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In this podcast, Thomas Beloe of the United Nations Development Programme (UNDP) Sustainable Finance Hub explores how funding critical climate resilience, infrastructure, and social equity projects for developing nations is an urgent necessity.

He discusses the UNDP's work on sustainable finance and the role of the Sustainable Finance Hub and how this work intersects with policymakers, regulators, and supervisors. He also examines the relationship between macroeconomic governance and private investment, and the importance of create an enabling environment for private capital. Lastly, he highlights crucial elements of financial governance and supervision for building investor confidence.

Listen now to gain valuable insights.

Guest:

Thomas Beloe, Director, UNDP Sustainable Finance Hub

Host: 

Vikash Thakoor, Program Director, Toronto Centre

Read the transcript. Read their biographies.

In this podcast, Vladimir Radunović and Anastasiya Kazakova of Diplo discuss how cyber threats, AI, and geopolitical tensions are creating new risks for financial institutions and critical infrastructure.

They explore the challenges of managing complex technology supply chains, third-party dependencies, and rapidly evolving cyber risks, emphasizing the need for greater operational resilience, continuous oversight, and stronger collaboration between regulators, industry, and technical experts. They also highlight how financial supervisors can better adapt governance and regulatory frameworks to keep pace with technological change.

Listen now to gain valuable insights.

Guests:

Vladimir Radunović, Director, Cybersecurity and Diplomacy, Diplo

Anastasiya Kazakova, Cyber Diplomacy Knowledge Fellow, Geneva Dialogue Project Coordinator, Diplo

Host: 

Vikash Thakoor, Program Director, Toronto Centre

Read the transcript. Read their biographies.

Financial stability and national security are becoming increasingly interconnected.

In this podcast, Bill Coen, Toronto Centre board member speaks with Tom Keatinge, Founding Director of the Centre for Finance and Security at RUSI, about how geopolitical tensions, state-sponsored financial activity, cyber threats, and emerging technologies are reshaping the supervisory landscape.

Their discussion explores why supervisors need to think beyond traditional AML/CTF frameworks, prepare for emerging security threats, and adopt a broader national security perspective in their oversight activities.

Listen now to learn more about the changing landscape of financial supervision and national security.

Guest:

Tom Keatinge, Founding Director, Centre for Finance and Security, Royal United Services Institute

Host: 

Bill Coen, Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Read the transcript. Read their biographies.

In this podcast, Frank Lofranco, Deputy Commissioner, Supervision and Enforcement at the Financial Consumer Agency of Canada, examines the growing importance of consumer protection in today's financial system.

He discusses the development of risk-based market conduct supervision, the role of compliance in achieving positive consumer outcomes, and the steps financial institutions can take to build regulatory confidence when introducing innovative products and services. He also shares practical advice for regulators and supervisors responsible for designing and overseeing consumer protection frameworks.

Listen now to gain valuable insights.

Guest: 

Frank Lofranco, Deputy Commissioner, Supervision and Enforcement, Financial Consumer Agency of Canada

Host: 

Anatol Monid, Senior Director, Programs, Toronto Centre

Listen to the podcast.

Read the transcript. Read their biographies.

This new TC Note and podcast examines the role of enforcement powers in effective supervisory intervention. They provide practical guidance on when enforcement action may be warranted, how it can advance supervisory objectives, and what is required to support a credible, transparent, and proportionate enforcement framework.

Key topics include:

• The role of enforcement within the supervisory toolkit
• Common enforcement powers available to supervisory authorities
• Factors to consider when deciding whether to take enforcement action
• Governance and process considerations that promote effective outcomes

Guest: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Acting Senior Director, Supervisory Guidance, Toronto Centre

Read the transcript. Read their biographies.

As open finance expands, effective oversight and supervision are essential to managing data-sharing risks, maintaining trust, and ensuring financial systems remain safe, competitive, and resilient. Embedding monitoring and supervisory frameworks from the outset can help authorities support innovation while protecting consumers and promoting financial inclusion.

In this podcast, the speakers discuss emerging approaches to open finance oversight and supervision. They explore ecosystem-wide oversight, risk-based supervision, operational resilience, performance monitoring, and how financial authorities can build effective frameworks that support innovation, competition, and consumer trust.

Guests: 

Denise Dias, Senior Financial Sector Specialist, CGAP

Ivo Jeník, Senior Financial Sector Specialist, CGAP

Rafe Mazer, Director, Fair Finance Consulting

Host: 

Michel Canta, Program Director, Toronto Centre

Read the transcript. Read their biographies.

Part of our Quantum Computing and Financial Supervision podcast series.

As quantum computing moves from theory to real-world application, it has the potential to reshape key aspects of financial systems, from risk modelling and analytics to cybersecurity. While large-scale quantum capabilities are still developing, their future ability to compromise existing encryption standards presents a material risk to data security and financial stability.

In this three-part series, Jennifer Elliott and Professor Michele Mosca explore what this emerging technology means for the financial sector and how supervisors can begin to prepare. In this final episode, they discuss how financial supervisors can prepare for quantum-related risks, strengthen cryptographic resilience, and build the governance, oversight, and risk management frameworks needed to safeguard the financial system.

