These examples illustrate the significant scope for the banking industry to organise itself more effectively to weigh, expand, and ultimately galvanise action in response to emerging issues that concern our economy and society. There are other matters as well. Education in long-term financial planning among Malaysians, the impact of financial technology, expanded inclusion to financial services, income and productivity gaps, and labour market developments, are just some of the issues where banks ought to be much more active participants in the policy dialogue and debate. 3/6  BIS central bankers' speeches  The Financial Markets Committee stands out as a forum that serves as a focal point for industry and external stakeholders on recent measures taken in the domestic financial markets. Likewise, similar initiatives can be mobilised to provide a more organised stage for the banking industry to lend its voice on a range of issues and contribute to more informed public opinion. It is time for the industry to be active stakeholders, rather than just passive participants. A World of Contrasts: Long-Term Interests Versus Myopic Gains Extending the theme of contrasts further, regulatory measures introduced in the past year have been the subject of much scrutiny. In many quarters, regulation is still widely perceived as an unnecessary constraint on markets. In reality, it is a means to safeguard longer-term public wellbeing against parochial interests. The intention behind regulatory measures may at times appear contrary to popular wisdom. Nonetheless, viewed through a broader lens, this is motivated by policymakers’ duty to preserve macroeconomic and financial stability.

Importantly, the merger will further strengthen the alignment of strategies and priorities for the development of Malaysia’s payment systems. It is also expected to significantly reduce the time to market for delivering improvements. As a shared utility, PayNet will operate with a public interest objective to support and develop safe, reliable and efficient payment systems in Malaysia. PayNet will provide the necessary common infrastructure, and the banks will compete on providing financial products and services. In the long run, we should expect that the merged entity should venture abroad and strike foreign alliances to further expand network and reach. Over the next 12 months, PayNet will move forward with plans to develop and implement a Realtime Retail Payments Platform (RPP) that will facilitate interoperable mobile payments. A central feature of the RPP is the national addressing database that will allow payments to be made conveniently through the use of mobile phone numbers and National Registration Identity Card (NRIC) numbers, instead of referencing bank account numbers. In line with principles of fair and open access, the RPP will be open to both banks and eligible non-bank payment service providers. Besides making the technology roadmap for the RPP publicly available, PayNet will actively engage with the banking industry, FinTech community and other relevant stakeholders in the development of the RPP. PayNet will also direct its focus to promoting MyDebit, which is the domestic debit card network, as a low-cost alternative to displace the use of cash.