We call our system PayNow; Thailand calls theirs PromptPay. MAS and the Bank of Thailand have agreed to work together to link PayNow and PromptPay. The aim is to enable someone in Singapore to send money to someone in Thailand, and vice versa, using just their mobile phone numbers – instantly, securely, and at any time of the day. Talent and Research To sustain our FinTech efforts, we need a strong pipeline of talent and research capabilities. We are pleased to announce that MAS and the Massachusetts Institute of Technology (MIT) have agreed to enter an R&D collaboration in FinTech. This will enable our local FinTech talents to work alongside world-class researchers at the MIT Media Lab to come up with technology solutions to real-world use cases. They will run pilots using distributed ledger technology, cryptography, quantum computing and big data, artificial intelligence, and machine learning. One area where we want to make a concerted effort is data analytics and artificial intelligence. MAS is launching a $ million Artificial Intelligence & Data Analytics Grant. This is part of the $ million Financial Sector Technology & Innovation Scheme. The new grant will support the adoption and integration of AI and data analytics in financial institutions. 3/9  BIS central bankers' speeches  Just as important, it will be used to help professionals in the financial sector to up-skill and adapt to the use of these new technologies. Conducive Regulation One of the most critical pieces that we must get right is regulation.

One of the things economists like to focus on is return on investment. For the modest investment the Bank has made to develop EconoME - £ - we hope to reach over 130,000 young people directly by 2020, with a multiplier effect through word of mouth and social media. And we know that our efforts will complement and reinforce those of the PSHE Association, Young Money, Economist Educational Foundation, NowTeach, Speakers for Schools and many other initiatives that are improving mathematical and financial literacy and inspiring students to broaden their horizons. We know our contribution depends on the support of teachers and influencers. That’s why we’re so grateful for your help in informing, educating and inspiring your students. 4  One was along the lines of: if a litre of cola costs £ how much would a third of a litre cost? Around 60% of adults in England and Northern Ireland were able to answer this correctly (see Bhutoria et al, 2018). 5 Disney and Gathergood (2011). 6 ING – Economics Network (2017). 7 Haldane (2017). 5  All speeches are available online at www.bankofengland.co.uk/news/speeches  5  References Bhutoria, A., Jerrim, J. and Vignoles, A. 2018. “The financial skills of adults across the world. New estimates from PIAAC”, available at: https://johnjerrim.files.wordpress.com/2018/03/piaac_working_report_march_2018.docx. Disney, R. and Gathergood, J. 2011. “Financial literacy and indebtedness: New evidence for UK consumers”. Available at: https://www.nottingham.ac.uk/cfcm/documents/papers/11-05.pdf. Gathergood, J. 2013. “Personal debt and psychological health”, The New Palgrave Dictionary of Economics, Palgrave Macmillan. Haldane, A. 2017. “Everyday Economics”.