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The IPAF International Conference
Regional Cooperation for Safeguarding Macroeconomic and Financial Stability
The Asian Development Bank (ADB) and the International Public Asset Management Company Forum (IPAF) co-organized the IPAF International Conference: Regional Cooperation for Safeguarding Macroeconomic and Financial Stability. This event was conducted in a hybrid format on 27 October 2022 at the ADB Headquarters in Manila and sessions were broadcasted through Zoom.
The conference brought together government officials from ADB developing member countries (DMCs), representatives from international organizations, research institutes, and business community, and ADB officers and IPAF members to share insights and exchange views on Asia’s financial challenges associated with increased debt levels. The region’s economic outlook is still clouded by the ongoing geopolitical tensions from the Russian invasion of Ukraine and the persisting threat from the COVID-19. These threats may continue to jeopardize the region’s financial stability.
The event had two parts: (i) Conference on macroeconomic outlook and surging NPLs amid global challenges, and (ii) Launch of publication on “Road Map for Developing an Online Platform to Trade Nonperforming Loans in Asia and the Pacific”. After the event, a high-level executive Coordinating Council Meeting was held exclusively among IPAF members to discuss matters of mutual interest.
Event details:
Date/Venue:
-
10:00 (GMT+8, Manila)
Thursday, 27 October 2022
Auditorium Halls 3 and 4,
Asian Development Bank Headquarters, Manila
Downloads:
- Agenda (PDF)
Contacts:
- Inyoung Hwang
Regional Cooperation Specialist, ERCI, ERCD
Email: ihwang@adb.org - Paulo Rodelio M. Halili
Senior Economics Officer, ERCI, ERCD
Email: phalili@adb.org - Marilyn A. Parra
Senior Operations Assistant, ERCI, ERCD
Email: mparra@adb.org - Lilibeth Perez
Consultant, ERCI, ERCD
Email: lperez.consultant@adb.org
- Inyoung Hwang
Agenda:
International Workshop: Macroeconomic Outlook Amidst Diverse Challenges and Surging NPLs
- Moderator:Ms. Cyn-Young Park Director, Regional Cooperation and Integration, and Trade, Climate Change and Sustainable Development Department, Asian Development BankBio
Cyn-Young Park is Director of the Regional Cooperation and Integration (RCI) and Trade in Climate Change and Sustainable Development Department of the Asian Development Bank (ADB). In her current capacity, she is responsible for managing ADB operations and knowledge on RCI and trade. She leads a team of experts to develop strategies and approaches to support RCI and to provide guidance in design and implementation of ADB RCI and trade projects. During her progressive career within ADB, she has been a main author and contributor to ADB’s major publications including Asian Development Outlook (ADB’s flagship publication), Asian Economic Integration Report, Asia Capital Markets Monitor, Asia Economic Monitor, Asia Bond Monitor, and ADB Country Diagnostic Study Series. She has also participated in various global and regional forums including the G20 Development Working Group, Association of Southeast Asian Nations (ASEAN), ASEAN+3, Asia-Pacific Economic Cooperation (APEC), and Asia-Europe Meeting (ASEM). She has written and lectured extensively about the Asian economy and financial markets. Her work has been published in peer reviewed academic journals including the Journal of Banking and Finance, the Journal of Financial Stability, the Journal of Futures Markets, the Review of Income and Wealth, and the World Economy.
Prior to joining the ADB, she served as Economist (1999-2002) at the Organisation for Economic Cooperation and Development (OECD), where she contributed to the OECD Economic Outlook. She received her Ph.D. in Economics from Columbia University. She holds a bachelor degree in International Economics from Seoul National University.
- 09:30–10:00
Registration- 10:00–10:10
Welcome RemarksMr. Joseph E. Zveglich Jr. Deputy Chief Economist, Economic Research and Development Impact Department, Asian Development BankBioJoseph E. Zveglich Jr. is the Deputy Chief Economist of the Asian Development Bank. In this role, he sets research directions for the Economic Research and Regional Cooperation Department, ensures research quality, and briefs the ADB Board and Management on emerging economic issues.
Previously as Director of macroeconomic research, Mr. Zveglich oversaw the preparation of the annual Asian Development Outlook and the Asian Development Outlook Update, ADB's flagship publications forecasting economic trends in the region. He has also served as Principal Planning and Policy Economist at ADB's Strategy and Policy Department, Senior Advisor to the President, and as Deputy Country Director at the ADB's Sri Lanka Resident Mission. Mr. Zveglich joined ADB in 1998.
Before ADB, Mr. Zveglich worked as a researcher and instructor at the Harvard Institute for International Development as part of the team providing capacity building to government officials in macroeconomic policy and management. He was also a visiting instructor at the College of William and Mary.
