Wednesday, 17 July 2019Venue: Executive Meeting Room, Level 5, Sasana Kijang, Bank Negara Malaysia

Time Session

08:30 – 09:00 Registration and Refreshments

09:00 – 09:15 Introduction and meeting overviewDr. Ole Rummel, Acting Executive Director, The SEACEN Centre

Group photograph

09:15 – 10:45 Keynote address: The Other Half of Macroeconomics and the Fate of Globalization

Presenter:

Mr. Richard C. Koo, Chief Economist, Nomura Research Institute

10:45 – 11:00 Coffee/tea break

11:00 – 11:45 Banking and macro-financial risks in Asia

Presenter:

Mr. Jacob Hook, Managing Partner, Asia Pacific, Oliver Wyman, Singapore

PROGRAM AGENDA

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SEACEN High-Level Seminar forDeputy Governors of Financial Stability and Supervision

and10th Annual Meeting of SEACEN

Deputy Governors of Financial Stability and Supervision

Sasana Kijang, Kuala Lumpur, Malaysia, 17 – 18 July 2019

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continued... Program Agenda (Wednesday, 17 July 2019)

Time Session

11:45 – 12:45 New Zealand’s review of bank capital requirements

Presenter:

Mr. Grant Spencer, former Governor, Reserve Bank of New Zealand

12:45 – 13:45 Lunch

13:45 – 15:00 Recovery and resolution planning: lessons from the European experience

Presenter:

Mr. Samy Harraz, Head of Strategy, International Relations, and Communications, Single Resolution Board

Discussant:

Ms. Xin Yi Yeoh, Executive Director, Financial Risk Management Services, KPMG Malaysia

15:00 – 15:30 Coffee/tea break

15:30 – 17:00 Combating the financing of proliferation of weapons of mass destruction: a new dimension of AML-CFT

Presenter:

Mr. Benjamin Davis, Chief Research Officer, Kharon

Discussant:

Mr. Khurram Pirzada, Executive Director, AML and Sanctions Services, Forensics, KPMG Malaysia

18:00 – 20:00 Welcome dinner hosted by Bank Negara Malaysia

Thursday, 18 July 2019Venue: Executive Meeting Room, Level 5, Sasana Kijang, Bank Negara Malaysia

Time Session

09:00 – 11:00 Central bank leadership in promoting climate resilienceSummary Findings of the First SEACEN Survey on Unlocking Private Finance for the Low-Carbon Energy Transition: Mr. Aziz Durrani, Senior Financial Sector Specialist, The SEACEN Centre

Presenter:

Dr. Ulrich Volz, Head of Department of Economics and Reader in Economics, SOAS, University of London

Discussants:

Mr. Arsalaan Ahmed, CEO, HSBC Amanah Malaysia

Ms. Rahajeng Pratiwi, Operations Officer, IFC Sustainable Finance, Indonesia

Mr. Rob Bailey, Director, Climate Resilience, Marsh & McLennan Insights

11:00 – 11:30 Coffee/tea break

11:30 – 12:30 Financial sector legal and regulatory issues of “digital identity”

Presenter:

Ms. Urszula McCormack, Partner, King & Wood Mallesons, Hong Kong, Member of the Securities and Futures Commission FinTech Advisory Group and Co-Chair of the Policy and Advocacy Committee of the FinTech Association of Hong Kong

Discussant:

Mr. Robin Newnham, Head of Policy Analysis and Financial Inclusion, Alliance for Financial Inclusion

12:30 – 12:45 Closing Remarks and End of Seminar

12:45 – 13:45 Lunch

14:00 – 17:00 Closed door meeting of SEACEN member central banks and monetary authorities only

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Dr. Ole RummelActing Executive Director, The SEACEN Centre

Dr. Ole Rummel joined The SEACEN Centre as Director of Macroeconomic and Monetary Policy Management in September 2016, and has been serving as the acting Executive Director since 1 July 2019. From 1999 to 2006, he worked in the Financial Stability, Markets, and Monetary Analysis areas of the Bank of England. In 2006, Ole joined the Bank of England’s Centre for Central Banking Studies and was its Adviser for econometric modelling, financial stability, and markets. Prior to the Bank of England, he worked in investment banking in Frankfurt and for the European Commission in Luxembourg. He is interested

in many aspects of economics and finance, particularly econometric modelling, open-economy macroeconomics, financial stability, and financial markets. Ole holds a PhD in Economics from the University of Strathclyde in Glasgow and an AB degree in Quantitative Economics from Stanford University.