Guest: 

Michele Mosca, Professor, Institute for Quantum Computing, University of Waterloo

Host: 

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Read the transcript: https://shorturl.at/l0UCS

Read their biographies: https://shorturl.at/ZajYU

This TC Note and accompanyng podcast provides practical guidance to supervisors in emerging economies on the role of policyholder protection schemes (PPSs), as climate-related risks are affecting insurer vulnerability and recent events reveal new intracacies about the interaction between catastrophes and insurer failure.

Additionally, the Note:

• Clarifies what PPSs are and describes the global landscape
• Explains how climate change affects supervisory assumptions
• Presents lessons from recent catastrophe-related cases
• Suggests supervisory priorities in jurisdictions with and without PPSs

Guest: 

Michael Hafeman, Program Leader, Toronto Centre

Host: 

Mamta Suri, Program Director, Toronto Centre

Read the transcript. Read their biographies.

Part of our Quantum Computing and Financial Supervision podcast series.

As quantum computing moves from theory to real-world application, it has the potential to reshape key aspects of financial systems, from risk modelling and analytics to cybersecurity. While large-scale quantum capabilities are still developing, their future ability to compromise existing encryption standards presents a material risk to data security and financial stability.

In this three-part series, Jennifer Elliott and Professor Michele Mosca explore what this emerging technology means for the financial sector and how supervisors can begin to prepare. Episode two examines how quantum computing could disrupt current encryption standards, putting sensitive data and financial transactions at risk while creating new operational and systemic challenges for the financial sector.

Guest: 

Michele Mosca, Professor, Institute for Quantum Computing, University of Waterloo

Host: 

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Read the transcript here. Read their biographies here.

Listen to the first episode: Introduction to Quantum and Financial Services.

Alors que le Canada cherche à accroître les investissements durables et à soutenir la transition vers une économie carboneutre, une nouvelle taxonomie de la finance durable vise à fournir un cadre commun pour identifier les activités vertes, de transition et de réduction des émissions. Fondée sur des critères scientifiques, elle vise à améliorer la transparence, réduire l’écoblanchiment et orienter les capitaux vers des solutions climatiques.

Dans cet balado, Jean Lorrain s’entretient avec Marlene Puffer, présidente du Conseil canadien de la taxonomie et de la planification de la transition. Ils discutent du cadre proposé, de l’importance de l’harmonisation internationale, du rôle de la taxonomie dans la mobilisation des investissements et la supervision des risques climatiques, ainsi que de sa contribution à l’intégrité des marchés et à la carboneutralité du Canada.

Invitée: 

Marlene K. Puffer, Présidente, Conseil canadien sur la taxonomie et de la transition, Parcours des entreprises de demain

Animateur: 

Jean Lorrain, Président, Conseil consultatif sur les valeurs mobilières, Toronto Centre

Lisez la transcription ici. Lisez leurs biographies ici.

As Canada works to scale sustainable investment and support the transition to a net-zero economy, a new Sustainable Finance Taxonomy aims to provide a common framework for identifying green, transition, and emissions-abatement activities. By creating clear, science-based definitions and safeguards, the taxonomy is intended to improve transparency, reduce greenwashing, and help direct capital toward climate solutions.

In this podcast, Jean Lorrain speaks with Marlene Puffer, Chair of the Canadian Taxonomy and Transition Planning Council. They discuss the proposed framework, the importance of international alignment and interoperability, the role of the taxonomy in mobilizing investment and supporting climate-related risk oversight, and how it can strengthen market integrity while advancing Canada’s net-zero ambitions.

Guest: 

Marlene K. Puffer, Chair, Canadian Taxonomy and Transition Planning Council, Business Future Pathways

Host: 

Jean Lorrain, Chair, Securities Advisory Board, Toronto Centre

Read the transcript here. Read their biographies here.

Part of our Quantum Computing and Financial Supervision podcast series.

As quantum computing moves from theory to real-world application, it has the potential to reshape key aspects of financial systems, from risk modelling and analytics to cybersecurity. While large-scale quantum capabilities are still developing, their future ability to compromise existing encryption standards presents a material risk to data security and financial stability.

In this three-part series, Jennifer Elliott and Professor Michele Mosca explore what this emerging technology means for the financial sector and how supervisors can begin to prepare. In this introductory episode, they discuss what quantum computing is, why it matters for financial services, the risks it could create, and how supervisors should begin preparing.

Guest: 

Michele Mosca, Professor, Institute for Quantum Computing, University of Waterloo

Host: 

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Read the transcript here. Read their biographies here.

La conversación resalta los principales retos en la supervisión de neobancos y otros intermediarios digitales, enfatizando el principio de “misma actividad, mismo riesgo, misma regulación” bajo un enfoque de neutralidad tecnológica. Se subraya que la digitalización no reduce los riesgos, sino que los desplaza hacia lo operativo y tecnológico, lo que exige mayores estándares en ciberseguridad, continuidad y gestión de terceros, así como evitar arbitrajes regulatorios y fortalecer la cooperación internacional.

Asimismo, se destaca la necesidad de modernizar la supervisión mediante herramientas SupTech y un uso intensivo de datos para una vigilancia más preventiva y eficiente. Se enfatiza el equilibrio entre promover la innovación, a través de sandboxes, open finance y marcos proporcionales, y preservar la estabilidad financiera, la protección al consumidor y la integridad del sistema, junto con el fortalecimiento de procesos digitales que impulsen la inclusión financiera con controles robustos.

