Zeti Akhtar Aziz: The Financial Process Exchange (FPX) Speech by Dr Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia, at the official launch of The Financial Process Exchange (FPX), Kuala Lumpur, 28 October 2004. *  *  *  Yang Berbahagia Dato’ Amirsham bin A. Aziz Chairman of MEPS (Malaysian Electronic Payment System (1997) Sdn. Bhd), Distinguished Guests, Ladies and Gentlemen, It is my pleasure to be here this morning on the occasion of the launching of the Financial Process Exchange or the FPX. Today’s launch of the multi-bank Internet payment platform marks another step forward in enhancing the financial infrastructure of the Malaysian financial system. In this more integrated and dynamic environment, the retail banking frontier of the future is defined by the range of services that are accessible to the consumer. Increasingly, technology is no longer an inhibiting factor in the payment services offered by banks. Indeed, expedient fund transfers and account access flexibilities are now apparent elements that differentiate banks to the discerning customers. Of importance is that investment in technology is vital in meeting the changing consumer requirements and the need for banking institutions to continue to invest in information technology in this more competitive environment. IT applications in financial services, especially in the payments industry, are complex and scale-dependent. It is, therefore, imperative that the financial industry is collectively engaged in designing and participating in industry-wide payment system platforms. The interdependencies and synergies arising from a collective approach will generate mutual benefits and cost savings.

As well as work to encourage long-term, stable funding from the financial system, we are also improving our understanding of how access to finance affects businesses’ investment decisions. To that end, the Bank is launching a survey of business finance and investment decisions, building on the 2017 survey I mentioned earlier. Please engage with it. [5]  Conclusion UK corporates have faced huge challenges in recent years. The FPC continues to monitor their financial health with an eye on both lender and borrower resilience. At the same time, the FPC is doing its part to make sure the financial system can support longterm productive investment with long-term, stable funding. And we are working to identify where the financial system may need to do more to support business investment. These are ongoing endeavours, but there has been concrete progress already. In both cases we will aim for a stable financial system that absorbs rather than adds to shocks, and supports business investment and economic growth. An investment in financial stability to provide solid support for UK businesses through both challenges now and uncertainties as we look further ahead. I’d like to thank Jelle Barkema and Benjamin King for their assistance in drafting these remarks. I would also like to thank Laura Achiro, Kim Nyamushonongora, Richard Button, Sarah Venables, Martin Arrowsmith, Geoff Coppins, Jon Cunliffe, Renée Horrell, Sudipto Karmakar, Christiane Kneer, Iren Levina, Harsh Mehta, Tabitha Rendall, Nyssa Roberts, Matthew Waldron and Danny Walker for their helpful input and comments.