Mr. Zveglich earned his Ph.D. and Master of Arts degree at Harvard University. He graduated summa cum laude in economics with an emphasis on Asian studies at Arizona State University.
- 10:10–10:20
Opening RemarksMr. Ho Joon Won Executive Director, KAMCO, Asian Development BankBioHo Joon Won is the current Executive Director of Korea Asset Management Corporation (KAMCO). Mr. Won joined KAMCO in January 2022, overseeing Corporate Support Group.
Mr. Ho Joon Won started his career in public service in 1997 at the Defense Acquisition Program Administration. During his tenure at Defense Acquisition Program Administration, Mr. Won assumed major positions such as Director for Planning and Coordination and Director of the Autonomous and Unmanned System Program Department.
Throughout his career, Mr. Won dedicated himself to improving the defense capabilities of Korea. By examining and concluding contracts ranging from air crafts to drones, he has strengthened the competitiveness of the defense industry of its nation.
He earned his bachelor’s degree in Chemical Engineering from Kwangwoon University in 1997 and his Master degree in Business Administration from University of Southampton in 2014.
- 10:20–10:35
Presentation on TA 9497 and IPAF VideoMs. Inyoung Hwang Regional Cooperation Specialist, Regional Cooperation and Integration Division (ERCI), Asian Development BankBio PresentationInyoung Hwang is currently working at ERCI of the Asian Development Bank (ADB) as a regional cooperation specialist, the secondee of KAMCO. She is in-charge of planning and implementation of IPAF related activities, project management of TA projects, and knowledge sharing.
At KAMCO, she has been responsible for international business for 8 years. She organized and conducted several trainings and consulting services for various Asian countries in the areas of financial stability, public AMCs, public property management & development, and resolution of NPLs. She has also planned and organized big international conferences and seminar as a project manager and conducted a lot of IPAF main activities.
She was also in charge of corporate support projects for SMEs, ran household support programs including managing the recovery fund. In addition, she collected taxes and resolved NPLs through a public auction and KAMCO’s own online bidding system.
She earned her M.B.A. from Goizueta Business School in US. She holds a bachelor’s degree Economics from Hankuk University of Foreign Studies and completed FNLP (Financial Leaders’ Program) course at KAIST Business School.
- 10:35–10:45
Photo Session (at the Courtyard)- 10:45–11:05
Lead Presentation:Preparing for a Gloomy Economic Outlook: Regional financial cooperation in dealing with uncertaintiesMs. Franziska Lieselotte Ohnsorge Manager, Prospects Group in the Equitable Growth, Finance and Institutions (EFI) Practice Group, World BankBio PresentationFranziska Ohnsorge is Manager of the Prospects Group in the World Bank. Prior to joining the World Bank, Ms. Ohnsorge worked at the International Monetary Fund (IMF) and in the Office of the Chief Economist of the European Bank for Reconstruction and Development (EBRD). She has published on a range of topics in policy and academic publications. She holds a PhD in Economics from University of Toronto.
Franziska Ohnsorge’s publications and blog posts: https://www.worldbank.org/en/about/people/f/franziska-lieselotte-ohnsorge
Prospects Group’s publications: https://www.worldbank.org/en/research/brief/economic-monitoring
- 11:05–12:05
Moderated Panel DiscussionPanelists:Mr. Arief Ramayandi Principal Economist, Macroeconomics Research Division, Asian Development BankBio PresentationArief Ramayandi is a Principal Economist in the Economic Research and Regional Cooperation Department of the Asian Development Bank (ADB). He is mostly responsible for providing inputs for the macroeconomic surveillance part of the Asian Development Outlook (the ADB main flagship publication) and is currently in charge of some macroeconomic modeling activities within the bank. Prior to joining ADB, he was the director of the Center of Economics and Development Studies at Padjadjaran University in Indonesia. He has published in the field of macroeconomics and development and served as a consultant for various international organizations and government institutions. He holds a Ph.D. in economics from the Australian National University.
Ms. Marthe M. Hinojales Economist, Regional Surveillance Group, AMRO ASIABio PresentationMarthe M. Hinojales is an economist in the Regional Surveillance team, where she works mostly on issues concerning trade, supply chains, and FDI trends in the region, as well as on climate change. She is among the co-authors of AMRO’s annual flagship publication, the ASEAN+3 Regional Economic Outlook, and also contributes to country surveillance activities (e.g. Vietnam and Thailand), focusing on risks to the external sector and those emanating from climate change.
Prior to joining AMRO, Ms. Hinojales also worked as a South and Southeast Asia specialist for Verisk, a global risk consultancy firm.
