Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr (second from right) participates in the discussions of the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) Governors on 23 July 2026 in Singapore. (Photo courtesy of the Monetary Authority of Singapore).
The Bangko Sentral ng Pilipinas (BSP) is joining regional central banks in tightening cooperation against financial scams and the emerging risks posed by artificial intelligence, as Asia-Pacific regulators move to strengthen consumer protection in an increasingly digital financial landscape.
BSP Governor Eli M. Remolona, Jr. and fellow central bank chiefs from the East Asia and Pacific region agreed on a series of initiatives during the Executives’ Meeting of East Asia Pacific Central Banks (EMEAP) held on July 23, 2026 in Singapore.
Among the key measures approved was the creation of a task force that will strengthen information-sharing among central banks, with the goal of improving the prevention and detection of financial scams across borders.
The move comes as increasingly sophisticated digital fraud schemes challenge regulators and financial institutions, highlighting the need for faster coordination and stronger safeguards for consumers.
Regional monetary authorities also agreed to deepen cooperation on artificial intelligence, particularly on how banks and other financial institutions can take advantage of AI-driven technologies while keeping potential risks under control.
AI is rapidly reshaping financial services, from fraud detection and customer service to credit assessment and risk management. But regulators are also paying closer attention to concerns involving data privacy, cybersecurity, accountability and the responsible use of automated decision-making systems.
During the meeting, Remolona underscored the importance of stronger regional collaboration as financial systems confront challenges that increasingly cut across national borders.
The EMEAP governors also endorsed the launch of a training program focused on central bank policy and operations for junior central bank personnel, aimed at strengthening institutional capabilities across the region.
Discussions on AI continued during the 15th Informal Meeting of the EMEAP Governors and Heads of Supervisory Authorities on July 24, also held in Singapore.
Remolona and other central bank governors and financial regulators exchanged insights and best practices on the responsible adoption of AI by financial institutions.
Participants stressed that responsible AI use will be crucial in protecting financial consumers while allowing banks and other institutions to improve efficiency, manage risks more effectively and pursue new opportunities created by emerging technologies.
Beyond technology, officials also discussed the macro-financial impact of potential supply disruptions in the region, reflecting broader concerns over how geopolitical tensions, trade bottlenecks and other external shocks could affect economic and financial stability.
EMEAP brings together 11 central banks and monetary authorities across East Asia and the Pacific. The forum serves as a platform for members to exchange views on economic and financial developments and coordinate initiatives supporting monetary and financial stability.
With scams becoming more sophisticated and AI transforming the way financial services operate, the latest agreements signal a stronger push among regional central banks to ensure innovation moves forward without leaving consumers and financial systems more exposed to risk.