CURRICULUM VITAE OF RESOURCE PERSONS(In Order of Appearance)

Mr. Richard C. KooChief Economist, Nomura Research Institute

Mr. Richard C. Koo is the Chief Economist of Nomura Research Institute. Best known for developing the concept of balance sheet recession which is now widely used around the world to explain post-1990 Japanese and post-2007 Western economies, he has also advised successive prime ministers on how best to deal with Japan’s economic and banking problems.

Before joining Nomura, Mr. Koo, a US citizen, was an economist with the Federal Reserve Bank of New York (1981-84) and a Doctoral Fellow of the Board of Governors of the Federal Reserve System (1979-81). Author of many books on Japanese economy and economics in general, his 2008 book “The Holy Grail of Macroeconomics - Lessons from Japan’s Great Recession” (John Wiley & Sons) has been translated into and sold in six different languages. His latest book ”The Other Half of Macroeconomics and the Fate of Globalization” (John Wiley & Sons) has been published in February 2018.

Mr. Koo holds BAs in Political Science and Economics from the University of California at Berkeley (1976), and MA in Economics from the Johns Hopkins University (1979).

From 1998 to 2010, Mr. Koo was a visiting professor at Waseda University in Tokyo.

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Mr. Jacob HookManaging Partner for Asia Pacific, Oliver Wyman Singapore

Jacob Hook is Oliver Wyman’s Managing Partner for Asia Pacific, based in our Singapore office. Jacob has extensive experience consulting to leading public and private financial sector institutions across Asia and Australia.

Jacob’s expertise includes national financial sector strategy, regulatory architecture and regulatory organisational development, as well as securities, exchange, and wealth and asset management regulation. He also works on strategy issues for leading wholesale banks, asset managers, and wealth managers.

Jacob holds a BA (Honours) in Political Science from Victoria University in New Zealand, an MA in International Finance and Banking from the Fletcher School, Tufts University. He is the author of a number of published reports on the financial services sector in Asia Pacific and a regular speaker at industry events and at international regulatory bodies such as IOSCO.

Mr. Grant SpencerFormer Governor, Reserve Bank of New Zealand

Grant Spencer retired from the Reserve Bank of New Zealand in March 2018 where he held senior positions over a number of years, including Deputy Governor and Head of Financial Stability from 2007 to September 2017 and Acting Governor over the six months to March 2018.

As Head of Financial Stability, Grant oversaw the prudential regulatory and supervision functions of the Reserve Bank as well as macro-prudential policy and the Bank’s financial market operations.

Grant’s previous positions included: Assistant Governor and Head of Economics at the Reserve Bank; senior treasury and strategy positions at ANZ Banking Group; and Alternate Executive Director of the International Monetary Fund.

Grant chaired the OECD Committee on Financial Markets from 2015 to 2018, and the Financial Markets Working Group of EMEAP, an association of eleven East Asia and Pacific Central Banks.

Grant is currently Adjunct Professor, School of Economics and Finance, Victoria University of Wellington; and a panel member of the Capability Review of the Australian Prudential Regulatory Authority, recently established by the Australian Government.

Grant holds a BA (Hons) in Economics and Information Science from Victoria University, and an M.Sc (Distinction) in Econometrics and Mathematical Economics from the London School of Economics and Political Science.

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Mr. Benjamin DavisChief Research Officer, Kharon

Ben heads the Kharon research and analysis team, which supports global institutions with highest caliber sanctions-related risk intelligence. Ben’s unparalled expertise on the commercial and operational activities associated with sanctioned actors is built on over a decade of experience in the US government, academia, and private legal practice. Ben served as an analyst at the US Treasury Department’s Office of Terrorism and Financial Intelligence, as the US Treasury’s Financial Attache to the Palestinian Authority based in Jerusalem, and as co-lead of the Iraq Threat Finance Cell in Baghdad. As a practicing attorney, Ben litigated a number of complex financial crime cases. He has taught numerous university courses on terrorism and international law issues.