Before relocating to Singapore, she spent a decade with Asian Development Bank’s regional cooperation and economic research sections in Manila, where she was involved in macroeconomic surveillance work and has conducted lectures on crisis monitoring (early warning systems) for regional policymakers. She has published on areas of debt sustainability, monetary policy, and economic and financial integration.
Ms. Hinojales holds a Bachelor’s in Economics and a Master’s Degree in Finance from the University of the Philippines (Diliman). She is currently pursuing her Ph.D. in International Political Economy at the Nanyang Technological University, Singapore, where her dissertation focuses on systemic theories on disaster financing in the ASEAN.
Mr. Ch. Khashchuluun Member, Monetary Policy Council, Bank of MongoliaBio PresentationDr. Ch. Khashchuluun currently serves as a member of Monetary Policy Council for Central Bank of Mongolia and an Associate Professor at the Department of Economics of the National University of Mongolia.
Ch.Khashchuluun was born in Mongolia in 1966. After graduating with honors from the Moscow State University’s Economic Faculty in 1989 he joined Mongolian National University as a lecturer of Political Economy. After acquiring master’s degree in economics at the Yokohama City University in 1996 and PhD degree in Economics at Keio University in Japan (2003) in international economics, returned to Mongolia to continue to work as a Dean of the School of Economic Studies of the National University of Mongolia (2004-2009).
In 2009-2012, he worked as a Chairman of National Development and Innovation Committee of Mongolia, a government agency in charge of national planning and development strategy, innovations and investment policy, which later became Ministry of Economic Development.
In 2010-2011, he was appointed as an inaugural Chairman of Board of Directors of newly organized Development Bank of Mongolia. Since 2012 worked at the National University of Mongolia and is engaged in managing a number of NGO and research consulting activities. From 2015 a member and editor of Mongolia’s Long-term sustainable development strategy for Mongolia 2016-2030, ratified by Parliament in 2015.
Ch.Khashchuluun held various prominent positions both from the government and academe throughout his career. Ch.Khashchuluun earned his PhD in Economics from Keio University in Tokyo, Japan. He served as USA Eishenhower Fellowship Fellow in 2007 and holds a degree in Economics (with honors) from Moscow State University. He received his master’s degree in Economics from Yokohama City University.
- 12:05–12:20
Open Floor Discussion- 12:20–14:20
Lunch and networking break
Launch Seminar: Road Map for Developing an Online Platform to Trade Nonperforming Loans in Asia and the Pacific
- Moderator:Mr. Jong Woo Kang Director, Regional Cooperation and Integration Division, Economic Research and Development Impact Department, Asian Development BankBio
Jong Woo Kang is Director of Regional Cooperation and Integration Division at the Economic Research and Development Impact Department (ERDI) of the Asian Development Bank (ADB). As director, he plays a role as an interface between ADB’s internal and external stakeholders on regional cooperation and integration. He is a seasoned economist with extensive knowledge and experiences on policy and strategic issues. He was Principal Economist at ERDI, Senior Advisor to the Managing Director General of ADB, and Senior Economist at the Strategy, Policy, and Partnerships Department at ADB. He leads the annual publication of Asian Economic Integration Report. Areas of his research interest include regional integration, inclusive growth, macroeconomic policies, international trade and finance, and aid effectiveness. He published articles in economics journals such as Journal of Development Economics, Journal of Applied Economics, and Journal of World Trade. Before joining ADB, he was director at the Ministry of Finance and Economy of the Republic of Korea until 2006. He had got his bachelor’s degree in economics and master’s in public administration from Seoul National University, and PhD in economics from University of Washington.
- 14:20–14:30
Opening RemarksMr. Albert Park Chief Economist and Director General, Economic Research and Development Impact Department, Asian Development BankBioAlbert F. Park is Chief Economist of the Asian Development Bank and Director General of its Economic Research and Development Impact Department. He is chief spokesperson on economic and development trends and leads the production of ADB’s flagship knowledge products and support for regional cooperation fora.
Mr. Park has more than 2 decades of experience as a development economist and is a well-known expert on the economy of the People’s Republic of China. He has worked on a broad range of development issues including poverty and inequality, intergenerational mobility, microfinance, migration and labor markets, the future of work, and foreign investment.
Mr. Park is Chair Professor of Economics, Social Science, and Public Policy at HKUST (on leave). He served as a founding director of HKUST’s Institute for Emerging Market Studies and Center for Economic Policy, and previously held faculty positions at the University of Oxford and University of Michigan.
A national of the United States, he received his bachelor’s degree in economics from Harvard University and his doctorate in applied economics from Stanford University.
