The key thrust of this plan is to develop a new real-time Retail Payments Platform that will serve as both a catalyst and enabler for innovative payments in Malaysia. This should meet the needs of consumers and businesses who increasingly expect payments on-demand where funds are available to the recipient immediately. In this regard, I would like to call upon the financial industry to jointly work with MyClear in the development of such new real-time Retail Payments Platform. Conclusion Payment and Settlement Systems are the foundation that underpin the financial market infrastructure and serve as a catalyst for economic growth. Hence, efforts to promote the  BIS central bankers’ speeches  3  resilience, interoperability and competition of such systems are of utmost importance. This has been and will continue to form the key thrust in Bank Negara Malaysia’s policy work in delivering our mandate of fostering safe, efficient and reliable payment systems. There are immense opportunities and new sources of growth including expanding financial accessibility to the underserved that is made possible from greater standardization and interoperability of the payment systems, as well as, innovation. Hence, in today’s rapidly evolving and highly competitive environment, the financial community should capitalise on such enabling environment, and collaborate through standardisation and interoperability, to lower costs, foster innovation and deliver better value proposition and choices to their customers. 4  BIS central bankers’ speeches

Since the ASEAN region is largely within the same time zone, the ultimate aim is to achieve same day settlement and funds availability. In this regard, the ASEAN Working Committees have been working to create an enabling environment to promote efficient and effective linkages for intermediation of cross-border financial flows and capital market transactions. A crucial pre-requisite to this is the adoption of common messaging standards and platform such as that provided by the SWIFT global messaging standard to facilitate interoperability and efficient processing of transactions. Market infrastructure service providers, and operators of payment systems, and the banking industry, have a significant role in supporting this financial integration process, while ensuring safety, reliability and security. I understand SWIFT and the Association of Islamic Banking  BIS central bankers’ speeches  1  Institutions Malaysia and other stakeholders in the Malaysian Islamic financial community are also collaborating on the development of a new rulebook for the usage of SWIFT messages for Islamic financial transactions. This will provide an efficient platform for the exchange of messages for Islamic finance transactions based on such standardised formats and bring us a step further at the frontier of Islamic finance. Let me now turn to the developments in Malaysia’s payment system. The Malaysian payment system is undergoing a major transformation. Like other successful financial market infrastructure globally, concerted efforts are being made to enhance the reliability, security, efficiency and inter-connectedness of the Malaysian payment system for the benefit of all stakeholders in the payment value chain.