In 2020 the Financial Stability Board (FSB), coordinating with the Committee on Payments and Market Infrastructures (CPMI) and other standard setting bodies, published a roadmap to enhance cross-border payments. In October 2021, following a public consultation, it announced clear quantitative global targets11 for cost, speed, access and transparency of cross-border payments coming into effect in 2027. The work is now focussed on the practical proposals for how the payment ecosystem – not just public infrastructure but also data, service-level agreements, rules and regulations – need to improve. Achieving the targets will require coordinated action from the central banks, the public and the private sector and if successful with enhance payments across wholesale, retail and remittances. There are two key reports due to be published shortly by CPMI, which centre on actions that can improve our national payment systems and achieve greater international alignment, and where we as central banks have a crucial role to play. The CPMI will publish its report onenhanced access to payment systems. As I mentioned earlier, greater access is important to get the best from public infrastructure. It can increase efficiency through shorter transaction chains, enable innovation and support financial inclusion. The report will include a useful and holistic self-assessment framework that authorities and payment system operators can use to review access policies. The second report relates to extending and aligning payment system operating hours. Greater alignment operating hours across jurisdictions could be an important key to enable faster crossborder payments for businesses and consumers around the world.

Muhammad bin Ibrahim: Talent management – sustaining dynamic economic growth and development in Malaysia Keynote address by Mr Muhammad bin Ibrahim, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the HR Knowledge Bazaar, organised by the Asian Institute of Chartered Bankers, Kuala Lumpur, 22 April 2015. *  *  *  Thank you for giving me the opportunity to speak at this HR Knowledge Bazaar 2015, organised by the Asian Institute of Chartered Bankers (AICB). The theme chosen for this conference “Talent Management 2020 for Superior Business Performance” is both timely and relevant in sustaining the dynamism of our economic growth and development. It rightly accords the recognition that talent management is the key factor in determining the health and prospect of a particular business. I will touch on a number of issues which to my mind have significance to the topics that the conference will deliberate. Retaining top talent will be increasingly challenging as the economy expands, and demand for talent will come from many sectors. With the ASEAN economy expected to grow steadily over the next decade following enhanced economic and financial integration, the competition for talent will intensify. For ready-made talent, in particular, the competition will be fierce and will be compounded by the fact that mobility for this group is high. While mobility presents an opportunity for career advancement at the individual level, at the macro level, it could potentially and adversely impact the economy, if not managed appropriately.