Payment system forum programme Today’s forum aims to promote awareness and build confidence among merchants to accept payment cards. Among the various topics that will be discussed today are:  BIS central bankers’ speeches  5  •  Payment card acceptance infrastructure and cost;  •  Success stories on payment card acceptance;  •  Card fraud and security management; and  •  Innovation in payment cards. These are all relevant issues for businesses to consider in accepting payment cards and in making choices that would be in their best interest. There is also an exhibition held in Conference Hall 1, where banking institutions and payment card companies will showcase their latest product offering on payment cards and other e-payment services. Businesses have an opportunity to learn more about payment card acceptance and sign up for the attractive packages being offered. Conclusion Our country is at a critical juncture in its migration to e-payments. The various reform measures and the substantial infrastructure investments have created an enabling environment to transform Malaysia’s payment landscape into one that is highly efficient, reliable and competitive. To ensure a successful transformation, the support from all stakeholders for a bold reform is needed. An efficient and competitive payment system is an important strategic advantage in today’s highly challenging and rapidly evolving world. Consumers and businesses alike should re-invent themselves and take full advantage of innovations in payment systems in order to capitalise on the benefits and opportunities that it brings. 6  BIS central bankers’ speeches

The slow and uneven vaccine rollout, even in some advanced economies, and its very limited availability in the LICs are matters of serious concern. Enabling global access to effective and affordable vaccines is a global responsibility, and an ethical and moral issue. We support the Managing Director’s Global Policy Agenda (GPA) and its wellplaced focus on creating conditions for a safe exit from the crisis followed by a sustained, strong and inclusive global economic recovery. We welcome the GPA’s recognition of difficult challenges facing many developing countries in pursuing their development and social objectives, while facing severe financing constraint and high debt. We further welcome the increasing IMF emphasis on middleincome countries as many face stalled growth and large financing needs in tighter market conditions. Our constituency is a heterogeneous group of countries and a mix of fragile and conflict-affected states, middle-income and frontier economies, and oil exporting countries. The crisis has severely impacted all countries of our constituency. Our authorities reacted swiftly to the crisis and implemented measures to alleviate its impact on lives and livelihoods, with some of our members benefitting from Fund emergency and/or Upper Credit Tranche (UCT) facilities. The economic recovery is gradually taking shape in our constituency, but at varying pace and degrees. The rebound of international oil prices provided welcome relief to oil exporters in our constituency, but financing pressures continue to persist, and economic diversification challenges remain.