samchain/econo-pairs-v1 huggingface dataset:
We are therefore determined to double up our efforts to increase the use of electronic channels to send money. In November last year, Bank Negara Malaysia amended existing regulations to allow money services companies to complete customer verifications electronically, without the need for customers to visit a money services business premise. This is an important change that removed an existing hurdle for companies to support an end-to-end electronic process for performing remittance transactions. We expect this change to create significant momentum for further growth in electronic remittances, in particular among foreign workers. Today, foreign workers in several parts of Malaysia may still face difficulties getting to a MSB office to complete the customer due diligence process. Yet, nine in ten foreign workers have smartphones and use them to access the internet. With technology, we can tap into these alternative access channels to enable e-remittances. Two other important development are also coming together to encourage the use of electronic remittances. The first is the initiative by the Government to require employers of foreign workers to pay their salaries into bank accounts. This removes the need to deliver cash to remittance service providers. The second is the development of an interactive mobile application by the MSB industry that allows users to identify licensed MSB providers, compare services and communicate directly with MSB companies.

As you can see, we have great expectations for Project Greenback Kota Kinabalu. But we are also equally confident of meeting, if not exceeding, those expectations. This is in no small part due to the tremendous cooperation that has already been extended to the project by the city of Kota Kinabalu, including its police force. I also know for a fact that the MSB industry here in Kota Kinabalu has thrown its full support behind the project, working closely and tirelessly with the Malaysian Association of Money Services Business, to identify and plan activities for the coming year. And we will leverage on an expanded network of partners, including non-government organisations, other financial service providers and our counterparts in the Philippines, to increase the financial inclusion impact of Project Greenback. With that, let me once again thank YB Datuk Hajah Jainab and the city of Kota Kinabalu for the opportunity to collaborate on this very important initiative to build inclusive communities where no one is left to suffer in abject poverty. 3/3  BIS central bankers' speeches
Page 3 sur 5 However, beyond traditional financial regulation, international cooperation should be developed in three areas, three cornerstones of the regulation of digital finance. First, cybersecurity is a sine qua non for a reliable and sustainable digital future. It is a clear priority of the G7 French Presidency next week in Chantilly. Second, regarding data protection, financial supervisors and authorities in charge of privacy have to invent new ways of cooperation to address data issues that have become central to financial services. Third, regarding competition and anti-trust policies, situations where “the winner takes most” while staying outside the scope of financial regulation should be adequately anticipated and addressed. “Stable coin” projects, including Facebook’s Libra, are a case in point. “Stable coins” are quite different from speculative assets like Bitcoins. However, regulators will have to keep a very close eye at the global level, and believe me, we will do it. France, as Chair of the G7 this year, has created a dedicated task force. Our aim is to formulate a response that is common to all jurisdictions, and holistic on all the issues. And to quote only two of many requirements: it is imperative that the projects comply with anti-money laundering regulations; the anonymity of the users creates heightened risks. In addition, if issuers of stable coins also want to offer banking services such as deposits, financial investments and loans, then they will have to obtain a banking license in all countries where they operate. Otherwise it would be illegal.

We are quite far from the creation of a global private currency. But stable coin projects reveal gaps in existing cross-border payment systems. Hence, at the European level, we should aim at promoting a genuine European strategy for retail payments. Payments are no longer a mere boring back-office technicality. They are innovative, and they provide two strategic assets: data, and daily customer relations. The raw truth however is that the European payments market is already dominated by non-European stakeholders. Furthermore, the growing role of non-European digital firms – be they American or Chinese – offering payments solutions should be taken seriously. Despite the creativity of the European ecosystem of payments, our  Page 4 sur 5 market remains too fragmented. Against this background, I call for the creation of pan-European payment solutions, building on a common brand and on the technical success of the Target Instant Payment Settlement infrastructure (TIPS) managed by the Eurosystem. We don’t have much time left, but regulators – starting with the Banque de France – and market players should work hand in hand to create a momentum. III. Green finance, “a new frontier for the 21st Century” Let me now conclude with some words on green finance. As I once said, it is “a new frontier for the 21st Century”. Much has already been undertaken over the past few months. We are currently witnessing a growing awareness from central banks, supervisors and financial institutions about climate-related risks.
By accelerating the pace of cheque decline, we can shorten the number of years needed to reduce cheque usage to a negligible level and derive greater cost savings for the country. Harness the prevalence of mobile payments to expand reach Most Malaysians are likely to carry both a debit card and mobile phones and there are 45.4 million debit cards and 42.8 million mobile phone subscriptions. For a population of 32.1 million this is considered high. We need to take advantage of this. In particular, for debit cards. We need to optimise the use of this medium. In the case of debit cards, the Merchant Discount Rates are still very high despite the direct debiting of the users’ account. Acquirers should reduce the rates further. There are certain segments of the merchant community that are cost-sensitive and may not be able to afford the MDR of card payments. In this regard, mobile payment has the potential to complement the debit card as a low-cost alternative to accepting cash. Mobile e-wallet is a strong alternative to debit cards as merchants can accept payment through a QR code. The use of QR codes has enormous potential. Out of 24 million adults in Malaysia, there are only 12 million active online banking accounts. We estimate that there are about 10 million bank accountholders who are not using online services, while the remaining 2 million adults are likely to be unbanked.

