As I said in Washington three years ago: when bankers were pushing back against our core agenda, in no other aspect of human endeavour do men and women not strive to learn and improve. So onto the foundations we must now build the pillars of diversity, trust and openness that will support a global financial system serving the global economy to its full potential. Finance is a means to end. It is the real economy that delivers prosperity. The next phase of reform will give businesses and households the confidence that finance, far from being a threat to them, is here to serve them in their work to deliver prosperity. Reform should stop only when industry and society are content and finance justifiably proud. Thank you. 30  Haldane (2014). BIS central bankers’ speeches  15  Appendix  16  BIS central bankers’ speeches  BIS central bankers’ speeches  17  18  BIS central bankers’ speeches  BIS central bankers’ speeches  19  20  BIS central bankers’ speeches  References Bank of England (2014a), How fair and effective are the fixed income, foreign exchange and commodities markets?, www.bankofengland.co.uk/markets/Documents/femr/consultation271014.pdf. Bank of England (2014b), The Bank of England’s Sterling Monetary Framework, www.bankofengland.co.uk/markets/Documents/money/publications/redbook.pdf. Bank of England Financial Policy Committee (2014c), The FPC’s review of the leverage ratio: a consultation paper, www.bankofengland.co.uk/financialstability/Documents/fpc/fs_cp.pdf. Banziger, H, Picot, R and Stracke, C (2014), Enhanced Disclosure Task Force, 2014 Progress Report, www.financialstabilityboard.org/wp-content/uploads/r_140930a.pdf. Basel Committee on Banking Supervision (2010a), Macroeconomic impact assessment of OTC derivatives regulatory reforms.

Another initiative of the Bank of Thailand to promote digital payment services is the Thai standard QR code for payment. The Standardized QR Code makes epayment seamless across platforms regardless of which bank or non-bank service provider merchants and consumers are using. In just eight months since its implementations, more than two million merchants in Thailand now accept epayment through QR code, and this figure will continue to grow. Having a common standard for QR code will indeed generate benefits beyond payment convenience. The common standard will help ensure that no incumbent service providers has an advantage of locking merchants with their QR formats, and allow new and innovative payment service providers to easily enter the market. The standard will also help facilitate the move towards information-based lending for SMEs as their payment transaction information can be consolidated. Given that the payment standard was developed together with five global credit card companies using EMVCo, it could serve as a platform to enhance financial connectivity in the region. Thai banks and payment service providers have begun to work with partners in our neighboring countries to facilitate cross-border payments using the standardized QR code. This standardized QR code was a product that went through the Bank of Thailand’s regulatory sandbox. Going forward, there are a few high-impact 7/10  technologies or applications which are being developed and tested in the Bank of Thailand’s regulatory sandbox. The first one is an extension of our standardized QR code to include other means of payment, including credit card.