I learned first-hand the views of CPLG members on ways to build the Committee’s rapport with other supervisors. I also received valuable suggestions on the Committee’s projects. The Committee will continue to rely on the expertise of the CPLG to provide non-G10 reactions to many of its main initiatives. For example, the Accord Implementation Group, which is chaired by Nick Le Pan, the Vice Chairman of the Committee and Superintendent of Financial Institutions in Canada, holds regular meetings with the CPLG to bring attention to non-G10 issues in implementing Basel II. Beyond this standing group, the Committee seeks other avenues for formal and informal discussions with other supervisors. The CPLG itself has recently suggested that regional groups of banking supervisors strengthen their activities so that they may serve as another channel for greater communication, cooperation, and commitment to shared objectives. The Basel Committee has long supported the development and mission of these regional groups. These groups foster regional cooperation as well as continued dialogue with the Basel Committee and other supervisors. More than a dozen of these regional groups exist, most of which met here yesterday. I encourage all of them to continue to develop programmes of their own. At a meeting between the Committee and the principals of the various regional groups, we discussed additional ways to strengthen future interactions between the Basel Committee and regional groups. One other formal effort that the Committee and its members support includes those events sponsored by the Financial Stability Institute of the Bank for International Settlements.

Muhammad bin Ibrahim: The dawn of a new era in Malaysia's payment systems Keynote address by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Malaysian E-Payments Excellence Awards, Kuala Lumpur, 22 May 2017. * * * I am glad to be with you at this 2nd Malaysian E-Payments Excellence Awards organised by MyClear. This evening, we are recognising the contributions of the financial industry, businesses and government agencies to the country’s e-payment agenda. The achievements showcased by the award winners today reflect the broader innovations and involvement that we continue to witness in the payment space to make e-payments more convenient, cost-efficient and safe for users. I am encouraged that contactless payments, for example, are gaining greater appeal for smaller value payments. Equally important have been the collective efforts made to educate and inform users. This helps to drive changes in payment habits away from cash and cheques to epayments. Malaysians are increasingly embracing e-payments Malaysia has long recognised the importance of e-payments as a key enabler to drive national efficiency and competitiveness, and as a catalyst to facilitate the creation of new sources of growth. Promising progress has been made in achieving the country’s e-payment targets. In a period of 6 years between 2011 and 2016, the number of e-payments per capita has almost doubled from 49 to 97 transactions per capita. This largely reflects the accelerated adoption of electronic fund transfers to displace cheques.