Orador Invitado:

Jorge Mogrovejo González, Presidente, Asociación de Supervisores Bancarios de las Américas (ASBA); Superintendente Adjunto, Banca y Microfinanzas, Superintendencia de Banca y Seguros del Perú

Presentador: 

Michel Canta, Director de Programas, Toronto Centre

Lee la transcripción aqui. 

Lee sus biografías aqui.

Read the English transcript here. 

Cyber and Operational Risk in the Quantum Era: Financial Stability amid Escalating Geopolitical Conflict

This panel took place at the 2026 International Monetary Fund and World Bank Group Spring Meetings.

Financial stability is under fire as geopolitics and cyber risk collide. As global tensions intensify and technological capabilities accelerate, financial institutions face a rapidly evolving threat landscape where cyber operations, financial crime, and state-sponsored actors are increasingly intertwined. From ransomware campaigns and sanctions evasion to sophisticated cyber intrusions targeting critical infrastructure, adversaries are exploiting digital systems and global financial networks in new and complex ways.

As these threats continue to evolve, the quantum horizon introduces an additional layer of strategic risk. This executive panel will examine how advances in quantum computing could reshape cyber and operational risk across the financial sector, while also considering the growing convergence between cyber-enabled crime, ransomware payments, sanctions evasion, and global illicit finance networks. Leaders from policy, finance, and technology will explore the implications of quantum-enabled decryption, the expanding links between cyber threats and illicit finance, and the operational vulnerabilities that could undermine confidence in critical financial infrastructure.

The discussion focused on how institutions and regulators can strengthen resilience, enhance cross-border coordination, and prepare for a future in which emerging technologies, cyber conflict, ransomware, and financial crime increasingly intersect. The panel explored what these developments mean for international efforts to combat cyber-enabled financial crime and how global standards bodies, national authorities, and financial institutions can strengthen cooperation to protect the integrity and resilience of the international financial system.

Opening Remarks:

Cindy Termorshuizen, Deputy Minister of International Development, Government of Canada

Panelists:

Giles Thomson, Director, Economic Crime and Sanctions, His Majesty's Treasury; Incoming President, FATF

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Michele Mosca, Professor, Institute for Quantum Computing, University of Waterloo

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Watch the executive panel session here.

Read the transcript here.

Read their biographies here.

This podcast was recorded to commemorate Earth Day 2026.

In this podcast, Shri Amarjeet Singh discusses India's approach towards sustainability and climate action, including:

• Commitments announced at COP26, including the reducing emissions with short- and long-term goals
• Comprehensive frameworks for ESG, green bonds, and sustainability-linked bonds
• The SEBI Business Responsibility and Sustainability Report for climate-related disclosures
• Specific measures to mitigate the risk of greenwashing

Guest: 

Shri Amarjeet Singh, Whole-time Member, Securities and Exchange Board of India (SEBI)

Host: 

Mamta Suri, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

There is growing pressure to ease post-Global Financial Crisis regulatory and supervisory frameworks and to simplify financial supervision.

This TC Note makes proposals for supervisory effectiveness and—where consistent with more effective supervision—the simplification of supervisory methodologies and processes.

Drawing on lessons from recent bank failures, it identifies three ways to make supervision more effective in identifying and mitigating unacceptable risks:

1. Fully implementing risk-based supervision
2. Enhancing cross cooperation and collaboration among supervisory authorities and other organizations
3. Using SupTech carefully, recognizing the need for human intervention and judgement

Guest: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

This discussion focused on preparing for low-probability but high-impact shocks to the financial sector.

The panel explored how geopolitical developments, financial fragmentation, and evolving systemic risks may challenge existing supervisory frameworks. It highlighted the resilience of financial systems and the role of regulatory and institutional frameworks in strengthening preparedness for extreme events.

Panelists:

Andrea Enria, Senior Advisor, Bank of England; former Chair, Supervisory Board, European Central Bank

Nicolas Véron, Senior Fellow, Peterson Institute for International Economics; Senior Fellow, Bruegel

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Watch the virtual executive panel here.

Read the transcript here.

Read their biographies here.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

La conversación resalta cómo la Declaración de Ciudad del Cabo orienta a los supervisores para fortalecer los seguros inclusivos mediante marcos regulatorios y supervisores proporcionales, supervisión de conducta, datos confiables e innovación responsable. Se subraya que el regulador debe facilitar productos claros, sostenibles y accesibles sin comprometer la estabilidad financiera, integridad en el mercado ni protección al consumidor.

Asimismo, se destaca la relevancia del diálogo técnico con la industria y del intercambio internacional de experiencias. Una supervisión efectiva impulsa mercados más dinámicos y reduce, reforzando la resiliencia económica de hogares y pequeñas empresas.

Orador Invitado:

Tomás Soley Pérez, Superintendente, Superintendencia General de Seguros (SUGESE); Superintendente, Superintendencia General de Valores (SUGEVAL)

Presentador: 

Michel Canta, Director de Programas, Toronto Centre

Escuche el podcast aqui.

Lee la transcripción aqui. 

Lee sus biografías aqui.

This virtual executive panel examined the role of independence in financial supervision, focusing on its legal, institutional, and operational dimensions.

