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Stablecoins or Tokenised Deposits
This roundtable was hosted by the Monetary Authority of Singapore, and the report is published by Elevandi, Circle and Onyx by J.P.Morgan.
The Great Debate: What is the Future of Money?
Andrea Maechler, Member of the Governing Board, Swiss National Bank; Dante Disparte, Chief Strategy Officer & Head of Global Policy, Circle; Professor Eswar Prasad, Professor,...
Data for Net Zero: Views from the Climate Data Steering Committee
Ashley Alder, Chair, Financial Conduct Authority; Daniela Stoffel, State Secretary, State Secretariat for International Finance (SIF); Mary Schapiro, Vice Chair for Global Public...
Multilateral Platforms: Opportunities and Challenges in Enhancing Cross-Border Payments
Produced by the Bank for International Settlements, in association with Elevandi and authored by Oliver Wyman and Baker McKenzie, this report is the result of a roundtable...
Hosted by

Heng Swee Keat
Singapore's Deputy Prime Minister and Coordinating Minister for Economic Policies
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Karin Keller-Sutter
Switzerland's Federal Councillor and Head of the Federal Department of Finance

Heng Swee Keat
Singapore's Deputy Prime Minister and Coordinating Minister for Economic Policies
Mr Heng Swee Keat is Singapore’s Deputy Prime Minister and Coordinating Minister for Economic Policies.
Mr Heng chairs the tripartite Future Economy Council which oversees the on-going restructuring of Singapore’s economy, through upgrading the skills of workers and transformation of industry, to create better career prospects for Singaporeans. He leads a team to oversee the design and implementation of national strategies in areas such as skills and capabilities development, innovation and productivity as well as the internationalisation of companies.
He is also the Chairman of the National Research Foundation, which sets the direction for Singapore's research, innovation and enterprise (RIE) strategies. Mr Heng is overseeing the closer integration of Singapore’s RIE and industry transformation efforts.
Mr Heng served as Minister for Education from 2011 to 2015. He also led the year-long Our Singapore Conversation from 2012 that helped to engage more than 47,000 Singaporeans from all walks of life through dialogues.
He also served as Minister for Finance from 2015 to 2021, overseeing ten national Budgets including an unprecedented five Budgets to support Singaporeans and businesses through the COVID-19 pandemic in 2020.
Mr Heng has an MA in Economics from Cambridge University. He also holds a Master in Public Administration from the Kennedy School of Government, Harvard University.
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Karin Keller-Sutter
Switzerland's Federal Councillor and Head of the Federal Department of Finance
Karin Keller-Sutter was born in 1963 and is from the Canton of St. Gallen. She attended school in Wil and Neuchâtel, Switzerland. Karin Keller-Sutter is a trained translator/interpreter and secondary school teacher. Between 1989 and 2000 she worked as a freelance translator, and also taught at a vocational school.
Karin Keller-Sutter began her political career in 1992 as a member of Wil town council. In 1996 she was elected to the cantonal parliament of St. Gallen. In 2000 she entered the cantonal government of St. Gallen where she headed the Justice and Security Department. In 2011 Karin Keller-Sutter was elected to the Council of States where she represented the canton of St. Gallen. She held the presidency of the Council of States in 2017/2018.
Prior to her election to the Federal Council, Karin Keller-Sutter held a variety of positions: chair of the board of Pensimo Management AG; president of the board of trustees of the Pensimo Investment Foundation; vice president of the St. Gallen Foundation for International Studies; board member of Bâloise Insurance Group and the ASGA pension fund in St. Gallen; president of the Swiss Retail Federation, and board member of the Swiss Employers Association. Between 2012 and 2016 she was also a board member of the NZZ Media Group. Following her election to the Federal Council in 2018, Karin Keller-Sutter stepped down from all of these posts.
2023 Featured Speakers
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Adrienne A. Harris
Superintendent, New York Department of Financial Services
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Alison Martin
Chief Executive Officer EMEA & Bank Distribution, Zurich Insurance Group
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Ashley Alder
Chair, Financial Conduct Authority
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Bill Winters
Group Chief Executive Officer, Standard Chartered
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Charles Cascarilla
Co-founder & Chief Executive Officer, Paxos
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Christian Mumenthaler
Group Chief Executive Officer, Swiss Re
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Clara Durodié
Chief Executive Officer, Cognitive Finance Group
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Dante Disparte
Chief Strategy Officer & Head of Global Policy, Circle
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Daniela Schackis
Deputy Director General, European Central Bank
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Mary Schapiro
Vice Chair for Global Public Policy, Bloomberg
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Patrick Odier
Chairman of Building Bridges, President of Swiss Sustainable Bridges,
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Ravi Menon
Managing Director, Monetary Authority of Singapore
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Roman Regelman
Chief Executive Officer of Securities Services & Digital, BNY Mellon
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Sandra Ro
Chief Executive Officer, Global Blockchain Business Council (GBBC)
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Sergio P. Ermotti
Group Chief Executive Officer, UBS Group AG
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Professor Thomas J. Jordan
Chairman of the Governing Board, Chairman of the Governing Board
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Adrienne A. Harris
Superintendent
New York Department of Financial Services
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Alison Martin
Chief Executive Officer EMEA & Bank Distribution
Zurich Insurance Group
Alison Martin has extensive management, financial and commercial experience within the insurance sector. She was appointed chief executive officer Europe, Middle East & Africa (EMEA) and bank distribution in July 2019 and is responsible for sustainability at Zurich Insurance Group. Prior to that, she served as Group chief risk officer from January 2018 to September 2019. A qualified accountant, Ms. Martin began her career at PwC, where from 1995 to 2003 she worked with insurance clients in audit and advisory roles. She then served in leading executive positions at Swiss Re, starting in 2003 as finance director, Life & Health. Starting in January 2011 she served as group managing director of Swiss Re’s Life & Health Products Division. She was appointed Swiss Re’s head of Life & Health Business Management in 2013, a position she held until joining Zurich as Group chief risk officer-designate and a member of the Executive Committee in October 2017.

