The pandemic provides an opportunity for regional financial cooperation on reforms to make Asian banks more resilient to crises.
Peter’s work focuses on ADB’s finance sector operations in East Asia. He supports and leads origination, processing, and implementation of lending projects, guarantees, and technical assistance, as well as the delivery of knowledge products and solutions. Previously, he worked as Economist in ADB’s Economic Research and Regional Cooperation Department, focusing on issues relating to financial development and stability within the context of regional financial cooperation and integration in Asia. Before joining the ADB, Peter worked for the GIZ as an advisor on economic and development policy and for the European Central Bank as a Market Infrastructure Expert.
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The COVID-19 pandemic has increased the importance of ensuring that the poorest and most vulnerable people have access to formal financial services, given their role in supporting inclusive economic recovery and resilience.
The region’s financial architecture is stronger and more resilient than 20 years ago, but it faces new challenges.
Just as past crises triggered international and regional financial cooperation, the pandemic offers an opportunity to collectively improve financial resilience and soundness.