8  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  8  We therefore face a trade-off between simplicity and calibration. A focused approach would impose the fewest requirements, but those that were applied might have to be conservatively calibrated in order to maintain resilience. A streamlined approach would lead to less conservatively calibrated, but more complex requirements, when compared to the focused approach. Figure 1 illustrates this trade-off, along with a second trade-off between simplicity and minimising barriers to growth. This second trade-off arises because a focused approach would be very different to the requirements a growing firm would face after it moved out of the simpler regime. It might therefore be more difficult for a small firm to grow out of a focused regime, as it would effectively have to gear up to meet a whole new set of requirements. Figure 1: Illustration of the characteristics of a ‘focused’ and a ‘streamlined’ approach  In practice, there are a spectrum of approaches we can take between the extreme cases of a very focused approach which is like the requirements we have in place for credit unions, and a slightly streamlined approach which is almost the same as requirements for larger banks and building societies. And different approaches might work better for different sorts of requirements. For example, the right approach for capital requirements might differ from the right approach for liquidity requirements. What this way of describing different approaches provides us with is clarification of the choices and trade-offs we face.

The MyInfo platform allows banks to more effectively and efficiently obtain authenticated and updated information for account opening and other applications, doing away with the tedium of manual physical authentication and resulting in time saving of as much as 80% for banks and their customers. 25. Second, we are reviewing our regulatory framework to balance the tension between encouraging innovation and managing risk. The Payments Services Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It gives regulatory certainty to new players to pursue innovation and growth, while at the same time providing sufficient safeguards for consumers. 26. Third, we are creating more channels to promote the exchange of ideas and collaboration among financial and technology firms. Since 2016, MAS has partnered industry players to bring together financial and technology players from all over the world in the week-long Singapore FinTech Festivals. Turnout has more than quadrupled over the past three years with 45,000 participants from 130 countries in 2018. It is early days yet, but the results of our efforts are encouraging. Singapore is widely regarded as one of the leading FinTech hubs in the world. A report by Ernst & Young finds that nearly 7 out of 10 Singaporeans have made use of FinTech solutions in 2019, making us a leader in the Asia-Pacific region. 27. Another important development has been among our local banks themselves. They have been expanding their digital platforms to better cater to customers’ needs, and grow markets abroad.