Ashley Alder
Chair
Financial Conduct Authority
Ashley Alder became Chair of the FCA Board in February 2023.
Ashley was previously the Chief Executive Officer of the Securities and Futures Commission (SFC) in Hong Kong, a role he has held since 2011.
He also chaired the Board of the International Organization of Securities Commissions (IOSCO).
Ashley began his career as a lawyer in London in 1984 and practised in Hong Kong for more than 20 years. He was Executive Director of the SFC's Corporate Finance Division from 2001 to 2004, before returning to private practice at Herbert Smith LLP, a law firm, as Head of Asia.

Bill Winters
Group Chief Executive Officer
Standard Chartered
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Charles Cascarilla
Co-founder & Chief Executive Officer
Paxos
Charles Cascarilla is the CEO and co-founder of Paxos, a regulated blockchain infrastructure platform that enables the movement of all assets in a trustworthy way. With more than 20 years of experience in financial services, Charles has a unique perspective on integrating blockchain technology with traditional systems. He co-founded institutional asset management complex Cedar Hill Capital Partners in 2005 and its venture capital subsidiary, Liberty City Ventures, in 2012.
Charles has been a leader in introducing regulatory frameworks to the blockchain industry by securing the first Trust charter for digital assets and by testifying to the US Senate and House of Representatives on the merits of this technology for the global economy. He was also a founding member of CoinCenter and the Association for Digital Asset Markets. Earlier in his career, Charles was a portfolio manager at Claiborne Capital and an analyst at both Bank of America Securities and Goldman Sachs. He serves on the board of several charities and private companies including Project ALS and The Centurion Foundation.
Charles holds a B.B.A. in Finance from the University of Notre Dame and is a CFA charterholder.

Christian Mumenthaler
Group Chief Executive Officer
Swiss Re
Christian Mumenthaler started his career in 1997 as an associate at Boston Consulting Group. He joined Swiss Re in 1999 and was responsible for key company projects. In 2002, he established and headed the Group Retro and Syndication unit. Christian Mumenthaler served as Group Chief Risk Officer between 2005 and 2007 and was Head of Life & Health between 2007 and 2010. In January 2011, he was appointed Chief Marketing Officer Reinsurance and a member of the Group Executive Committee and became Chief Executive Officer Reinsurance that October. In July 2016, Christian Mumenthaler was appointed Group Chief Executive Officer.