Mr. Samy HarrazHead of Strategy International Relations and CommunicationsSingle Resolution Board

Samy Harraz is Head of Strategy, International Relations and Communications at the Eurozone’s central resolution authority, the Single Resolution Board. He manages the setting of policy surrounding the new resolution regime and coordinates his agency’s liaison with relevant stakeholders in Europe and beyond. Prior to joining the Single Resolution Board Samy Harraz worked at the Frankfurt-based Financial Market Stabilisation Agency (the German resolution authority) and before that as an investment banker, corporate strategist and chief country officer in London, Geneva, Frankfurt and Athens.

Mr. Khurram PirzadaExecutive Director, AML & Sanctions Services,Forensics, KPMG Malaysia

Khurram Pirzada, a Certified AML Specialist (CAMS) has joined KPMG in Malaysia on a secondment from KPMG Hong Kong. He has over 11 years’ of experience in the Banking Sector with extensive exposure to Anti Money Laundering (“AML”), Sanctions, Regulatory Compliance, Risk Management, Trade Finance business and Operations.

Prior to joining KPMG, he was the Chief Compliance Officer at a Hong Kong-based Swiss Bank for eight years. In that capacity, he supervised the AML / CFT compliance management program and designed and implemented risk assessment framework and policies and procedures.

Since joining KPMG in 2015, Khurram has assisted institutions in designing and implementation of AML/CFT and Sanctions Compliance Programs to ensure they meet regulatory expectations and has led various engagements relating to Institutional ML/TF Risk Assessments, Customer Due Diligence (“CDD”) Periodic Review and Remediation,

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Mr. Aziz DurraniSenior Financial Sector Specialist, Financial Stability and Supervision and Payment & Settlement Systems,The SEACEN Centre

Aziz joined the SEACEN Centre in August 2016 on a sponsored career break from the Bank of England. He is responsible for providing technical assistance and delivering training programmes to SEACEN member Central Banks, Regulatory Authorities and associates on issues related to Supervision, Financial Stability and Risk Management.

Before joining SEACEN, Aziz had spent 7 years working as a Senior Technical Specialist at the Bank of England

/ Prudential Regulation Authority. He was originally recruited as the Lead Supervisor of RBS’ Non-Core Bank, following RBS’ collapse in 2009. Aziz was responsible for supervising the management, workout and sell-off of RBS’ assets and portfolios, and its eventual wind-down. Aziz then joined the Risk Specialists Directorate and over several years led the stress testing of Wholesale banking book exposures for all the major UK banks, eventually as part of the Bank of England’s Concurrent Stress Test. He also had responsibility for leading the on-site Asset Quality and Provision Adequacy reviews across Wholesale loan portfolios of major banks, both in the UK and globally.

Aziz began his career in the Strategy, Finance and Economics practice of Andersen Business Consulting in London, and later worked at Standard Chartered Bank UK, covering the Origination, Structuring and Syndication of Structured Trade, Infrastructure and Leveraged Finance loans across the UK, Europe, South Asia and Africa. He also worked at Lloyds Banking Group in Leveraged Finance Loan Restructuring and Workout, and in Liquidity and Funding Risk. Aziz is a graduate in Economics and Philosophy from The University of Nottingham, UK, and also studied for an M.Sc. in Computing for Industry at Imperial College London.

AML/CFT Thematic Reviews, Customer Risk Assessment Framework design and reviews, Screening and Monitoring Systems review, internal controls review to assess the effectiveness and identify improvement opportunities for a wide range of clients across various industries.

Khurram worked as Subject Matter Expert, Director of Policy and Quality Assurance on one of the biggest engagement’s of KPMG China, a Managed Services Solution setup, where KPMG collaboratively worked with the Global Financial Services client and developed a tech-enabled, end-to-end CDD solution and delivered high quality results.

