This is recently evident through the surge of applications in areas such as Artificial Intelligence (AI), cloud computing, big data and blockchain, which promise to not only yield better business outcomes but enhance the overall human experience. In the fintech space, we are seeing applications such as eKYC for digital onboarding, telematics for insurance and invisible payments, all powered in some part by the technologies above. As we transition from the old economy into the new, digitalised economy, further investments in digital assets and business models will be instrumental for Malaysia. This includes investing in common digital infrastructures at the national level, such as payment systems, digital identity and 5G connectivity, which are critical to facilitate end-to-end digitalisation of the value chain. We 2/4  BIS central bankers' speeches  hope that the availability of these digital infrastructures will help support and sustain the growth of a vibrant fintech ecosystem in Malaysia. Again, asset managers and capital are in a unique position to drive greater technology adoption across the economy through their shareholder advocacy role. Take open data as an example. The benefits from an open data ecosystem are multifold through better risk management, increased business efficiencies and better customer choices. Economies that embrace data sharing for finance alone could see GDP gains of between 1-5% by 2030 with benefits flowing to customers and financial institutions2. However, incentivising adoption by ecosystem actors remains challenging. I see the capital market industry having a major role in plugging this gap.

An additional important step that it´s still missing is related to the need to conclude the process of financial integration that was key to resolving the sovereign debt crisis. This is, namely, the Banking Union, through the agreement on a fully mutualised European Deposit Insurance Scheme. It would contribute decisively to guaranteeing financial stability in the euro area and avoiding problems of financial fragmentation, both in the short and medium-term. In parallel, capital markets in Europe remain relatively under-developed and under-integrated. Hence the need to move resolutely 3/4  BIS central bankers' speeches  towards implementing all the measures that are necessary to create a true capital markets union. It was Jean Monnet who said that “Europe will be forged in crises, and will be the sum of the solutions adopted for those crises". Let´s do not waste the opportunity that this new crisis has offered to us. Forging requires sufficient temperature to mould, but not so much as to melt. There has been much work on how to avoid reaching melting temperature in the last few years. Now is the time to mould both the European project and the multilateral institutions. Our aim is that, when the temperature drops, we find ourselves with a new, stronger global economic architecture. I´m convinced that, among the students graduating today at Barcelona GSE, there is a good number of molders who will contribute crucially to this endeavor in the following decades. Thanks you in advance for this contribution, congratulations to all and good luck.