The panelists discussed how independence:

• Builds public trust
• Strengthens policy credibility
• Supports financial stability
• Could be weakened

Panelists:

Elsie Addo Awadzi, Visiting Fellow, Blavatnik School of Government, University of Oxford; former Deputy Governor, Bank of Ghana; Board Member, Toronto Centre

Kevin Stiroh, Senior Fellow, Resources for the Future; former Executive Vice President, Federal Reserve Bank of New York  

Moderator:

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Watch the virtual executive panel here.

Read the transcript here.

Read their biographies here.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

This discussion convened senior global experts to examine how supervisory and regulatory authorities can prepare for rapid technological change. It focused on artificial intelligence and the evolution of supervisory tools, skills, and institutional capabilities.

The speakers explored how emerging technologies are reshaping supervisory mandates, the key challenges that may lie ahead, and the global public good priorities that should guide supervisory approaches to innovation.

Panelists:

Beju Shah, Head, Toronto Innovation Centre, Bank for International Settlements (BIS)

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Watch the virtual executive panel here.

Read the transcript here.

Read their biographies here.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

A financial institution's supplementary documents provide supervisors with valuable insights into risk. Understanding how to use these documents effectively is essential to improving risk-based supervisory practices.

This TC Note and accompanying podcast:

• Briefly describes the purpose and value of four types of supplementary documents - own risk assessments, business models, recovery plans, and climate-related transition plans
• Explores six principles for integrating the supplementary documents into risk-based supervision and the risk matrix
• Discusses how the six principles can be applied to the supervisory review of supplementary documents

Speaker: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

In celebration of Canada’s International Development Week, Toronto Centre hosted a virtual executive panel on building financial resilience.

The discussion explored insights from the World Bank’s Global Findex 2025 survey, which shows that 79% of adults worldwide now have a bank account, up from just 50% in 2011. The speakers discussed how mobile technology and digital banking is increasing access low- and middle-income countries but emphasized access is only the first step. Financial inclusion requires strengthening the systems, policies, and consumer protections that lead to real financial resilience.

The speakers also provided practical insights for financial supervisors, including:

• How to collaborate with providers to enhance inclusion and resilience
• Strategies and tools supervisors can use to increase financial service uptake
• Approaches for individuals to save for education and health

Opening Remarks:

Barbara Curran, Director General, Social and Economic Development Programming Bureau, Global Affairs Canada

Panelists:

Leora Klapper, Lead Economist, Development Research Group, The World Bank

Mariela Zaldivar, Head, Market Conduct and Financial Inclusion, Peruvian Superintendency of Banking, Insurance and Private Pension Funds (SBS)

Rhodora M. Brazil-De Vera, Officer-in-Charge, Supervisory Policy and Research Department; Head, ESG Supervision and Surveillance Group, Bangko Sentral ng Pilipinas

Moderator:

Lindsay Wallace, Executive Director, FINCA Canada; Managing Director, Social Investment Strategies, FINCA International

Watch the virtual panel session here.

Read the transcript here.

Read their biographies here.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

Banks and a handful of international firms historically conducted the majority of payment functions. More recently, enabled by technology and regulation, new entrants specializing in one or a few processes have joined retail payment sectors.

This Toronto Centre Note and accompanying podcast aims to guide financial sector supervisors whose responsibilities include the supervision of companies licensed or authorized to operate and provide retail payment services (RPS) to perform risk-based supervision (RBS).

Speaker: 

Robert Urry, Program Leader, Toronto Centre

Host: 

Floris Fleermuys, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

On July 16, 2025, The World Bank Group released The Global Findex 2025. It is a comprehensive database on how adults save, borrow, make payments, and manage risk. This edition introduces the Global Findex Digital Connectivity Tracker, which illustrates how mobile phones and internet access are advancing financial inclusion.

In this podcast, the speakers explore the highlights of the report, including:

• Mobile phone ownership, internet use, digital activities, and digital safety
• The growth in financial account ownership across developing economies
• Opportunities for regulators to increase capital flows within economies
• The importance of savings and earning interest

Speaker: 

Leora Klapper, Lead Economist, Development Research Group, The World Bank

Host: 

Mamta Suri, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the 2025 Global Findex here.

The Forum on Financial Supervision was founded as part of the Systemic Risk Centre at the London School of Economics. It promotes the exchange of knowledge amongst senior policy makers, financial supervisors, and academics to address key issues with a focus on financial stability.

This podcast explores the origins of the Forum and its first-year priorities: stress testing, the non-banking sector, and real estate markets. The speakers also discuss future goals for the Forum, including fostering public debate and integrating research into supervisory practice.

Speakers: 

Pedro Duarte Neves, Advisor, Board of Directors, Banco de Portugal

Andrea Enria, Senior Advisor, Prudential Regulation Authority; Member, Prudential Regulation Committee, Bank of England

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Visit the Forum on Financial Supervision website to learn more.

The views expressed in the podcast are those of Pedro Duarte Neves and Andrea Enria and do not necessarily reflect those of Banco de Portugal, the Bank of England, or the Eurosystem.

On Thursday, October 23, Peter Routledge, Superintendent of Financial Institutions, was interviewed by Bill Coen, the Former Secretary General of the Basel Committee on Banking Supervision, a Toronto Centre Board Member, and Chair of our Finance, Audit and Risk Committee, at Toronto’s National Club.

This timely conversation provided insights into the importance of international cooperation and the future of the financial sector in a shifting landscape. The event also marked the graduation of the first cohort of Toronto Centre’s Certified Financial Supervisor (CFS) designation—the first rigorous, exam-based professional designation for supervisors and regulators in banking, insurance, pensions, and securities. 