Other residual impacts include the large size of the Federal Reserve’s balance sheet; significantly higher public debt; and substantial damage to public trust in the nation’s government and financial institutions. The second lesson follows from the first. We need to ensure that we have a resilient financial system. To that end, we must ensure that the safeguards put in place in response to the crisis are fully appreciated and respected. But, it also means that we need to finish the job—for example, by building out a fully workable regime for resolving a complex, global firm if one were to become insolvent. We need to ensure that our financial system can continue to provide critical services not just during good times, but also during periods of stress. These objectives are particularly relevant today, when reopening the Dodd-Frank Act and modifying our regulatory framework are under consideration. While it is appropriate to evaluate adjustments that might improve our regulatory regime, it is critical that we do not forget the hardlearned lessons of the crisis and—in the haste to reverse course—undermine the robustness and resiliency of the financial system. The U.S. housing market boom and bust At the heart of the crisis was the U.S. housing boom and bust. Between 1997 and 2006, U.S. home prices nearly doubled in real terms on a national basis.
This decision contributes to tightening financing conditions and therefore complements the interest rate increases. Going forward, and given the high level of uncertainty, we have reiterated that we will continue to base our decisions on the incoming data and, in particular, on our overall assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission. It is currently our view that, barring a material change to our baseline scenario for growth and inflation, there is still some ground to cover and we will have to raise rates again in July. However, it is not possible to anticipate decisions beyond that meeting. The outlook for the Spanish economy The Spanish economy has shown notable resilience in recent quarters. GDP growth reached 0.5% in 2023 Q1, underpinned by the recovery in tourism and strong exports of other nontravel services, among other factors, while domestic demand made a negative contribution as robust investment failed to offset the decline in private consumption. The economic momentum has extended into the second quarter, with quarter-on-quarter growth set to stand around 0.6%. In particular, job creation has remained very buoyant, especially in certain services sectors. However, some signs of deceleration have become evident towards the end of the quarter, which, as at the global level, could be a manifestation of the tighter financing conditions. Our latest macroeconomic projections, published last Monday, point to GDP growth of 2.3% in 2023.

However, they pay less than intermediate and advanced tech roles and have not appealed to Singaporeans as much. The recent increase in minimum qualifying salary to $ for entry-level employment pass holders in the financial sector means that it would be harder for financial institutions to hire cheaper foreigners for these roles. We hope more locals will take up these job roles, even if they are less paid, which also provide a pathway to the intermediate tech jobs, which are in demand. Beyond the technology function, there is healthy demand for jobs across diﬀerent business lines, including consumer banking, corporate banking, private banking and wealth management. These jobs are in three broad categories:  business roles, for example, relationship managers, product advisory, and portfolio management; control roles, for example, customer due diligence, compliance, and risk management; and https://www.mas.gov.sg/news/speeches/2020/gearing-up-for-new-and-evolving-jobs-in-financial-services  9/18  04/12/2020  "Gearing up for New and Evolving Jobs in Financial Services" - Remarks by Mr Ravi Menon, Managing Director, Monetary Authorit…  transformation roles, for example, digital transformation, innovation and process excellence. In our survey, we also asked financial institutions about the profile of candidates that they hope to hire. We found that for over 60% of the jobs, financial institutions are looking for experienced hires or specialists to fill these roles. I can understand that for many roles, there is indeed a business need to hire people with direct experience and deep expertise.
This quasi real time display of the detailed reasoning of the Governing Council took the form of five to six pages of “introductory remarks”. Second, we considered it to be useful to give additional explanations to the media, to market participants and to the general public in the form of a press conference that would take place immediately after the Governing Council and would be introduced by the “Introductory Statement”. The ECB, in so doing, contributed to a significant change in the state of the art on transparency of central banking. Today central banks are more often giving real time information on their decisions, generally in the form of explanatory communiqués that are published immediately with the decision. We remain nevertheless quasi unique amongst  4  See Berger, H., M. Ehrmann and M. Fratzscher (2006), “Monetary Policy in the Media”, ECB Working Paper No. 679. BIS Review 6/2008  3  major central banks in publishing a detailed analysis in quasi real time and in having a press conference. Why were we so keen to introduce a new and bold concept of transparency? I think we had three main reasons: Firstly we had to consider that we were launching a new currency to which we had to transfer the full legacy of stability, of confidence, of credibility which was the characteristics of the most credible previous national currencies. The Maastricht Treaty had been entirely based upon this benchmarking concept.