Clara Durodié
Chief Executive Officer
Cognitive Finance Group
Clara Durodié is a leading technology strategist specialising in the governance and business application of Artificial Intelligence (AI) in the financial services industry.
Clara advises boards, regulators and governments on best practices in the adoption, selection, and implementation of AI systems. She also mentors fintechs on product development and works with data scientists to design human-centric AI.
A former asset management professional, Clara authored “Decoding AI in Financial Services” the first book on the business and governance of AI , writes a popular weekly DecodingAI® Board Briefing, hosts a biweekly podcast DecodingAI®, and founded Cognitive Finance Institute® – the pre-eminent AI learning platform for financial services professionals.

Dante Disparte
Chief Strategy Officer & Head of Global Policy
Circle
Dante Disparte is Chief Strategy Officer and Head of Global Policy at Circle, responsible for overseeing company strategy, communications, policy and public affairs. Since joining Circle in 2021, his leadership in driving market expansion, regulatory engagement, and more have been integral in furthering the company’s mission to raise global economic prosperity through the frictionless exchange of financial value.
Prior to joining Circle, Dante served as a founding executive of the Diem Association, leading policy, communications, membership and social impact. He also brings two decades of experience as an entrepreneur, business leader and global risk expert, most recently as founder and CEO of Risk Cooperative. He also served as an appointee on the Federal Emergency Management Agency’s (FEMA) National Advisory Council. Currently, he is a member of the World Economic Forum’s Digital Currency Governance Consortium and a life member of the Council on Foreign Relations. Additionally, he is co-author of “Global Risk Agility and Decision Making” (Macmillan 2016).
He earned a bachelor’s degree from Goucher College, is a PLD graduate of Harvard Business School, and has an MSc in risk management from NYU Stern School of Business. Outside of work, Dante enjoys speaking and commentating, such as in media outlets including Harvard Business Review, Fortune, BBC, Forbes and Diplomatic Courier.

Daniela Schackis
Deputy Director General
European Central Bank
Daniela Schackis is Deputy Director General in Banking Supervision at the European Central Bank. The Directorate General SSM Governance & Operations (DG-SGO) ensures the efficient decision-making process of the Supervisory Board and its structures. DG-SGO acts as gatekeeper for new players entering the market (banks, shareholders, board members), withdraws banking licenses and investigates alleged breaches of prudential regulations. DG-SGO leads the digitalisation, integration, training, and knowledge management in Banking Supervision. Daniela joined the ECB in July 1998. She held various positions in Human Resources, Risk Management and Statistics and has always been a promoter of innovative and data-driven ways of working. Prior to the ECB, she worked at Eurostat. Daniela holds a master’s degree in economics from the University Erlangen-Nürnberg, Germany.

Mary Schapiro
Vice Chair for Global Public Policy
Bloomberg
Mary L. Schapiro is the Vice Chair for Global Public Policy of Bloomberg, the global financial technology company that was founded in 1981. She has been at Bloomberg since October 2018, and also serves as a Special Advisor to the Founder and Chairman.
Ms. Schapiro oversees Bloomberg’s public policy and regulatory priorities globally. Her service as the 29th Securities and Exchange Commission Chair culminated decades of regulatory leadership. She was the first woman to serve as SEC Chair, and the only person to have served as chair of the SEC, the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (FINRA). During her four years as SEC Chair, Ms. Schapiro presided over one of the busiest rulemaking agendas in the SEC’s history, during which the agency also executed a comprehensive restructuring program to improve protections for investors and pursued aggressive enforcement of the federal securities laws.
Ms. Schapiro oversees Bloomberg’s public policy and regulatory priorities globally. Her service as the 29th Securities and Exchange Commission Chair culminated decades of regulatory leadership. She was the first woman to serve as SEC Chair, and the only person to have served as chair of the SEC, the Commodity Futures Trading Commission (CFTC) and the Financial Industry Regulatory Authority (FINRA). During her four years as SEC Chair, Ms. Schapiro presided over one of the busiest rulemaking agendas in the SEC’s history, during which the agency also executed a comprehensive restructuring program to improve protections for investors and pursued aggressive enforcement of the federal securities laws.
Ms. Schapiro also serves as an advisor to Bloomberg in multiple capacities, including as the leader of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures, or TCFD. The TCFD has developed and garnered widespread support for a voluntary framework for corporate disclosure of climate-related risk information to help investors, lenders, and underwriters make informed financial decisions. She is also the vice chair of the Climate Finance Leadership Initiative created at the request of the UN Secretary General to work on scaling climate finance. Ms. Schapiro is also the Vice Chair for the Glasgow Financial Alliance for Net Zero, a practitioner-led coalition working to increase the financial sector's ambition on climate change and accelerate the transition to a net-zero economy.
Before becoming SEC, Chair and working for Bloomberg, Ms. Schapiro served as chief executive officer of the Financial Industry Regulatory Authority, the largest nongovernmental regulator of securities firms.