Panelists:

Peter Routledge, Superintendent of Financial Institutions, Canada

Moderator:

Bill Coen, Former Secretary General, Basel Committee on Banking Supervision, Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Read the transcript here. Read their biographies here. 

Watch the fireside chat here.

This panel took place at the 2025 International Monetary Fund and World Bank Group Annual Meetings. 

The convergence of artificial intelligence and digital assets, including cryptocurrencies such as Bitcoin and stablecoins, is reshaping financial markets through decentralized finance, programmable money, and AI-driven trading strategies. While these developments promise efficiency and innovation, they also raise significant supervisory and financial stability challenges around market integrity, systemic risk, and cross-border oversight.

This panel explored how supervisors can harness AI to analyze blockchain data, monitor cryptocurrencies and stablecoins in real time, and anticipate market stresses, including those stemming from decentralized finance and autonomous smart contracts while addressing emerging risks such as cyber threats, privacy concerns, and regulatory arbitrage. It also considered the skills, tools, and global cooperation needed to future-proof supervisory frameworks as these technologies scale.

Panelists:

Denny H. Kalyalya, Governor, Bank of Zambia

Sarah Breeden, Deputy Governor, Financial Stability, Bank of England

Stefan Ingves, Chair, Toronto Centre

Moderator:

Jay Surti, Division Chief, Financial Supervision and Regulation, IMF

Read the transcript here. Read their biographies here. Listen to the podcast here.

Watch the executive panel here.

This is the second in a two-part podcast series published in partnership with CGAP.

In June 2025, the Financial Action Task Force (FATF), issued guidance on Financial Inclusion and Anti-Money Laundering, and Terrorist Financing (AML/CFT) measures. FATF recognizes that applying an overly cautious approach to anti-money laundering, countering the financing of terrorism, AML/CFT safeguards, can have the unintended consequence of excluding businesses and consumers from the financial system.

The speakers discussed:

• Balancing AML/CFT compliance with financial inclusion
• The potential of RegTech and SupTech to enhance financial inclusion
• The importance of sex-disaggregated data in removing barriers to financial inclusion

Speakers: 

Mehmet Kerse, Senior Financial Sector Specialist, CGAP

Louis de Koker, Consultant, CGAP; Professor of Law, La Trobe University, Australia 

Host: 

Richa Goyal, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the FATF's updated Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures here.

Listen to the first part of the podcast here.

https://torontocentre.org/

This is the first in a two-part podcast series published in partnership with CGAP.

In June 2025, the Financial Action Task Force (FATF), issued guidance on Financial Inclusion and Anti-Money Laundering, and Terrorist Financing (AML/CFT) measures. FATF recognizes that applying an overly cautious approach to anti-money laundering, countering the financing of terrorism, AML/CFT safeguards, can have the unintended consequence of excluding businesses and consumers from the financial system.

The speakers discussed:

• How proportionality supports financial inclusion
• The complimentary nature of financial inclusion and financial integrity
• The consultation process with international bodies and standard setters

Speakers: 

Ivo Jeník, Senior Financial Sector Specialist, CGAP

Louis de Koker, Consultant, CGAP; Professor of Law, La Trobe University, Australia 

Host: 

Richa Goyal, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the FATF's updated Guidance on Financial Inclusion and Anti-Money Laundering and Terrorist Financing Measures here.

The second part of this podcast series will be released in September 2025.

https://torontocentre.org/

Geopolitical risks are emerging from multiple sources, with complex, varied, and country-specific effects. Understanding how these geopolitical events will affect supervisory objectives is a challenging task. Supervisory authorities therefore need a clear framework to identify relevant geopolitical events, assess their impact on objectives, and guide an effective response.

This Toronto Centre Note and accompanying podcast provides an overview of an effective assessment framework. It explains each of its elements, explores the tools available for conducting assessments, and outlines how to develop a proactive supervisory response.

Speaker: 

R. Barry Johnston, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Read the TC Note here.

This was an official virtual side-event of the 4th International Conference on Financing for Development.

This executive panel explored adapting supervisory and regulatory frameworks to keep pace with rapid technological change, and the role of central banks and supervisors in accelerating the Sustainable Development Agenda. The conversation highlighted the urgent need for coordinated global approaches and how combatting financial crime and the illicit flow of finances, as well as responsibly leveraging AI, is foundational for a stable digital financial ecosystem. The panelists discussed lessons learned from Kenya’s adoption of mobile money.

Key themes include:

• Building supervisory capacity to respond to fintech and AI innovation
• Cyber resilience and combating financial crime as a prerequisite for achieving sustainable development
• Strengthening the financial sector’s role in supporting climate and sustainability goals
• The importance of collaboration between consumers, industry, and financial regulators and supervisors

Opening Remarks:

Deputy Ian Gorst, Minister for External Relations, Government of Jersey

Panelists:

Socorro Heysen, Board Member, Toronto Centre; Former Superintendent, Banks, Insurance, and Pension Fund Administrators, Peru

Hunter Sims, Associate Director of Business & Operations, Cambridge Centre for Alternative Finance

Tamara Cook, CEO, Financial Sector Deepening Kenya

Olaf Weber, Professor & CIBC Chair in Sustainable Finance, Schulich School of Business

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Read the transcript here. Read their biographies here.

