Given that the central bank is the lender of the last resort, the central bank is in the front line of actions to restore stability. Regardless of the institutional arrangements for the supervision function, – of whether it is based on an integrated model or a model that is organised along  BIS Review 155/2010  3  sectoral lines, effective coordination is vital to effectively safeguard financial stability. Established arrangement for coordination avoids a piecemeal approach by any individual agency in the system and ensures a comprehensive response to the crisis. Greater coordination across agencies also allows for prompt actions to be taken. Elements for crisis management have largely been put in place in several of the emerging economies in Asia. This has included a framework for rigorous surveillance for the early detection of risks and vulnerabilities, the range of policy instruments to address the build-up of risks, the governance and accountability framework as well as the coordination framework. Regardless of whether the supervisory responsibility resides at the central bank, the role of the central bank in surveillance for macro-economic management, and its direct contact with the financial markets in its money market and reserve management operations can be leveraged upon to support the financial stability mandate. This allows for a more comprehensive response in containing and managing the crisis. In Asia, as regional financial integration intensifies, there has been greater regional cooperation and collaboration. During the Asian financial crisis, the management of the crisis was by the individual economies.

The Bank has also introduced regulatory bootcamp sessions that are held every quarter. These sessions provide an opportunity for fintech companies to gain deeper knowledge and understanding before entering the Regulatory Sandbox. I hope that more fintech startups and companies, Islamic financial institutions and technology providers would take part in this key and exciting development – to contribute towards the creation of value-added and meaningful innovations that can greatly benefit the Islamic finance industry and the public at large. Conclusion Technology has indeed reshaped various aspects of our personal and business lives. Virtually every sector, in each and every country, is being transformed by this digital revolution. Fintech is unlocking tremendous opportunities that will bring significant benefits to consumers and the industry. Islamic finance, in embracing what technology offers, would be able to better meet the ever-changing needs of customers and the real economy. The incumbents have no choice but to quickly learn to adapt, invest and innovate to deploy new technologies. At the same time, technology and fintech in particular, offer significant opportunities for entrepreneurs to scale up and succeed. In closing, I wish you all an insightful and engaging Dialogue ahead. First, by leveraging on technology, industry players are able to create more value and customer focused services. This can be achieved through the delivery of customised solutions using for example biometric technologies, big data and analytics. Technologies such as Application Programme Interfaces (or APIs) could bring substantial benefits to customers, by making banking transactions simpler, quicker and more convenient.