Financial sector issues are discussed directly by finance ministers and central bank governors. There is no specific working group at which these issues are discussed, although there is a dedicated programme to guide the work in this area.
The G20 works closely with the Financial Stability Board (FSB) on developing and moving this agenda forward. The key objectives for this work area are to strengthen the resilience of the global financial system through coordinated actions, including global regulatory policy coordination. The financial sector priorities are developed by the current presidency in consultation with international organisations, which also carry out the Financial Sector Issues (FSI) Work Programme. The FSB, whose mission is to promote international financial stability, is the lead international organisation specifically created by the G20 to carry out the FSI Work Programme, working with other organisations such as the Bank for International Settlement (BIS). During South Africa’s Presidency, the Committee on Payments and Market Infrastructures (CPMI) will also be a key partner, given the focus on cross-border payments issues.
The FSI Work Programme will focus on assessing risks and vulnerabilities in the financial system, with a particular focus on non-bank financial intermediation (NBFI), cybersecurity and cyber resilience, cross-border payments, crypto assets, exponential technologies and artificial Intelligence, and a review of the implementation of FSB recommendations to date.
South Africa has been a member of the FSB since its inception in 2009. The Governor of the South African Reserve Bank has chaired the Standing Committee on Standards Implementation (SCSI) and currently co-chairs the Cross-Border Payments Coordination Committee (CPC) and the Sub-Saharan Africa Regional Consultative Group (RCG).
