G7 prepares to discuss contingency plans 11-13 May 66, fearing "US bank crisis" affecting digital banks
On May 9, 2566, CNA news agency reported that Japanese Finance Minister Shunichi Suzuki He will chair the G7 financial leaders meeting, which will be held in the Japanese city of Niigata on May 11-13, 2566, said G7 financial leaders are set to discuss this week on preparing a plan. emergency With the recent US bank failures, the increased risk of digital banking operations has been highlighted.
“The environment surrounding finance has changed dramatically with the emergence of social media and internet banking. …Responding to such changes has become a common challenge for countries around the world, including Japan.”
The recent collapse of First Republic Bank (FRB) has only intensified investor concerns about the U.S. banking sector. and calls for better global oversight by regulators of new risks such as digital bank operations.
Suzuki said “Concerns about the creditworthiness of banks have not subsided. Since the failure of a U.S. regional bank in May, …We are watching the situation with alarm. Because markets and economies are globally interconnected,” he said, adding that Japan's banking system was overall stable.
The source said that Japan aims to issue a joint G7 statement after the financial leaders' meeting. This may highlight the need for the authorities to remain vigilant over the damage to the banking sector.
In a joint statement issued in April After the meeting in Washington, D.C., G7 financial chiefs said they were ready to take appropriate action to maintain the stability and resilience of the global financial system.
The Nikkei newspaper reported Tuesday that G7 financial leaders will discuss creating individual contingency plans in case they face digital banking operations.
