REGIONAL OFFICE FOR ASIA AND THE PACIFIC (OAP)

Digital Money and Payments in Transition

The landscape of digital money and payments has undergone significant transformation, driven by technological advances and evolving financial needs. Recent developments in crypto assets, including stablecoins, as well as progress in tokenization, offer potential benefits while also posing risks to financial stability. Technological innovation is likely to accelerate further in the coming years and result in new digital solutions for payments and financial intermediation. As countries adapt to these changes, there is a growing recognition of the importance of a reference guide and technical assistance to help countries develop sound policy frameworks.

The IMF's Regional Office for Asia and the Pacific (OAP) hosted a regional seminar on digital money and payments in transition, featuring two guest speakers from the Monetary and Capital Markets Department (MCM) who engaged in discussions with public sector representatives from Japan and other Asia-Pacific countries. The seminar highlighted the latest chapters of the IMF CBDC Virtual Handbook and insights into the development of cross-border payments, focusing on Asia-Pacific region, especially the Pacific Islands Countries (PICs).

This seminar was organized in cooperation with the Ministry of Finance, Japan, and the Bank of Japan.

*There will be no specific Q&A sessions during the seminar.

Speakers' Biographies:

Moderator

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  Takashi Nagaoka is the Director of the IMF’s Regional Office for Asia and the Pacific. He has a distinguished career in the Japanese government, primarily in financial regulation, taking up key positions at the Financial Services Agency, including Deputy Commissioner for International Affairs and Secretary General of the Japanese audit regulator. His extensive experience in international affairs encompasses chairing international groups e.g., International Forum of Independent Audit Regulators and IFRS Foundation Monitoring Board. Earlier in his career (1999-2002), Mr. Nagaoka worked in the IMF as an economist (APD). Born in Tokyo, Japan, he holds a LL.B. from the University of Tokyo and an MBA from Columbia Business School in the US. 

  
  Session 1

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    Tommaso Mancini-Griffoli is the Assistant Director of the Monetary and Capital Markets Department at the International Monetary Fund (IMF). His work focuses on digital currencies and payments, monetary policy, foreign exchange interventions, modelling, and central banking operations and communication. He has advised country authorities and published widely on these topics. Prior to joining the IMF, Mr. Mancini-Griffoli was a senior economist in the Research and Monetary Policy Division of the Swiss National Bank, where he advised the Board on quarterly monetary policy decisions. Mr. Mancini-Griffoli spent prior years in the private sector, at Goldman Sachs, the Boston Consulting Group, and technology startups in the Silicon Valley. He holds a PhD from the Graduate Institute in Geneva, and prior degrees from the London School of Economics and Stanford University.

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    Deputy Governor Mamerto Tangonan heads the Payments and Currency Management Sector (PCMS) of the Bangko Sentral ng Pilipinas. The PCMS covers the following mainstreams:
    • The interplay between digital money and physical currency;
    • The digital transformation of the Philippines’ national payment systems;
    • The operation of the Peso real-time gross settlement (RTGS) payment system; and
    • The country’s currency production and gold refinery facility.
    DG Tangonan’s background includes more than three decades of experience in digital and traditional financial services, telecommunications, information technology, financial inclusion, and consulting services in the Philippines, Asia, Africa, North America, and Europe. A civil engineer by education, he has completed various degrees and programs from the Asian Institute of Management, Harvard Kennedy School, and Stanford Graduate School of Business.

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    Shigeru Shimizu is the Deputy Director General of the Payment and Settlement Systems Department at the Bank of Japan. His work focuses on the development and implementation of payment systems, including the study of CBDCs. Since joining the Bank in 1996, he has built extensive expertise in international finance, monetary policy, and financial markets. His experience includes pivotal roles in G7 and G20 coordination, managing liquidity risk during the 2008 financial crisis, and implementing Basel III regulatory frameworks. Shimizu has also served as Chief Representative in Washington D.C., Head of Price Statistics Division and General Manager of Fukushima Branch. He holds a law degree from the University of Tokyo and a Master’s in Public Administration from Harvard University.

  Session 2

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    Tobias Adrian is the Financial Counsellor and Director of the Monetary and Capital Markets Department of IMF. In this capacity, he leads the IMF’s work on financial sector surveillance, monetary and macroprudential policies, digital money, financial regulation, debt management, and climate finance. He also oversees capacity building activities in IMF member countries with regard to the supervision of financial systems, monetary and exchange rate regimes, central bank digital currency, and debt management. Prior to joining the IMF, he was a Senior Vice President of the Federal Reserve Bank of New York and the Associate Director of the Research and Statistics Group. He holds a Ph.D. from the Massachusetts Institute of Technology and an MSc from the London School of Economics. 

  • • Elizabeth Genia is the first female Governor of the Bank of Papua New Guinea. She was appointed in December 2023 for a term of four years. As a member of the Bank’s Executive Committee for many years, she has been involved in key decision-making affecting the Bank’s day-to-day operations as well as its strategic development. In her previous role of Assistant-Governor Corporate Affairs Group, Ms Genia led the Bank’s development and implementation of its Gender Equity and Social Inclusion Policy as a core value of the organisation’s culture. Over the course of her career, Ms Genia has attained broad business experience in finance, auditing, corporate governance, strategic planning, risk management, administration, policy development, all underpinning her deep knowledge of central banking. Ms Genia holds a Masters of Business Administration from the University of Queensland, a Graduate Certificate in the Fintech Program from the Said Business School, University of Oxford, Graduate Certificate in Management and Organizational Change, Australian National University and a Bachelor of Commerce from the University of PNG.
      
       
  • • Esala Masitabua was appointed Deputy Governor on 1 January 2018. Mr. Masitabua is a career central banker, having joined the Reserve Bank of Fiji in 1997. Over the years, Mr. Masitabua has gained extensive experience having being part of project/reform teams and held various Executive roles in the areas of Corporate Services, Currency Operations, Prudential Supervision, Financial Stability, Foreign Reserves Management and Monetary Policy implementation. In October 2023, he was seconded to the International Monetary Fund as Advisor to the Executive Director, South East Asian Constituency. He resumed his role as Deputy Governor on 12 November, 2025.
    • Closing Remarks
    •   Hideaki Imamura is Senior Deputy Vice Minister of Finance for International Affairs since July 2025, responsible for multilateral policy coordination including G20, G7 and the IMF and bilateral cooperation with advanced economies. Since his joining Japan Ministry of Finance in 1993, Mr. Imamura has taken charge of policy making mostly in the international domain. His most recent assignments were Executive Director for Japan at the World Bank Group and Deputy Vice Minister of Finance for Asian financial cooperation. Mr. Imamura received his Bachelor of Arts in Economics from the University of Tokyo in 1993. He also earned his Master of Arts in Applied Economics from the University of Michigan in 1997.