Watch the executive panel here.

This was a virtual executive panel delivered in partnership with the World Wildlife Fund. 

Latin America's financial sector faces mounting challenges from climate change, biodiversity loss, and shifting global expectations around environmental and social (E&S) accountability. Drawing on the findings of WWF’s 2025 Sustainable Banking Assessment — which evaluated 22 leading banks across six Latin American countries — this panel explored supervisory and policy implications for embedding E&S considerations into risk-based frameworks. 

The session brought together WWF experts, banking supervisors, and financial institutions to discuss how supervisory authorities could accelerate progress to close persistent implementation gaps in E&S risk management, especially regarding nature-related risks, science-based targets, and net-zero alignment. A key focus was on how regulators could support more consistent disclosure practices, enhance portfolio-level risk assessments, and align national frameworks with global standards such as the Taskforce on Nature-related Financial Disclosures, the International Sustainability Standards Board, and the Net-Zero Banking Alliance. 

The panel offered a timely opportunity to reflect on the evolving role of supervisors in guiding the transition toward a nature-positive and climate-resilient financial system — especially in a region with rich natural capital and heightened exposure to systemic environmental risks. 

Opening Remarks:

Roberto Troya, Senior Vice President, WWF-US Country Offices; Regional Director, WWF-Latin America

Babak Abbaszadeh, President and CEO, Toronto Centre

Panelists:

Solange Berstein, Chairwoman, Financial Market Commission of Chile

Aaron Vermeulen, Finance Practice Lead, WWF-International

Hernando José Gómez, Former Director, National Planning Department of Colombia

Moderator:

Socorro Heysen, Board Member, Toronto Centre

Read the transcript here. Read their biographies here.

Watch the executive panel here.

The term "intervention" can cover a range of actions, including requirements that a supervised financial institution strengthens its controls or governance, strengthens its financial resources, introduces changes to aspects of its business, or limits or discontinues some part of its business.

This Toronto Centre Note and accompanying podcast assists supervisors in formulating focused supervisory interventions which comply with sound principles of intervention. It has a somewhat different format from other Notes, providing a series of examples and inviting readers to develop what they would regard as effective supervisory interventions in each case.

Speaker: 

Paul Wright, Program Leader, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

This podcast explores the important role that self-regulatory organizations (SROs) play in securities markets, as well as the advantages, risks, and key considerations in delegating regulatory responsibilities to SROs.

The speakers discussed how securities supervisors can effectively oversee SROs to ensure accountability, transparency, and investor protection. They also highlighted practical approaches for strengthening the relationship between supervisors and SROs, especially in emerging markets.

Speaker: 

Bert Chanetsa, Program Leader, Toronto Centre

Host: 

Chuin Hwei Ng, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

This panel took place at the 2025 International Monetary Fund and World Bank Group Spring Meetings. 

The rapid evolution of financial innovation is redefining the landscape of supervision, presenting regulators and supervisors with the challenge of keeping pace with technological advancements while upholding financial stability, consumer protection, and market integrity. This session convenes leading experts to explore practical approaches for leveraging AI in supervision, equipping supervisors with the tools and insights needed to navigate an increasingly complex financial ecosystem. 

The discussion delved into how AI is reshaping financial systems to enhance resilience, with a focus on AI-driven risk management, operational efficiency, and financial inclusion. 

The panel discussed:

• The broader implications for financial stability, regulatory frameworks, and ethical considerations
• The role of AI in strengthening financial system resilience
• Innovations that enhance adaptability to market shocks and systemic risks
• Regulatory and operational challenges in integrating AI-driven solutions

Panelists:

Lesetja Kganyago, Governor, South African Reserve Bank

Andréa M Maechler, Deputy General Manager, Bank for International Settlements

Stefan Ingves, Chair, Toronto Centre

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets, IMF; Board Member, Toronto Centre

Read the transcript here. Read their biographies here.

Watch the executive panel here.

In a time of global uncertainty and heightened risks, the financial sector faces unprecedented challenges that demand the attention of regulators and supervisors. Geopolitical tensions, economic turbulence, tariffs, currency devaluation, and the deconstruction of the global development sector may threaten worldwide financial stability.

In this webinar, the speakers discussed how supervisors can proactively navigate these challenges.

They explored:

• Key global developments, deregulation, and risks impacting financial stability
• The importance of crisis preparedness, stress testing, and mitigation strategies in times of uncertainty
• The impact of reduced international aid for emerging markets and developing economies
• Shifting global priorities and major policy changes

Panelists:

• Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank
• Elsie Addo Awadzi, Board Member, Toronto Centre; Former Deputy Governor, Bank of Ghana
• Nicolas Véron, Senior Fellow, Peterson Institute for International Economics; Senior Fellow, Bruegel

Moderator:

• Babak Abbaszadeh, President and CEO, Toronto Centre

Read the transcript here.

Read their biographies here.

Watch the virtual executive panel here.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

This podcast explores why financial literacy matters, its impact on financial stability and inclusion, and what can be done to improve it at all levels, from individuals to policymakers and supervisors.  

The speakers discuss how tailored literacy initiatives can help to bridge socio-economic gaps and will lead to people making better financial decisions. They explore how to assess the impact of the initiatives and the importance of updating them to keep pace with technological change.   

