELD”
With the emergence of new entrants, the traditional boundaries between sectors are fading, presenting new challenges for regulatory and supervisory frameworks that have previously been sector-specific. This can give rise to anomalies and asymmetries between competing firms with the potential for market distortions and presenting new challenges for how policymakers and officials supervise the financial system and how firms respond.
Brad Carr, Senior Director, Digital Finance Regulation and Policy, IIF (moderator)
José-Manuel González-Páramo, Executive Board Director, BBVA
John Lee, Country Chief Executive Officer and Chief Executive Officer, Maybank Singapore
Bènèdicte Nolens, Board Member, Hong Kong Fintech Association, Member of the Global Digital Finance Advisory Council and Head of Regulatory Affairs, Asia and Europe, Circle
Huw Van Steenis, Senior Adviser to the Governor, Bank of England
10:30am - 11:00am
IN CONVERSATION
Randal K. Quarles, Vice Chairman for Supervision, U.S. Federal Reserve
Tim Adams, President and Chief Executive Director, IIF
11:00am - 11:45am
THE FUTURE OF ASIAN DIGITAL FINANCE
There is a diverse and vibrant landscape of new developments in digital finance across Asia, as institutions harness new technologies and channels to transform services and reach new customer segments. It is also a region where a handful of new big tech entrants have achieved astounding growth and are demonstrating the power of scale and data in the new digital economy. This panel will explore new developments and trends across the region as we look at where the market is headed next.
Loren Bushkar, Managing Director, Global Membership, IIF (moderator)
Stephen Long, Managing Director, Global Banking, Moody's Investors Service
Alex Manson, Head of Scventures, Standard Chartered
Sopnendu Mohanty, Chief FinTech Officer, Monetary Authority of Singapore
Zia Zaman, Chief Innovation Officer, Senior Vice President, MetLife Asia, Head of LumenLab, MetLife Innovation Centre
11:45am - 12:30pm
REGTECH TO RISKTECH: INNOVATIVE OPPORTUNITIES IN MANAGING RISK
RegTech has presented opportunities for banks and insurers to managing their regulatory compliance requirements, but the opportunities presented by innovative technologies extend beyond compliance, with ways for firms to manage risk more effectively. These opportunities, leveraging technologies such as machine learning and distributed ledger, enable a more efficient and agile Risk Management function, as well as, to keep pace with faster channels for customer fulfillment. These technologies can also bring new challenges for organizations to overcome, and there can be substantial barriers to their effective adoption.
David Gall, Group Chief Risk Officer, NAB
So Lan Ip, Senior Vice President and Chief Risk Officer, Ping An Group
Kevin Nixon, Consultant, Risk Advisory, Deloitte (moderator)
David Thomas, Group Chief Risk Officer, CIMB Group
Chris Woolard, Executive Board Member, Director of Strategy and Competition, Financial Conduct Authority
12:30pm - 1:55pm
LUNCH CONVERSATION: OPPORTUNITIES AND CHALLENGES OF THE NEW ASIAN CENTURY
Many have heralded the 21st Century as the “Asian Century”. The decade of 2010 to 2020 may turn out to be the best Asia has ever experienced: the middle-class population has skyrocketed; Asia’s share of global GDP has been steadily increasing and the number of people living below the poverty line has fallen precipitously. Yet many are less certain about the near- and longer-term outlook, citing risks that could derail Asia’s growth and stability. A shift away from globalization could jeopardize progress in Emerging Asia, given how closely many regional economies are integrated into global supply chains. Demographic headwinds such as aging populations and a shrinking labor force in some countries--including China--could place constraints on economic growth, and real security challenges remain. This session will bring together senior government officials and financial executives for a candid discussion about what they see as some of the opportunities and challenges on Asia’s horizon.
Tim Adams, President and Chief Executive Officer, IIF (moderator)
Ravi Menon, Managing Director, Monetary Authority of Singapore
Jing Ulrich, Managing Director and Vice Chairman of Asia Pacific, JPMorgan Chase & Co.
Bill Winters, Group Chief Executive, Standard Chartered PLC
Tao Zhang, Deputy Manging Director, IMF
2:00pm - 2:45pm
FINANCING SUSTAINABLE GROWTH AND INFRASTRUCTURE IN ASIA AND BEYOND
Banks and investors worldwide are looking for ways to scale up financing for greener global infrastructure, in support of the UN Sustainable Development Goals. However, the task is complex and challenging: significant barriers to mobilizing both public and private sector funding remain. This session will look at ways to overcome these barriers, as well as, initiatives underway to help bridge the sustainable infrastructure financing gap.
Sonja Gibbs, Senior Director, Global Capital Markets, IIF (moderator)
Jérôme Haegeli, Group Chief Economist, Swiss Re
Mark Moseley, Chief Operating Officer, Global Infrastructure Hub
Arun Sharma, Chief Investment Officer, Financial Institutions Group, IFC
Sinthya Roesly, Chairwoman and Executive Director, Indonesia Eximbank
2:45pm - 3:30pm
SOUTHEAST ASIA: ANCHORING STABILITY AMIDST EXTERNAL VOLATILITIES
Countries in the region have been impacted by changes in the global and regional economic environments. The strong growth momentum in major Southeast EMs continued from 2017 into the first half of 2018, but the recent sharp reversal of non-resident capital flows and the rise in fuel prices have worsened the balance of payments conditions of regional economies and resulted in some banks and investors looking worldwide for ways to scale up financing for greener global infrastructure, in support of the UN Sustainable Development Goals. However, the task is complex and challenging: significant barriers to mobilizing both public and private sector funding remain. In response, governments in the region have announced policy initiatives aimed at addressing perceived imbalances and supporting currencies. While stability seems to be the common emphasis of the recent measures, this may come at the cost of slower growth this year and next. This panel will discuss these and other issues facing the region.
Mirza Adityaswara, Senior Deputy Governor, Bank of Indonesia
Diwa Guinigundo, Deputy Governor, Bangko Sentral Ng Pilipinas
Reza Siregar, Head of ASEAN and India Research, IIF (moderator)
3:30pm - 4:30pm
CLOSING RECEPTION