At the 2024 Bund Summit in Shanghai, Clay Lowery, Executive Vice President for Research and Policy at the Institute of International Finance (IIF), emphasized the urgent need for global financial institutions to reform. In an exclusive interview with CGTN, Lowery stated, “Global financial institutions must adapt to changes so as to remain relevant to the financial system.”
Lowery highlighted that technological advancements, regulatory shifts, and emerging market trends are reshaping the financial sector. He stressed that without adaptation, traditional institutions risk falling behind more agile and innovative players.
The 2024 Bund Summit gathered leading experts, policymakers, and industry leaders to discuss pressing issues in global finance. A key topic of discussion was the role of institutions like the International Monetary Fund (IMF) and the World Bank in addressing challenges such as digital currencies, climate change, and sustainable development.
Lowery pointed out that collaboration between international entities is essential. He advocated for a coordinated approach to tackle global financial challenges, emphasizing that by working together, institutions can develop solutions that are effective and inclusive.
The call for reform resonates with many stakeholders who believe that adaptation is not just an option but a necessity. As emerging economies in Asia and elsewhere continue to grow, there is an increasing demand for financial systems that reflect the new global dynamics.
Business professionals, investors, and academics are watching closely as reforms could open up new opportunities and reshape investment strategies. For the Asian diaspora and cultural explorers, the evolution of financial institutions may also impact travel, remittances, and cultural exchanges.
As the financial world stands at a crossroads, leaders like Clay Lowery advocate for proactive changes to ensure that global institutions can meet the needs of a diverse and interconnected world.
Reference(s):
IIF: Global financial institutions need reforms to stay relevant
cgtn.com