Patrick Odier
Chairman of Building Bridges, President of Swiss Sustainable Bridges
Patrick Odier is Chairman of the Supervisory Board of the Lombard Odier Group since January 1st 2023 . He has been Chairman of the Board of Directors of Bank Lombard Odier & Co Ltd. since January 1st, 2014 until April 1st 2023. He was also Senior Managing Partner of the Lombard Odier Group from 2008 until 2022.
Patrick Odier joined the Lombard Odier Group in 1982 and completed his training in Zurich, New York, and Montreal, before becoming a Managing Partner in 1986. He holds an economics degree from the University of Geneva and an MBA in finance from the University of Chicago.
Patrick Odier is President of Swiss Sustainable Finance (SSF). He is also Chairman of Building Bridges. He is member of the Board of economiesuisse (Swiss Business Federation). He was Chairman of the Swiss Bankers Association from 2009 to 2016. He is also a board member of several Swiss and international academic institutions and philanthropic organisations.
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Ravi Menon
Managing Director
Monetary Authority of Singapore
Mr Ravi Menon was appointed Managing Director of the Monetary Authority of Singapore (MAS) in 2011. He was previously Permanent Secretary at the Ministry of Trade & Industry and Deputy Secretary at the Ministry of Finance.
Mr Menon began his career at MAS in 1987. During his 16 years in MAS, he was involved in monetary policy; econometric forecasting; organisational development; banking regulation and liberalisation; and integrated supervision of complex financial institutions. Mr Menon spent a year at the Bank for International Settlements in Basel, as a member of the secretariat to the Financial Stability Forum. A recipient of the Singapore Government's Meritorious Service Medal and Public Administration (Gold) Medal, Mr Menon has served on a variety of boards in the public, private, and people sectors in Singapore. On the international front, Mr Menon chairs the Network of Central Banks and Supervisors for Greening the Financial System as well as Chair of the Glasgow Financial Alliance for Net Zero APAC Network Advisory Board. He is also a member of the Financial Stability Board (FSB) Steering Committee. Mr Menon holds a Master's in Public Administration from Harvard University and a Bachelor of Social Science (Honours) in Economics from the National University of Singapore.

Roman Regelman
Chief Executive Officer of Securities Services & Digital
BNY Mellon
Roman Regelman is Senior Executive Vice President and Chief Executive Officer of Securities Services and Digital. He is a member of BNY Mellon’s Executive Committee.
Securities Services includes Asset Servicing and Issuer Services, which comprises the Corporate Trust and Depositary Receipts businesses. As CEO of Securities Services, Roman focuses on product strategy and development to accelerate the transformation of Securities Services into a more data- and analytics-led business. He is responsible for driving end-to-end delivery of solutions to our Asset Servicing and Corporate Trust and Depositary Receipts clients.
As Head of Digital, Roman sets the direction for the firm’s digital future and drives investments in our digital capabilities, including data management, analytics, artificial intelligence, machine learning and robotics.
Prior to joining BNY Mellon, Roman took on senior leadership roles that spanned Chief Operating Officer, Chief Digital Officer, Head of Transformation and Head of Customer Journeys. He was a partner and managing director of Boston Consulting Group (BCG), where he co-led its Financial Institutions Digital business and led Customer Journey, North American Financial Institutions Operations and Lean Practices. At BCG, he ran numerous financial institution and service company transformations, including end-to-end customer journeys, process digitization, Agile, restructuring technology and operations. Prior to BCG, he worked at Booz and Company, Bain & Company, NerveWire/Wipro, Mitchell Madison Group, One Core, GTE/BBN and Gazeta Distribution.
Roman earned a Bachelor of Science in Mathematics from St. Petersburg State Technical University, St. Petersburg, Russia and a Master of Business Administration from Olin Graduate Business School at Babson College, Wellesley, Mass. He is a recognized author and thought leader on digital and financial services industry topics.