There is a term for it – mutualism, describing a mutually beneficial relationship between living things. And let me explain why I am talking about biology in a financial forum to begin with. 3. I have always longed to find an appropriate way to describe the financial relationship between Hong Kong and the Mainland. In my view, Hong Kong’s dynamic with the Mainland is truly unique in that it is a dynamic which no other pair in the world shares. In the financial world, our win is their win and their win is ours. As financial competition amongst the world’s hubs continues, Hong Kong and the Mainland have long enjoyed a mutually beneficial relationship. Sounds familiar? Yes, perhaps neither of us are exactly the same as a bee or a flower, but Hong Kong and the Mainland share a very similar dynamic as them in the financial world – one of mutual benefit. RMB internationalisation: Hong Kong stands out 4. And that brings me to the topic that I want to discuss in more detail today, which is the internationalisation of the RMB. With the continuing growth of the Mainland economy and its increasing financial integration with global markets, it is natural that RMB will be increasingly used in international transactions. The 14th Five-Year Plan has made clear that promoting RMB internationalisation should be conducted in a prudent manner, based on a marketdriven approach. 5.
BIS central bankers’ speeches  3  To get the real benefit from the advancement in ICT, we need to educate and persuade customers to change their behavior in using other payment instruments, from cash to non-cash instruments. In addition, the central bank needs to coordinate with financial institutions and service providers to make electronic payments to be more accessible, reliable and, of course, available at reasonable price. The third consideration is the implementation of principles for financial market infrastructures. From the regulatory point of view, the important payment and settlement systems need to be appropriately regulated. The recent financial crisis has shown that financial market infrastructures, such as payment and settlement systems and central counterparty, can be sources of financial shocks or major channels that shocks are transmitted across domestic and international financial markets. To enhance safety and efficiency, the principles for financial market infrastructures have been prescribed by the Committee on Payment and Settlement Systems (CPSS) and the Technical Committee of the International Organization of Securities Commissions (IOSCO) in April 2012 with objectives to limit systemic risk and foster transparency and financial stability. In response to the new international standard, the Bank of Thailand intends to adopt these principles to our systemically important payment and settlement system which is BAHTNET system. Moreover, we will coordinate with other regulators to ensure that all systemically important payment and settlement systems are adequately supervised.

•  Innovative: financial institutions need to be able to respond quickly and effectively to customer demand, and must not lose sight of the new opportunities from mobile banking and other social network. Higher levels of innovation are necessary, while still focusing their attention on their own core competencies. •  Efficiency: financial institutions need to deliver financial services with high efficiency in terms of cost, quality, and product availability. Business processes, strategies, and supporting systems may need to be revised or reconsidered in order to maintain market share and attract new customers. Dealing with the above factors is not an easy task. At this moment, Information and Communication Technology is perhaps going to be the most powerful catalyst. As a central bank, the Bank of Thailand faces the challenge of maintaining stability, encouraging development, and ensuring financial inclusion. All of these roles are interrelated. Stable economic and financial system will allow private sector to invest and consume optimally which is good for development. The development in financial system must meet local needs and done in good pace. Importantly, central bank needs to make sure that no one is left behind and, that there are appropriate access to financial services. The introduction of AEC will have implications on all functions of central banking, and the central bank will have to take into account the three roles when performing its functions.
The paper notably shows how monetary policy affects banks’ lending policies by making their liabilities more expensive. 8  Page 9 of 19  9  Page 10 of 19  This slowdown in credit supply is justified after the sharp rise in private debt ratios in recent years. Interest rates also influence the foreign exchange channel. The past depreciation of the euro has amplified the rise in imported prices, particularly those of commodities which are global and set in dollars. The 16% fall in the euro against the dollar between mid-2021 and mid-2022 would, if it had stayed at this level, have had an estimated impact of roughly +0.6 percentage points on the level of consumer prices over the long term. The monetary policy conducted since then by the Eurosystem has contributed to the recent re-appreciation of around 8% in the euro, which should gradually have the opposite effect. Do I need to say it again? We do not have an exchange rate target, but we closely monitor the effects of the exchange rate on inflation; it is good to see that they have become more favourable again since last summer. 10  Page 11 of 19  II. A few pointers: from the “sprint” to monetary normalisation in 2022 to the “long-distance race” towards monetary stabilisation As of the end of 2021, we responded to the inflationary shock with a rapid and clear shift in monetary policy stance.

