To ensure that our financial system serves our economy and society well in the VUCA world, I believe that there are three imperatives we must focus on. These are (1) productivity, (2) immunity, and (3) inclusivity. Allow me to highlight some initiatives that have been implemented to advance these objectives in Thailand. First, on the productivity front, we are committed to supporting the use of technology for greater productivity. Digitization will help enhance efficiency in financial services. There has been remarkable progress in the electronic payment ecosystem. For instance, our PromptPay, which was launched early this year, is among the most efficient faster payment systems in the region. Last week, we launched the standardised QR code for payment services. This was the world-first collaboration from the five major global credit card service providers. These payment platforms and standards will improve convenience and efficiency, and provide foundation for innovative financial services. On building immunity to safeguard financial system resilience, Thai commercial banks constantly maintain high level of capital and loan loss reserves. In addition, we place much emphasis on proper market conduct, good governance, and most importantly, fortifying trust. The Banking Industry Code of Conduct has recently been revised to promote a culture of good governance and ensure fairness in the industry. This year, the Bank of Thailand 5 World Population Ageing Report 2015 (page 2)  http://www.un.org/en/development/desa/population/publications/pdf/ageing/WPA2015_Report.pdf  4  embarks on a new initiative to enhance banks’ understanding of risks associated to their behaviour and culture.

While striving for economic growth, we must not forget that inclusive growth is a prerequisite for sustainable development. I could not agree more with the United Nations’ 2030 agenda for sustainable development that “no one should be left behind”6. Thus, various measures to promote financial inclusion have been implemented and many more are in the pipeline, to ensure that everyone has access to financial services at fair prices. More importantly, empowering people with financial literacy and financial planning capability is an important element of inclusive growth. Ladies and gentlemen, Sustainable economic growth requires concerted effort from all parties involved. Initiatives from the banking sector alone will not be sufficient. The capital market and exchange can and should play an important role. I am very pleased to see that the agenda of this year’s WFE conference is well in line with the aforementioned three imperatives. It is encouraging that the exchange industry is working together to find meaningful ways to boost productivity through fostering growth and embracing new technology; build immunity from mitigating emerging risks and building resilience; and promote inclusivity via increasing retail investor participation. WFE has shown, once again, its commitment to support the development of fair and efficient markets, embracing the role of exchanges to facilitate the efficient allocation of resources and thus promote the real economy and the well-being of the people at large. Ladies and Gentlemen, Our world is rapidly changing.