Sandra Ro
Chief Executive Officer
Global Blockchain Business Council (GBBC)
Sandra is a proponent for ‘human-centric tech’.From investment banking and currency markets to blockchain technology, she is an early investor and advocate of cryptocurrencies and digital assets. She currently serves as the CEO of the Global Blockchain Business Council (GBBC), the world’s largest leading Swiss-based non-for-profit association with more than 500 institutional members, 231 ambassadors, across 109 jurisdictions and disciplines.
In 2019, she was appointed as the Senate representative of the New York State Digital Currency Task Force, and serves on the AIFC Fintech Council (Kazakhstan), World Economic Forum’s Digital Currencies Governance Consortium, International Securities Services Association’s DLT & ISO Standards, GI Trust FATF Travel Rule Standards Task Force (South Korea), GBBC’s Global Standards Mapping Initiative, Blockchain for Climate (BxC) Board, Salesforce’s Web3 Advisory Board, Filecoin Foundation Advisory Board, and UN World Food Programme Innovation Accelerator Advisory Council.Sandra was a founding member of many of the earliest blockchain associations including Hyperledger Foundation, The Linux Foundation, the Post Trade Distributed Ledger Group (PTDL) and the Enterprise Ethereum Alliance (EEA).
She is a frequent guest lecturer at universities discussing topics from fintech to data privacy and harnessing emerging technologies to solve real world problems and has testified in front of governments including the U.S. Senate Committee - Agriculture, Nutrition & Forestry, UK House of Lords, Economic Affairs Committee, European Parliament, U.S. Senate Committee on the Judiciary, in both closed door and public forums.
Whilst at CME Group, she headed FX & Metals Research & Product Development and founded a new business unit, Digitization. Sandra and her team created the CME CF Bitcoin pricing index and reference rate, CME Bitcoin Futures, and post trade, clearing and settlement solutions as well as filing the first set of crypto derivatives patents with the USPTO. Sandra was one of the corporate digital asset pioneers to recognize the potential of this technology and its many applications; she presented at one of the first CFTC Technology Advisory Committee (TAC) on the potential of blockchain technology on February 23, 2016. Previously, she was a London-based derivatives banker at Morgan Stanley and Deutsche Bank in the foreign exchange and interest rate markets.
Sandra holds a M.B.A. in Finance and Accounting from London Business School, studied Computer Science at Columbia University, School of Continuing Studies and earned a double B.A. degree from Yale University in History (Military) and Studies in the Environment.

Sergio P. Ermotti
Group Chief Executive Officer
UBS Group AG
Sergio P. Ermotti has been Group CEO of UBS Group AG and President of the Executive Board of UBS AG since April 2023. He was already the Group CEO of the firm from 2011 to 2020. He re-joined UBS from Swiss Re, where he is currently Chairman of the Board of Directors1. Prior to joining UBS in 2011, he was at UniCredit Group where from 2007 to 2010 he served as Group Deputy Chief Executive Officer and Head of Corporate & Investment Banking and Private Banking, prior to that he served as Head of the Markets & Investment Banking Division. Between 1987 and 2004, he held various positions at Merrill Lynch & Co. in the areas of equity derivatives and capital markets. He became Co-Head of Global Equity Markets and a member of the Executive Management Committee for Global Markets & Investment Banking in 2001.
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Professor Thomas J. Jordan
Chairman of the Governing Board
Chairman of the Governing Board
Thomas J. Jordan is Chairman of the Governing Board of the Swiss National Bank (SNB). He received his PhD in economics from the University of Bern in 1993. Following a three-year post-doctoral research position at the Department of Economics at Harvard University, he joined the SNB as an Economic Advisor in 1997. The University of Bern appointed him lecturer in 1998 and honorary professor in 2003, and he received an honorary doctorate from the University of Basel in 2017. In 2007, the Federal Council appointed Thomas J. Jordan to the position of Member of the SNB’s Governing Board. In 2010, he was appointed Vice Chairman and in 2012 Chairman of the Governing Board. He is Governor of the International Monetary Fund (IMF) for Switzerland and member of the Board of Directors of the Bank for International Settlements (BIS) in Basel. Thomas J. Jordan represents Switzerland in the Plenary and the Steering Committee of the Financial Stability Board (FSB). He is also Chair of the FSB’s Standing Committee on Budget and Resources (SCBR).