- 14:30–14:35
Photo Session- 14:35–14:55
Keynote Presentation:Safeguarding Macroeconomic and Financial Stability through Regional Cooperation and IntegrationMr. Stijn Claessens Head of Financial Stability Policy and Deputy Head of the Monetary and Economic Department, Bank for International SettlementsBio PresentationStijn Claessens represents the BIS externally in senior groups, including the Financial Stability Board, the Basel Committee on Banking Supervision and the G20. Within the BIS, he leads policy-based analyses of financial sector issues and oversees the work of the secretariats of Committee on the Global Financial System, Markets Committee and Committee on Payments and Market Infrastructures.
Between 1987 and 2006, he worked at the World Bank in various positions. From 2007 to 2014, he was Assistant Director in the Research Department of the International Monetary Fund. From 2015 to early 2017, he was Senior Adviser in the Division of International Finance of the Federal Reserve Board.
He holds a PhD in business economics from the Wharton School of the University of Pennsylvania and a master’s degree from Erasmus University, Rotterdam. He taught at the New York University business school and the University of Amsterdam.
- 14:55–15:15
Presentation:Road Map for Developing an Online Platform to Trade Nonperforming Loans in Asia and the PacificMr. Peter Rosenkranz Financial Sector Specialist, Public Management, Financial Sector & Regional Cooperation Division, EARD, Asian Development BankBioPeter Rosenkranz is a Financial Sector Specialist in the Public Management, Finance Sector, and Regional Cooperation Division in the East Asia Department of the Asian Development Bank (ADB). In his role, he supports and leads origination, processing, and implementation of lending projects, guarantees, and technical assistance in the PRC and in Mongolia, with focus on financial sector development.
Previously, he worked as Economist in ADB’s Regional Cooperation and Integration Division in the Economics Research and Regional Cooperation Department. His knowledge work focused on financial development and stability within the context of regional financial integration and cooperation in Asia.
Recent work includes research on macrofinancial implications of nonperforming loans (NPLs) and policy options for NPL resolution, US dollar funding conditions, regional financial safety nets, and FinTech. He further supported ADB’s participation in regional policy forums, such as ASEAN, ASEAN+3, APEC, and ASEM.
He held prior positions at the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) as an Advisor on economic and development policy, and the European Central Bank (ECB) as a Market Infrastructure Expert. He holds a PhD in Economics from the University of Zurich, Switzerland; and his Master’s and Bachelor’s degrees in Economics from the University of Konstanz, Germany.
Mr. Richard Bevan Director, Portfolio Lead Advisory Services, DeloitteBioRichard Bevan is an experienced insolvency and restructuring professional with over 30 years’ experience. Since 2007 he has focused on the financial services sector.
Richard is part of Deloitte’s market leading, global Portfolio Lead Advisory Services team which has advised on over $600bn of deleveraging and loan portfolio assignments (performing and non-performing) since the start of the financial crisis across every major asset class and continent.
He is part of the core team working on and advising in relation to the bank recovery and resolution planning. Richard is a resolution specialist, focusing on no creditor worse off analysis and independent valuations (e.g. Banco Popular Español) and contingency planning. He has worked on a number of RRP assignments for major UK financial institutions as well as resilience simulation exercises to test the effectiveness of organizations’ resolution plans.
- 15:15–16:05
Moderated Panel DiscussionPanelists:Mr. Oleg Shmeljov Senior Policy Expert and Team Leader for NPLsBioOleg Shmeljov, Team Leader in Reporting and Transparency Unit is primarily involved in the topics of non-performing loans and credit origination and leads the EBA-wide policy work on non-performing loans. Working on various reporting and data topics, Oleg also coordinates the work on the study of the cost of compliance with supervisory reporting requirements and the implementation of its recommendations. Previously, as a Bank Expert in the Oversight Department of the EBA, Oleg was coordinating the work on supervisory convergence, supervisory cooperation, Pillar 2 and supervisory review and evaluation process (SREP) related policy development and assessment. Prior to joining the EBA at its inception, Oleg worked at the Estonian Financial Supervisory Authority, where he was institutional supervisor for one of the largest banks and was also involved in the policy topics in the field of supervisory risk assessment and crisis management. Prior to that, Oleg worked in various risk management roles at SEB Estonia.
Ms. Lidja Schiavo Policy ExpertData Analytics, Reporting and Transparency Department, European Banking Authority (EBA)BioLidja Schiavo, policy expert in Reporting and Transparency Unit, is primarily involved in the topics of non-performing loans and of supervisory reporting on financial information (Finrep). She is also taking responsibilities on Pillar 3 disclosures, including topics like ESG risks and sustainability disclosures. Prior to this, Ms Lidja Schiavo worked on the EBA Guidelines on Covid-19-related reporting and disclosure and on institutions’ management information system (MIS) for the purpose of valuation in the event of resolution, which is part of the EBA Valuation Handbook for purposes of resolution.
