The Asia-Pacific Financial Forum (APFF) convened the Roundtable on Financial Innovation in San Jose, California, on February 24, 2016, hosted by PayPal Government Relations. It included the two sessions: Financial Innovation and its potential for promoting financial inclusion and market efficacy, and Building a robust enabling ecosystem for inclusive financial innovation, and covered a wide range of Fin-tech and Reg-tech related topics throughout the day.
Mack made some comment on the insurance regulatory aspects on the financial technology.
I spent 5 years in New York from 1995 to 2000. Since then, there were remarkable innovations about the way people make payments. I still remember what happened to me when I moved from France to NYC.
I had a little dog, but I had to leave her in France to avoid a 180 day quarantine in Japan. After moving to NY, I came back there to pick up my dog over the weekend.
When I was about to pay, the farm owner said to me, “I’m sorry, but we cannot accept a credit card. Cash only! (in French accent)”. I had no cash. But I was in the middle of nowhere, and there was no ATM. What you think I did? I paid by a washing machine. I could not sell the washing machine when I left France, but I successfully negotiated with my real estate broker to keep it at her home until the time I would find a buyer. You know me. I am a global negotiator. She delivered my washing machine to the farm owner after I left for New York with my dog. It may sound like a prehistoric payment system. But isn’t it amazing that there were someone who trusted a washing machine more than a credit card.
Today, people tend to accept more and more new innovative payment methods. But not everyone. Regulators tend to be more conservative due to the nature of their profession. The new methods may create new risks they have not experienced. But a good thing is that they are willing to learn new technologies and are open to consider appropriate changes. Let me share the…
[from Mack’s intervention during the APFF Roundtable in San Jose]
The APEC Business Advisory Council (ABAC) also convened the 1st ABAC meetings in San Fransisco, California, United States on February 24-27, 2016.
Mack provided a report on the activities of the APFF Insurance and Retirement Income Workstream with particular focus on those of the APFF Retirement and Long-term Investment Working Group, at APFF Caucus meeting and Finance and Economic Working Group.
Asia-Pacific Financial Forum (APFF): 2016 Work Program (via ABAC website)
Presentation of Mack Okubo on Retirement Income and Long-Term Investment at APFF Caucus meeting in February (via ABAC website)
Presentation of Doug Barnert on Microinsurance and DRF at APFF Caucus meeting in February (via ABAC website)