Speaker: 

Pedro Duarte Neves, Advisor, Board of Directors, Banco de Portugal

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

The views expressed in the podcast are those of Pedro Duarte Neves and do not necessarily reflect those of Banco de Portugal or the Eurosystem.

Toronto Centre and CARE Canada co-hosted a virtual panel session to mark Canada's International Development Week.

Closing the financial inclusion gender gap is essential for sustainable economic growth and stability. It empowers women socially and economically while strengthening financial systems. Safeguarding and accelerating the progress made over the past 15 years is critical to ensuring continued advancement.

The panel explored strategies to drive women’s financial inclusion, focusing on policy innovations, digital financial services, savings and loan groups, and public-private partnerships. Panelists also discussed how evolving financial ecosystems can support women entrepreneurs, expand access to credit, and promote lasting economic participation.

Panelists:

May Abulnaga, First Sub-Governor, Central Bank of Egypt; New Chair,

Gender Inclusive Finance Committee, Alliance for Financial Inclusion (AFI)

Sophie Sirtaine, CEO, Consultative Group to Assist the Poor (CGAP)

Claudine Mensah Awute, Vice President, International Programs and Operations, CARE

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre

Watch the webinar here.

Read the transcript here. 

Read their biographies here.

Écoutez le podcast en français ici.

Escuche el podcast en español aqui.

This podcast highlights the benefits and challenges of using artificial intelligence (AI) in prudential supervision.

The speakers discuss how AI can be used as a supervisory tool to improve fraud detection and risk monitoring, as well as supervising industry use. They also explore the importance of human oversight to ensure fairness in decision making, and the need for ongoing cooperation and flexibility while learning more about AI’s potential.

Speakers: 

Manoj Singh, Deputy General Manager, Central Quality Assurance, Reserve Bank of India

Kangyu Wang, PhD Candidate, Department of Philosophy, Logic & Scientific Method, London School of Economics

Host: 

Wynnell De Landro-Robinson, Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

There is an increasing focus on the role of financial institutions in contributing to climate-related change as a result of their financing of the activities of customers and counterparties. A key element in financial institutions’ efforts to limit their contributions to climate-related change is the development of transition plans.

This Toronto Centre Note and accompanying podcast focuses on two types of transition plans: those focused primarily on strengthening financial institutions’ own internal risk management in the face of climate-related change, and those aimed at reducing institutions’ own contributions to such change.

Speaker: 

Paul Wright, Program Leader, Toronto Centre



Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

Financial institutions fail for many reasons. These failures are often the symptom or consequence of one or more underlying root causes. In some financial institutions, business model weaknesses may be combined with weak corporate governance and poor risk management.

This TC Note and accompanying podcast discusses ways in which supervisors can assess the business models of financial institutions, and can intervene to reduce or mitigate the risks inherent in a flawed business model.

This should help supervisory authorities to consider how to incorporate business model analysis within their supervisory frameworks, and how to engage with the boards and senior management of financial institutions on this topic.

Speaker: 

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Host: 

Demet Çanakçı, Senior Program Director, Toronto Centre

Read the transcript here. Read their biographies here.

https://torontocentre.org/

This panel took place at the 2024 International Monetary Fund and World Bank Group Annual Meetings.

In today's fast-changing financial landscape, artificial intelligence (AI) is at the forefront of transformation, reshaping how markets operate and how they are regulated. As we embrace AI's immense potential, it is crucial to address ethical considerations, data privacy, and the need for transparency. Collaboration among industry stakeholders, regulators, and technology developers is essential to harness AI's benefits while effectively managing its risks.

The panel discussed:

- How AI is driving innovation, enhancing decision-making, and improving operational efficiency

- Predictive analytics capabilities that enable better risk assessment and mitigation

- Revolutionary advancements in financial supervision, such as AI-powered monitoring and compliance tools

- Rapid technological changes and ensuring that regulatory frameworks keep pace

Opening Remarks:

The Honourable Ahmed Hussen, Minister of International Development, Government of Canada

Panelists:

The Honourable John Rwangombwa, Governor, National Bank of Rwanda

Fundi Tshazibana, Deputy Governor and CEO: Prudential Authority, South African Reserve Bank; Vice-Chair, Network for Greening the Financial System

Stefan Ingves, Chair, Toronto Centre; Former Governor, Sveriges Riksbank

Moderator:

Jennifer Elliott, Assistant Director, Monetary and Capital Markets Department, International Monetary Fund; Board Member, Toronto Centre

https://torontocentre.org/

This was the fifth webinar of the series on the revised Core Principles for effective banking supervision. 

The panel discussed the inclusion of climate risk in the updated Core Principles and highlight why both banks and supervisors should adopt flexible practices to address the evolving nature of climate risks.

Panelists:

Elsie Addo Awadzi, Deputy Governor, Bank of Ghana; Board Member, Toronto Centre

Shahin Mahmudzade, Executive Director, Central Bank of the Republic of Azerbaijan

Moderator:

Jean Pesme, Global Director, Finance, Competitiveness & Innovation, World Bank; Board Member, Toronto Centre

View their biographies here.

https://www.torontocentre.org/

This was the fourth webinar of the series on the revised Core Principles for effective banking supervision.

The revised Core Principle 25 emphasizes banks’ capacity to handle severe operational risks, including pandemics, cyber threats, and natural disasters. Additionally, the revisions introduce a proportionality approach, aligning regulatory rules and supervisory practices with each bank's systemic importance and risk profile. This ensures that standards are scaled appropriately, from large international institutions to smaller deposit-taking banks, without compromising regulatory strength.

