The ADB said the BSP is currently developing proofs of concept for artificial intelligence, open API , and cloud computing, three of the six technologies it identified as instrumental to the FMI of the future.other three tools for the development of new FMI are distributed ledger technology , big data analytics, and cybersecurity.
“All central banks and central securities depositories in this region… really need to consider those emerging technologies. Regardless, if they only focus on one path or many, this is really the fact. The more important thing I realized, many of our CSIF members are already developing a proof of concept or already in the production level,” ADB advisor Satoru Yamadera said in the webinar.
Recently, the BSP announced a pilot project that will test the use of a wholesale central bank digital currency for large-value financial transactions involving selected financial institutions.