schemes, bank business models and it platform in the world of highly competitive markets, in particular the banking sector, players have continuously tried to create new banking products to serve the needs of consumers and to move forward to penetrate market shares. as a result, sophisticated banking products along with adaptive bank business models have emerged. unfortunately, once regulators respond to the changes steps after, financial crisis comes. at the wake after 2008 global financial crisis, regulators actively strengthened regulatory frameworks by reforming agenda such as strengthen market infrastructure, effective supervision, resolution and addressing systemic important institutions. from the banks ’ point of view, the implementation of the new stronger regulations at the time of post - crisis has undoubtedly caused burdens to implementation. from the centre for the bis central bankers ’ speeches study of financial innovation ( csfi ) survey, it indicated that, “ regulation ” is the greatest threat to the banking industry ( from the survey, it climbed up from no. 6 in 2012 to no. 1 this year ). as banks have encountered the higher costs to run businesses, some may seek for less regulated sectors and some seek for changes in their business models to deal with such a situation. it might be implied here that regulation is the key influence to changes. therefore, it illustrates the need to find the right balance. as a consequence, regulators have to respond to those changes, updating and revising their regulatory frameworks to be more advance to keep up with the business models ; hence, the regulatory schemes run consistently with the shifts of bank business models. 3. the main drivers i. current innovation and growth of banking sector what is the main driver? i would like to pinpoint here that current innovation and growth of banking sector is one of the main drivers. even though many countries including thailand have been affected by financial crises and regulatory reforms, we are currently in the stage of revival with high potential growth among asean countries. according to the idc financial insights ’ observation on key structural shifts, trends of financial institution sector are : expansion of banking industry, particularly, in south asia and southeast asia due to an escalation of financial inclusion and new - entry of financial players ; technology refresh to serve with more sophisticated financial products and services ; and regional integration ( aec ) and the growth of asian insurance business. these are paths to higher competition among banks, in which, it innovation is a key to distinguish each brand. undoubtedly, banks and related parties invest more in it projects to advance their services responding to digital era

countries. within the brics partnership, south africa is the smallest economy in terms of its gross domestic product and population size and had both the lowest levels of average growth and employment over the past decade. of some concern is the fact that south africa continues to experience levels of inequality that are ranked amongst the most elevated in the world. all these indicators require a renewed focus on both the basic drivers of development, such as education enhancement and interventions that directly address structural barriers to growth and employment. broadly speaking, any effective solution should not only focus on stimulating growth in key industries, but those industries that are lagging should actively be engaged through appropriate policies. such policies should improve the micro - foundations of economic growth, which include education and skills training, industrial and trade policy, labour market policies and competition policy. along these lines the national development plan ( ndp ) has as its central focus the elimination of unemployment, poverty and inequality by 2030. within this plan, nine main challenges are being highlighted, namely : bis central bankers ’ speeches • the elevated levels of unemployment ; • the standard of education, which for a large proportion of learners is arguably of an undesirable quality ; • infrastructure, which is not always optimally located, and which at times is undermaintained and insufficient to foster higher growth rates ; • spatial patterns which exclude the poor from the benefits of development ; • an economy is that could be described as overly and unsustainably resource intensive ; • a widespread disease burden that is compounded by the challenges faced by the public health system ; • public services that are uneven and often of in certain circumstances of inadequate quality ; • the corruption levels that is perceived to be wide spread ; and • the perception that exist regarding the divisions within the broader society. the ndp provides a useful framework by which these issues can be addressed in a systematic and structured manner as government actively pursues its implementation. the challenge remains the alignment of medium - term and short - term planning by government in its efforts to effectively implement the ndp. the adoption by cabinet of the medium term strategic framework for 2014 to 2019 for each outcome of the ndp is clear evidence of the government ’ s commitment towards the successful implementation of the ndp. the key pillars of the medium term strategic framework comprise the following : • infrastructure programmes must lead to a crowding in of productive investment as government spending boosts the demand for goods, leading to increased private demand for new output sources, such as factories ; • growth and employment of the productive