Khurram has presented at various forums, conferences, seminars and workshops and conducted trainings for Board and Senior Management members regarding AML/CFT developments, economic sanctions in relation to trade finance business, monitoring tools, CDD / EDD and identifying red flags.

Dr. Ulrich VolzHead of Department of Economics and Reader in Economics, SOAS Centre for Sustainable Finance Ulrich Volz is Head of the Department of Economics at SOAS University of London and Founding Director of the SOAS Centre for Sustainable Finance. He is also a Senior Research Fellow at the German Development Institute and Honorary Professor of Economics at the University of Leipzig.

Ulrich is chairman of the Japan Economy Network and co-editor-in-chief of the Asia Europe Journal and serves on the Advisory Council of the Asian Development Bank

Institute and the Board of Sufinda, the Sustainable Financial Data Initiative. Ulrich is a lead author of a recent report commissioned by UN Environment on Climate Change and the Cost of Capital in Developing Countries and a co-editor of the recently published Routledge Handbook of Banking and Finance in Asia. He is currently a Co-Investigator in a collaborative research project with Nankai University and Zhejiang University on “Developing financial systems to support sustainable growth in China – The role of innovation, diversity and financial regulation” which is jointly funded by the UK’s Economic and Social Research Council and the National Natural Science Foundation of China. Ulrich was the 2017 Banque de France Chair at EHESS in Paris. He also taught at Peking University, Kobe University, Hertie School of Governance, Freie Universität Berlin, Central University of Finance and Economics in Beijing, and the Institute of Developing Economies (IDE-JETRO) in Tokyo. He spent stints working at the European Central Bank and the European Bank for Reconstruction and Development and held visiting positions at the University of Oxford, University of Birmingham, ECB, Bank Indonesia, and Aoyama Gakuin University in Tokyo.

Ulrich holds a PhD from Freie Universität Berlin and was a Fox International Fellow and Max Kade Scholar at Yale University. Ulrich was part of the UN Inquiry into the Design of a Sustainable Financial System and has acted as an advisor to several central banks, international organisations, development agencies and financial institutions on matters of sustainable finance and development.

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Ms. Rahajeng Pratiwi Operations Officer, IFC Sustainable Finance, Indonesia

Rahajeng Pratiwi is IFC Program Coordinator of Sustainable Finance Program in Indonesia Ms. Pratiwi leads the cooperation between IFC, the Indonesia Financial Services Authority (OJK) and the broader financial sector on sustainable finance policy development and implementation, technical tools development, and capacity building. She is the team member of IFC Sustainable Banking Network (SBN) secretariat and supports south-south knowledge sharing and partnership through the SBN. SBN is a knowledge and capacity building platform comprised of financial sector

regulators and banking associations from 37 emerging markets, are interested in the design of enabling frameworks for environmentally and socially sustainable financing for the private sector.

She has a combined 15 years of experience in various capacities, providing multinational organizations, private companies and governments with strategic counsel and project implementation across the full spectrum of sustainability issues. Ms. Pratiwi has an MBA degree from Bandung Institute of Technology and a Forestry degree from Bogor Agricultural University.

Mr. Arsalaan Ahmed (OZ)Chief Executive Officer, HSBC Amanah Malaysia

Oz is a career Islamic finance professional with extensive experience in wholesale and retail banking. He has worked across Europe, the Middle East and Asia. In his early career he distinguished himself in innovating Islamic finance solutions across various jurisdictions and has advised governments on Islamic finance regulation. He is credited with material contributions to the development of the Global Sukuk market, particularly on structuring and considered a subject matter expert. Amongst his many achievements, Oz has originated and executed multiple first to market Sukuk transactions across the Middle East and Asia including of note the first public Sukuk related to Makkah development, the first non-OIC sovereign Sukuk and the first vaccine Sukuk. In 2018 he oversaw the issuance of the World’s First UN SDG Sukuk issuance for HSBC Amanah Malaysia (awarded Overall, ESG and Country Deal of the Year by IFN as well as Overall, Islamic Deal, Best Sukuk, Most Innovative Deal and Country Deal of the Year by The Asset AAA), and represented a Malaysian mission to the UNGA to discuss Islamic finance and its role in achieving the UN SDGs. In recent years Oz has distinguished himself as a thought leader in Islamic finance for social impact and values-based intermediation in banking. In 2018 he was awarded Islamic Banker of the year by The Asset.

