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Foo Chek-Tchung

Foo Chek-Tchung

Executive Director, Public Policy, Global Finance & Technology Network (GFTN)

Chek-Tchung Foo is a strong advocate for the adoption of digital technologies in financial services and payments throughout his years of experience in central banking, financial services, technology, and consulting.

He is currently the Executive Director of Public Policy for the Global Finance & Technology Network. Prior to joining GFTN, he was the APAC Public Policy Director for Meta, where as a strategic leader, he oversaw external engagement regarding financial services policy and regulatory issues across Meta’s products and services.

Before joining Meta, Chek-Tchung was the Director and Head of the Payments Supervision Division in the Monetary Authority of Singapore, where he was responsible for the full range of policy, legislative, licensing, supervisory work relating to entities and activities regulated under the Payment Services Act. He was also responsible for formulating policies and developing strategies for payment infrastructure and services, including digital assets. He played a key role in Singapore’s push towards an e-payment society and the implementation of the Singapore E-Payments Roadmap.

Chek-Tchung has extensive experience in the international payments arena and has represented MAS and Singapore in many international central banking and regulatory forums and working groups, such as the BIS Committee on Payments and Market Infrastructures and EMEAP Working Group on Payment & Settlement Systems. He was previously the co-chair of the ASEAN Working Committee on Payment & Settlement Systems, tasked with leading the ASEAN central bank payments community to successfully implement regional payment strategies and priorities. In addition to his active participation in the regional payments community, he was also the digital payments lead for Singapore’s negotiations on the various Digital Economy Agreements and Free Trade Agreements.

Speaking At

Forum Stage

Hall A (Level 2)

Open

Tue, 6 May   |   03:10PM - 03:50PM

The Future of Cross-Border Payments and Settlements

From stablecoins to the modernisation of correspondent banking and the emergence of regional payments blocs, cross-border payments are at a tipping point, where new alliances and technologies promise to change the game. This session will gather the biggest players in the payments industry to provide their perspectives on the state of cross-border payments, and where the greatest opportunities lie in the coming years.

Alan Marquard

Alan MarquardExecutive Vice President, Commercial & New Payment Flows , Mastercard
Karmela Holtgreve

Karmela HoltgreveDeputy Head of the BIS Innovation Hub and Head of Operations, BIS Innovation Hub
Nick Kerigan

Nick KeriganManaging Director, Head of Innovation, Swift
Tommaso Mancini-Griffoli

Tommaso Mancini-GriffoliDivision Chief of the Payments, Currencies, and Infrastructure Division, International Monetary Fund
Foo Chek-Tchung

Foo Chek-TchungExecutive Director, Public Policy, Global Finance & Technology Network (GFTN)
GFTN Insights

Roundtable Room 1 (Level 2)

Open

Wed, 7 May   |   12:00PM - 01:30PM

The Fungibility of Stablecoins: Unlocking cross-border payments or fragmenting the global financial system?

Stablecoins are emerging as a serious contender for cross-border transactions, offering faster settlement, lower costs, and reduced reliance on traditional banking rails. Recent developments signal that major payment service providers (PSPs) are beginning to explore stablecoins as part of their core infrastructure, while other incumbents have maintained their commitment to fiat-based transactions.

Herein also lies the question of fungibility. Are all stablecoins truly exchangeable across networks, jurisdictions and use cases, or do regulatory and operational constraints create fragmentation risks? If stablecoins are to become a mainstay in global payments, PSPs must navigate liquidity, compliance and interoperability challenges that could either accelerate adoption or hinder scalability.

Discussion themes:

  1. The growing role of stablecoins in cross-border payments - Are lower costs, instant settlement, and financial inclusion advantages enough to drive broader PSP adoption?
  2. Strategic moves in the payments industry – What does the acquisition of a stablecoin platform signal about the future of PSP-stablecoin integration, and will it force competitors to reconsider their stance on stablecoins?
  3. The fungibility challenge - How do differences in issuance models, reserve structures, and regulatory classifications affect stablecoins' usability across different payment rails and jurisdictions?
  4. Regulatory and market barriers – What are key regulatory, liquidity, and operational challenges preventing PSPs from fully embedding stablecoin-powered payments into their infrastructure? What's needed to bridge the gap between stablecoins and traditional finance?

This session is held in collaboration with the Ripple Policy Summit.

Christoph König

Christoph KönigDeputy State Secretary, Head of Policy Planning and Strategy Division, State Secretariat for International Finance (SIF)
David Katz

David KatzVice President for Strategy & Public Policy, Asia Pacific, Circle
Emma Butterworth

Emma ButterworthHead of Innovation & Payments Policy, Bank of England
Jannah Patchay

Jannah PatchayExecutive in Residence, GDF
Peter Kerstens

Peter KerstensAdvisor, DG FISMA, European Commission
Rahul Advani

Rahul AdvaniGlobal Co-Head of Policy, Ripple
Rosemary Lim

Rosemary LimExecutive Director, Monetary Authority of Singapore
Simon Taylor

Simon TaylorHead of Strategy, Sardine
Tang Wei

Tang WeiHead of Public Policy, Southeast Asia and Greater China, Stripe
Foo Chek-Tchung

Foo Chek-TchungExecutive Director, Public Policy, Global Finance & Technology Network (GFTN)
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