Speech by François Villeroy de Galhau, Governor of the Banque de France, Centre des professions financières Paris, 17 February 2023 How monetary policy will defeat inflation: channels and locks  Page 2 of 19  Introduction Inflation is currently the number one concern for our fellow citizens and for us. Admittedly it has started to fall back slightly, to around 8.5% in the euro area, and it could have halved by the end of this year. But that will still be too high. Inflation that becomes entrenched at above 2% would be the worst enemy of confidence and therefore growth. The initial causes of this return of inflation are well known, and are primarily external to the euro area: disruptions to global supply chains with the exit from the pandemic, energy prices, Russia’s war against Ukraine... Their indirect repercussions have been felt gradually, first in manufactured goods prices, then in services prices. To sum up, inflation has not only become higher but also more widespread; not just imported but also domestic; not just linked to a transitory supply shock but also potentially persistent. In light of this, no one can seriously deny that monetary policy must respond. Today, therefore, I shall not talk about why the central bank must combat inflation but about how, in the current context, it needs to act to be effective.
The asset management industry continued to grow well last year, with assets under management posting a 9% increase to reach $ trillion. Singapore will introduce a new corporate and regulatory framework to encourage fund domiciliation in Singapore and build up fund administration capabilities. MAS is working closely with the private equity/venture capital (PE/VC) industry to see how we can enhance financing for growth-stage companies, both local and from around the region. PE/VC financing has been increasing at a compound annual growth rate of 30% over the last 5 years. In the Renminbi (RMB) market, we are expanding two-way flows between China and Singapore. Besides Suzhou and Tianjin, Singapore has established cross-border RMB initiatives with the rapidly growing city of Chongqing. Corporates in Chongqing that issue RMB bonds in Singapore can fully repatriate the proceeds raised for infrastructure and other development projects in western China. We are witnessing a healthy volume of transactions now. In foreign exchange trading, we are working on electronification of the market. Digitisation, competition, and consolidation are rapidly transforming the global foreign  BIS central bankers’ speeches  7  exchange (FX) landscape. MAS’ focus is to position Singapore as Asia’s e-trading hub to build on our FX centre, which is already the largest in Asia. We are working with FIs and FX trading platforms to build relevant infrastructure such as matching and pricing engines that will anchor liquidity in our marketplace. In infrastructure finance, the focus now is on enabling capital recycling.

We have not met the high standards we have set for ourselves. AML/CFT is like cyber security. Those who seek to abuse our financial system are getting smarter and more sophisticated. That cannot be a reason for failing to detect and deter them. As the threat grows, so must the effectiveness of our risk management. MAS is determined to fix the problem, working together with the industry. We need to draw lessons from the failings we have observed in the FIs and see how we can further bolster our AML/CFT regime. We will work hard with the industry to ensure that Singapore offers neither safe haven nor safe passage for tainted money from anywhere. Let me share our preliminary thoughts. Our AML/CFT regime comprises four key prongs: •  one a robust legal and regulatory framework that sets the rules;  •  two, active supervision of FIs to check for compliance with the rules and adequacy of controls;  •  three, strict enforcement to punish non-compliance; and  •  four, good cross-border cooperation. First, regulation. AML/CFT rules in the financial sector are strict. It is mandatory for all FIs to perform proper due diligence to know their customers. FIs are required to assess the risks and perform enhanced due diligence where the risks are higher. FIs are also required to monitor transactions on an on-going basis so as to identify and report any suspicious activities.