Oz started his career as a Strategy Analyst, Financial Services with Accenture London. Thereafter, he joined HSBC Group in 2005 leaving for Barwa Bank of Qatar in 2013 to rejoin in 2016 as CEO of HSBC Amanah Malaysia, HSBC Group’s global centre of excellence in Islamic finance.

He holds an MBA with distinction from London Business School’s executive program and has a Bachelor’s degree from University College London and a Master’s degree from The University of Bristol. He is a Chartered Professional in Islamic Finance with the Chartered Institute of Islamic Finance Professionals and a Chartered Banker with the Asian Institute of Chartered Bankers. He is currently an EXCO and Council member of AIBIM, Association of Islamic Banking and Financial Institutions Malaysia. Oz is the first foreigner to hold a position at the AIBIM EXCO.

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Ms. Urszula McCormackHead of Department of Economics and Reader in EconomicsKing & Wood Mallesons

Urszula McCormack is one of Asia’s leading blockchain lawyers and financial regulatory specialists, with a focus on emerging technology and financial crime. In 2018, she was recognized as a Financial Times Top 10 Legal Innovators of the Year.

Urszula regularly advises digital asset / ERC-20 token issuers, new DLT protocol developers, regulators, global banks, SVFs, payment providers, P2P lenders and innovators on new products and structures.

In the secondary market space, Urszula advises OTC desks and centralized / decentralized digital asset exchanges, including building rulebooks for institutional grade and regulated markets. She has played a leading role in developing best practice in Asia on cryptographic assets, as lead author of the Fintech Association of Hong Kong’s “Best Practices for Token Sales”, as well as an author of the ASIFMA “Best Practices for Digital Asset Exchanges”.

In the financial crime arena, Urszula has had a pivotal role in developing the Hong Kong AML/CTF framework, through her ongoing work with The Hong Kong Association of Banks since 2011 and as a Certified Anti-Money Laundering Specialist (ACAMS).

Urszula is Co-Chair of the Policy & Advocacy Committee of the Fintech Association of Hong Kong and part of the ASIFMA Fintech Working Group. She is also a member of the Securities and Futures Commission’s Fintech Advisory Group. Urszula is admitted to practice law in Australia, England & Wales, and Hong Kong.

Mr. Rob BaileyDirector, Climate Resilience, Marsh & McLennan Insights Based in London, Rob is responsible for climate resilience within Marsh & McLennan Insights, where he analyses the implications of climate change for policymaking and business operations and strategy. He brings over twenty years of professional experience spanning consulting, policy and research to the role, having worked with numerous corporations, financial institutions, governments, international organizations and NGOs on climate change and sustainable development issues.

Prior to joining MMC, Rob was Director of the Energy, Environment and Resources Department at Chatham House; before that he was responsible for climate change at a major international NGO and worked in the financial services practice at Oliver Wyman.

Rob has held numerous advisory positions and is a frequent public speaker. He has published widely on topics including low carbon transition, energy security, food security, climate risk and disaster risk reduction and was a lead author for the United Nation’s Sixth Global Environment Outlook. Recent projects have included establishing an international dialogue on climate change among central bankers and economic policymakers, and working with international organisations and leading universities to develop a global climate risk indicator dashboard.

Rob has a BA in natural sciences from Cambridge University and a MSc in development from the London School of Economics.

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Mr. Robin NewnhamHead of Policy Analysis and Capacity BuildingAlliance for Financial Inclusion

Robin has worked for the Alliance for Financial Inclusion (AFI) since 2011, and as Head of Policy Analysis and Capacity Building is responsible for policy support to AFI’s membership of central bankers and financial regulators from more than 90 developing and emerging countries, and oversight of AFI’s training courses, peer advisory services, and joint learning programs.

Prior to joining AFI, Robin held various positions in the United Kingdom Treasury over a seven- year period. He holds a M. Phil in International Relations and a BA in Modern History, from the University of Oxford.