AEIR 2021



Premiered on:
11 Aug 2020 (Tuesday)
9:00–10:30am (Manila)
Microsoft Teams Meeting

Advancing Asia’s Payment Systems Through Financial Technology

Digital technology is reshaping many aspects of our daily lives and business practices, payment systems are not an exception. FinTech payments reinforce the benefits of earlier digital payment solutions (e.g., debit or credit cards) in terms of efficiency, convenience, and transparency. They also have the potential to advancing financial inclusion, as a substantial part of their customer base is comprised of previously unbanked or underbanked individuals, a group underserved by the earlier wave of digital payment solutions. Moreover, FinTech payments can create virtuous cycles with the e-commerce sector and MSMEs. This webinar complemented existing narratives by examining the current digital payment systems landscape and empirically assessing their impacts, both within the context of the People’s Republic of China and at cross-country level. It also discussed opportunities and challenges ahead as well as offer a venue to discuss policy considerations to advance Asia’s payment systems through FinTech.

Opening Remarks:
James Villafuerte Senior Economist, ERCD, ADB

James Villafuerte is a Senior Economist at the Regional Cooperation and Integration Division in the Economics Research and Regional Cooperation Department of the Asian Development Bank. Prior to joining the ADB, he worked as: a Team Leader of the Asia Regional Integration Center at the ADB; a Senior Economist at the Department of Treasury in Finance in Melbourne Australia; and an Economist at the Poverty Reduction and Economic Management team at the World Bank Office in Manila (2002-2004).

His areas of expertise include macroeconomic forecasting, fiscal strategy, economic surveillance, early warning system, and tracking the progress of Economic Integration in Asia. He contributes regularly to the ADB’s flagship publication—the Asian Economic Integration Report—where he is now leading the preparation of the 2020/21 theme chapter on Digital Platforms: Implications for Developing Asia.

Mr. Villafuerte obtained his Master’s and Bachelor’s degrees in Economics from the University of the Philippines. He has also completed training: a) on General Equilibrium Analysis at the Center of Policy Studies, Monash University; and b) on Global Trade Analysis in Purdue University in Indiana.
Yueling Huang Intern, ERCD, ADB
Bio Presentation

Yueling Huang is intern at the Economic Research and Regional Cooperation Department (ERCD) of the Asian Development Bank (ADB). She is currently a PhD student in Economics at New York University. Her research areas are macroeconomics, productivity and growth, innovation and the digital economy. At ADB, she works on the project “Advancing Asia’s Payment Systems Through Financial Technology”. She is very interested in policy-relevant research, particularly for developing economies. She holds a BSc of Philosophy and Economics and MSc in Economics, both from the London School of Economics.
Comments on the Paper and Q&A

Peter Rosenkranz Economist, ERCD, ADB

Peter Rosenkranz is an Economist in the Regional Cooperation and Integration Division in the Economics Research and Regional Cooperation Department of the Asian Development Bank (ADB). His knowledge work primarily focuses on issues relating to financial development and stability within the context of regional financial integration and cooperation in Asia. This includes research on strengthening Asia’s financial safety net and the identification of related policy options. He further supports ADB’s participation in regional policy forums, such as Association of Southeast Asian Nations (ASEAN), ASEAN+3, Asia-Pacific Economic Cooperation (APEC), and Asia-Europe Meeting (ASEM).

Prior to joining the ADB in 2016, he held 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.

Paper Reviewers:
Peter Morgan Senior Consulting Economist, Vice-Chair Research Department, Asian Development Bank Institute
Bio Comments

Peter J. Morgan is Senior Consulting Economist and Vice Chair of Research at the Asian Development Bank Institute (ADBI), and has been with ADBI since 2008. He has 23 years experience in the financial sector in Asia, most recently serving in Hong Kong as Chief Asia Economist for HSBC, responsible for macroeconomic analysis and forecasting for Asia. Previously, he served as Chief Japan Economist for HSBC, and earlier held similar positions at Merrill Lynch, Barclays de Zoete Wedd and Jardine Fleming. Prior to entering the financial industry, he was a consultant for Meta Systems Inc in Cambridge, MA, in energy and environmental analysis, and at International Business Information KK in Tokyo, in financial sector consulting. He earned his MA and PhD degrees in economics from Yale University. His research interests are in macroeconomic policy and financial sector regulation, reform, financial development, financial inclusion, fintech, financial literacy and financial education.
Joselito R. Basilio Deputy Director, Financial Market Research Group, Department of Economic Research, Bangko Sentral ng Pilipinas
Bio Comments

Joselito R. Basilio is currently a Deputy Director at the Department of Economic Research (DER) of the Bangko Sentral ng Pilipinas.  At the DER, he heads the Financial Markets Research Group where he is involved in the preparation of research, policy and position papers at the BSP in identified areas of macrofinancial modeling; monetary policy; inflation and liquidity management; financial sector policies; data and statistical learning methods, among others. Prior to joining the BSP, he worked at the National Economic and Development Authority and the National Anti-Poverty Commission.

He finished his PhD studies in Economics at the University of Illinois in Chicago and MA studies at the University of Michigan-Ann Arbor, both in the U.S.A. He likewise holds a diploma and master’s degree in Development Economics from the University of the Philippines in Diliman, Quezon City.
Jae Deuk Lee Financial Sector Specialist, Sustainable Developmentand Climate Change Department, ADB
Bio Comments

Jae-Deuk (Jake) Lee is a national of the Republic of Korea. He currently serves as the Financial Sector Specialist in digital payment infrastructure at the Sustainable Development and Climate Change Department (SDCC) of the Asia Development Bank (ADB). In this role, he is responsible for fostering financial inclusion and developing innovative financial services in Asia and the Pacific. Before joining ADB, Jake worked at Korea’s KFTC, Korea Financial Telecommunications & Clearings Institute, as a payment infrastructure specialist. He established strategies for cross-border payment services between Korea and Asia Pacific nations and developed innovative cross-border payment services based on emerging technologies such as QR code. He combines expertise in technology, financial services and legal and institutional issues pertaining to payment and e-commerce, garnered from more than 18 years of experience working at KFTC.

He holds Master’s degrees in Business Administration (MBA) and Management Information Systems (MIS) from Texas A&M University and received a Bachelor’s degree in Computer Science from Yonsei University in Seoul, Korea.