Before joining the EBA in December 2018, Ms. Schiavo worked in the Bank of Italy for 10 years, as policy expert in accounting and financial reporting in the Department of Banking and Financial Supervision. Previously, she worked for an audit firm, Ernst & Young as Staff and then Senior. Lidja Schiavo holds a master’s degree in economics at the Rome University “La Sapienza”.
Ms. Mahima Khanna Global Upstream Officer, International Finance CorporationBio PresentationMahima Khanna is a seasoned Economist, Strategist and Investment professional with 10+ years of experience in financial sector development in emerging markets.
Currently working in International Finance Corporation’s (IFC’s) Financial Institutions Group (FIG), as a Global Upstream Officer leading first-of-its-kind investment platforms related to post-COVID "building back greener" facilities for financial institutions and other platforms related to housing finance, distressed assets, clean energy finance and SME finance. Broad regional work experience in Africa, Asia, Latin America, and Middle East.
Previously, I worked in Strategy, Impact Assessment in academia, public and private sectors. Extensive experience in evaluation, impact assessments, global sector/country strategies, product design and portfolio management. Global experience in Washington DC and in the field. Strong organizational and team building skills coupled with proven ability to build successful partnerships and strong teams.
Multiple professional and academic awards, including in 2011 I became the third Indian (after Dr. Amartya Sen (1956) and Sir Partha Dasgupta (1967)) to receive the Stevenson Prize from the University of Cambridge.
Mr. Karlis Bauze Specialist, Vienna Financial Sector Advisory Centre (FinSAC), World BankBio PresentationKarlis Bauze is a Senior Financial Sector Expert at FinSAC, specializing in non-performing loans (NPL).
Prior to joining the World Bank in 2016, he was a Policy Analyst at the European Commission (EC) in Athens, Greece and was an EC representative at the Hellenic Financial Stability Fund (Executive Board and General Council). He actively participated in the work of the EC financial team, in cooperation with the International Monetary Fund (IMF) and European Central Bank (ECB), by drafting and working on the Greek economic adjustment program for three years (2013-2015).
Prior to that, he headed the Monetary Policy and Financial Stability Department at the Bank of Latvia (central bank) for five years, including at the time of the financial crisis in Latvia. During this assignment, he (i) actively participated in the work of the Governor’s Office, (ii) represented Latvia on the Economic and Financial Committee of the European Union (the Sherpa committee for European Finance Ministers’ Economic and Financial Affairs Council (ECOFIN), (iii) worked on the economic adjustment program of Latvia (no currency devaluation but internal devaluation – structural reforms), and (iv) contributed to financial stability work in Latvia. Earlier, he spent more than 13 years working on financial markets and was Chief Dealer for reserve management at the Market Operations Department of the Bank of Latvia.
He holds a master’s degree in Finance from the University of Latvia and has passed the CFA exam.
Mr. Burkhard Heppe CTO and Co-founder, NPL Markets LtdBio PresentationBurkhard has 13 years of experience in international investment banking and 12 years as an entrepreneur. In 2018, Burkhard co-founded NPL Markets Ltd. in London, an innovative loan marketplace and analytics platform. As CTO of NPL Markets he is responsible for the development of loan valuation, credit portfolio management and securitization reporting solutions. In 2011, Burkhard co-founded the Dutch Fintech, Open Source Investor Services, where he advised major US and European financial institutions on loan data quality, valuation and risk models.
Previously, he was a Managing Director at Bank of America Merrill Lynch in London, responsible for arranging credit risk transfer and funding transactions for financial institutions in Europe.
At Merrill Lynch he was a principal investor in securitisation transactions and distressed debt portfolios. He provided senior funding for the acquisition of non-performing loans. He has structured several award-winning first-time asset securitization transactions of project finance, aircraft and shipping loans. Burkhard started his career as a quantitative analyst for credit derivatives and synthetic risk transfer at Citibank.
Burkhard holds a PhD in Applied Mathematics and Theoretical Physics from the University of Cambridge, England. His academic interests include Bayesian statistics and self-learning credit risk models.
- 16:05–16:20
Open Floor Discussion- 16:20–16:30
Break
IPAF Coordinating Council Meeting
- 16:30–18:00
- Executive LevelExclusive to IPAF Members:
Video recordings:
- Promotional Video:Congratulatory Video:Session 1:Session 2:
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