This regulatory tool has considerable potential to foster financial inclusion and it can signal to Fintech industry participants that the regulator is open to innovation. All these issues will be part of the first National Fintech Strategy, as one of our strategic goals in the period ahead. As you can see the agenda is ambitious, but the idea is to react proactively even though the market demand is still modest. While no one can predict the future with certainty, we know one thing for sure – digital transformation is here to stay profoundly changing the way we live and work. Looking forward, I see three main priorities:  3/4  BIS - Central bankers' speeches  First, we should balance between enabling financial innovation on the one hand and addressing challenges to market and financial integrity, consumer protection, and financial stability on the other. Second, close cooperation between regulators is of utmost interest. It includes international cooperation as well, considering that innovations could have cross-border implications. Third, there is a need for strong industry engagement and commitment by all stakeholders to enable efficient implementation of the National Fintech Strategy in practice. Enhancing public-private dialogue (PPD) between regulators and industry participants can enhance mutual understanding of Fintech innovation and risk profiles, their role in financial inclusion, and can help to strengthen compliance with international standards. We can learn and benefit from one another. In this context, dialogue plays a major role, and events like this can help us enhancing the dialog with one another.

Ravi Menon: Islamic finance – continued growth Remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the 5th World Islamic Banking Conference Asia Summit, Singapore, 3 June 2014. *  *  *  Distinguished guests, ladies and gentlemen, good morning. And to all our foreign guests, a warm welcome to Singapore. The sun is shining on Islamic finance. Let me highlight three promising global developments. First, Islamic finance continues to grow rapidly. The industry grew at double digits last year, as it has for the previous five years, despite global economic uncertainties and market volatility. Global Islamic financial assets are estimated to have reached $ trillion by the end of 2013, from $ trillion in 2012. Second, global regulatory standards and best practices are being established for Islamic finance. The Islamic Financial Services Board (IFSB), the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and the International Islamic Financial Markets (IIFM) have been at the forefront of this effort, helping to narrow differences in market practices and regulatory treatment. Common standards are good for facilitating cross border transactions. They help to address risks that are idiosyncratic to Islamic finance, such as Shariah non-compliance risk. In so doing, these standards serve to bolster confidence in the safety and soundness of the Islamic finance industry. Third, more countries are catering for Islamic finance. In Asia, Indonesia has set out to significantly grow its Islamic banking sector and develop its Islamic capital markets.