chang yong rhee : welcoming remarks - international conference on green finance welcoming remarks by mr chang yong rhee, governor of the bank of korea, at the opening ceremony of the international conference on green finance, co - hosted by the 2050 presidential commission on carbon neutrality and green growth and the bank of korea, seoul, 20 june 2023. * * * good morning, ladies and gentlemen. i am chang yong rhee, governor of the bank of korea. i wholeheartedly welcome all the attendees here at this conference jointly organized by the 2050 presidential commission on carbon neutrality green growth committee and the bank of korea. i would like to express my sincere gratitude to cochairman sang - hyup kim, who passionately serves as a " green man, " to mr. daeyoung kwon, standing commissioner of the financial services commission, for his keynote speech on " strategies to pursue korean - style green finance, " and to ms. benedicte nolens, head of the bis innovation hub hong kong centre, for accepting our invitation to give a presentation. i would also like to welcome all the government officials, bankers, and corporate representatives who will be presenting and discussing in the sessions, and all those who are attending this event. last, but not least, i would like to express my deep gratitude to imf managing director kristalina georgieva for sending a very special congratulatory video. today, it holds special significance for the bank of korea that we are hosting this conference with the carbon neutrality green growth committee. as we celebrate our 73rd anniversary, it is a fresh experience for the bank of korea to move into a new building and to hold our first conference with a government agency. furthermore, the climate change response, the theme of today's conference, is a global issue that demands individual roles and collective efforts from us all. in my speech at the bank of korea's anniversary ceremony on june 12, i mentioned the need to prepare for changes in the economic structure, namely the new normal after the pandemic. it is a well - known fact that the climate change response is one of the key challenges to prepare for this new normal. i would like to explain the reasons for this with three points. first, the environmental challenges posed by climate change directly impact our quality of life. over the past 20 years, approximately 4 billion people worldwide have been affected by climate disasters, resulting in over 500, 000 deaths, and estimated economic

andreas dombret : banking on big data – different policy issues? statement by dr andreas dombret, member of the executive board of the deutsche bundesbank, at the third frankfurt conference on financial market policy “ digitizing finance ”, frankfurt am main, 6 november 2015. * * * thank you for giving me the opportunity to briefly state my opinion on data - based banking and policy issues. first of all, i would like to talk about one received idea in connection with new technologies flooding the financial sector that i find somewhat misleading. it is a common perception that fintechs have been set up purely in opposition to banks. as a matter of fact, their distinctive features are the all - embracing use of it and, in particular, internet - based technologies and their business structure and appearance. they may look different from traditional banks and they may care about customers ’ needs, such as 24 / 7 accessibility, ease of use and individualised services, but that doesn ’ t render the basic financial functions of banks obsolete. some fintechs have even already acquired a banking license. although the appearance of banking business and its technical implementation may very well change across the entire sector, banks as they are defined by regulation are still necessary and important players in our financial system. you cannot grant loans to businesses or offer deposits without adhering to the prudential requirements regulators impose on banks. our financial system relies on licensed monetary intermediaries, and computer algorithms don ’ t change this fact. nevertheless, banks are definitely coming under pressure with respect to their profitability and visibility. fintechs naturally focus on the most profitable areas of banking. this implies that banks have to deal with new competitors, and it is conceivable that we will encounter substantial changes in the composition of the sector over the next decade. but banks are not destined to become obsolete. first of all, banks have built up trusting relationships with customers, which includes knowing about the business and also knowing about changes in regulation over the past decades. and there is not only a competitive relationship between banks and technological innovators. from what i gather from the sector, fintechs are frequently approaching banks as soon as their ideas have matured. banks are not likely to be as innovative and as quick off the mark as newcomers, although many cooperative arrangements are possible. with regard to regulation, this means that we should stop drawing an imaginary line between technology - driven and traditional approaches to financial services. regulation by no means serves to