The panel discussed the importance of operational resilience for banks in a rapidly changing world, as well as the role of proportionality in effectively scaling standards for different banking sectors.

Panelists:

Chuchi G. Fonacier, Deputy Governor, Central Bank of Philippines

Jessica Chew, Deputy Governor, Bank Negara Malaysia

Moderator:

Bill Coen, Former Secretary General, Basel Committee on Banking Supervision; Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

This was the third webinar of the series on the revised Core Principles for effective banking supervision.

The Basel Committee wants banks to institute a sound risk culture, to maintain strong risk management practices, and to adopt and implement sustainable business models. 

The revised Core Principles make clear that the assessment of business model sustainability is a key component of effective supervision.

The panel discussed how supervisors can assess business models and determine if and how to appropriately intervene. 

Speakers:

Elsie Addo Awadzi, Deputy Governor, Bank of Ghana; Board Member, Toronto Centre

William Burn, Managing Director, Supervision Methods, Standards and Controls, Office of the Superintendent of Financial Institutions, Canada

Moderator:

Clive Briault, Chair, Banking Advisory Board, Toronto Centre

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

This was the second webinar of the series on the revised Core Principles for effective banking supervision.

Advances in digitalization and financial technology continue to affect the landscape of the financial system, including the provision of banking services.

The Core Principles for effective banking supervision (BCP) have been amended to reflect the impact of new risks, including risks relating to the ongoing digitalization of finance.

The panel discussed regulatory and supervisory implications of innovative technologies and their applications, as well as new competitors and business models.

Speakers:

Socorro Heysen, Superintendent, Banks, Insurance and Pension Fund Administrators, Peru; Board Member, Toronto Centre

Francesca Hopwood Road, Head, BIS Innovation Hub, London Centre

Moderator:

Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto Centre

https://www.torontocentre.org/

This was the first webinar of the series on the revised Core Principles for effective banking supervision.

The post-Global Financial Crisis (GFC) period has seen banks continue to build their resilience to financial risks, underpinned by stronger regulatory and supervisory frameworks, including the Basel III standards. The Core Principles for effective banking supervision have been strengthened to reflect key elements of many of the post-GFC reforms introduced by the Basel Committee on Banking Supervision.

This panel focused on the experience with macroprudential regulation, supervision, and tools across jurisdictions.

Speakers:

Nathalie Aufauvre, Secretary General, L'Autorité de contrôle prudentiel et de résolution (ACPR), Banque de France

Bill Coen, Former Secretary General, Basel Committee on Banking Supervision; Board Member and Chair, Finance, Audit and Risk Committee, Toronto Centre

Moderator:

Babak Abbaszadeh, President and CEO, Toronto Centre 

Read the transcript here. Read their biographies here. 

https://www.torontocentre.org/

The worldwide total of forcibly displaced persons (FDPs) reached 110 million in 2022, with the cross-border refugee population standing at 36.4 million in 2023. The continuing cross-border refugee crisis caused by global conflict has created great vulnerabilities for FDPs. 



This TC Note and accompanying podcast discuss the expansion of access to finance for FDPs and the unique challenges it presents for financial regulators and supervisors, such as the need to comply with customer due diligence requirements under AML/CFT legislation.

They also outline actions that supervisors can take towards achieving financial inclusion for FDPs, including adopting risk-based approaches to customer identification requirements, implementing financial education programs, and encouraging the development of financial infrastructure in refugee centres.

Speaker: 

Mercy Buku, Program Leader, Toronto Centre

Host: 

Ruth Dueck-Mbeba, Financial Inclusion Advisor, Toronto Centre

Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

Cross-border supervision is one of the more challenging supervisory priorities. It adds layers of complexity, new stakeholders, and potential challenges to effective supervision. 

This TC Note and accompanying podcast discus the implications for home and host financial supervisors of cross-border supervision of the adequacy of capital and liquidity. They also consider the challenges of cross-border supervision and conglomerate supervision.

Speaker: 

Brad Shinn, Program Leader, Toronto Centre

Host: 

Arvind Baghel, Program Director, Toronto Centre



Read the transcript here. Read their biographies here.

https://www.torontocentre.org/

Financial crime is a significant threat to the safety and security of citizens and to the integrity of individual countries and the global financial system. While the proliferation of digital technologies presents many opportunities for financial systems, it also has introduced a new age of financial crime. For instance, crypto assets are a currency of choice among criminals.

The panel discussed:

• The importance of global implementation of FATF’s standards to ensure responsible financial sector growth
• Using the latest data technologies to combat financial crime
• How financial supervisors can better detect criminal activity and enhance know-your-customer protocols
• How policymakers and supervisors can advance global coordination to combat financial crime

Opening Remarks:

Ian Gorst, Minister of External Affairs, Government of Jersey

Panelists:

Abdul Rasheed Ghaffour, Governor, Bank Negara Malaysia

T. Raja Kumar, President, Financial Action Task Force (FATF)

Cecilia Skingsley, Head, BIS Innovation Hub, Bank for International Settlements 

Moderator:

Jennifer Elliott, Advisor, Monetary and Capital Markets Department, IMF; Board Member, Toronto Centre

Read their biographies here. 

https://www.torontocentre.org/