zeti akhtar aziz : migration to e - payments keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the payment systems forum and exhibition 2005, kuala lumpur, 28 november 2005. * * * bismillahhirrahmanirrahim distinguished guests, ladies and gentlemen, it is my pleasure to welcome all of you to the payment systems forum and exhibition 2005. the theme of this inaugural forum is the " migration to e - payments " with a focus on the issues and challenges in the transition from paper - based payments to electronic payments in malaysia. the issues that need to be addressed for a nation to effectively migrate from paper - based payment instruments to electronic means of payments are multi - faceted. this will require changes in the infrastructure and business processes, developing and sustaining users'confidence and inculcating a change among all the relevant stakeholders, including the service providers and the customers. our objective is to transform the payments system into one that is competitively leveraged on a modern market - based system. indeed, this will need to be achieved by the cumulative efforts of all parties involved, including the industry and the authorities. this forum and exhibition has, therefore been organised to provide a platform to discuss the range of significant issues and challenges in achieving the common vision of migrating to e - payments in malaysia and to increase public awareness of the various payment channels available in the market today, as well as to discuss views on the development of services and infrastructure for the next generation of systems. the forum is designed to encourage active dialogue and deliberations from the different perspectives, notably between the service providers and the users. the dialogue will also serve as a platform to discuss how the industry may effectively operate in the context of the prevailing regulatory environment, policies and practices. from the regulators'perspective, the aim is to develop an enabling environment to facilitate and foster greater use of more efficient payment mechanisms in malaysia. ladies and gentlemen an efficient, reliable and secure electronic payment system is critical to the soundness of the financial system, the efficiency of the financial markets and the economic growth and development process. with the rapid technological advancements and increasing consumer demands for more efficient delivery services, the malaysian financial landscape has continued to transition towards the increased significance of an electronic payment systems and channels. despite the progress that has been achieved, malaysians however, remain high users of currency notes and coins, with the currency - incirculation amounting to about 6. 4 % of

world go round ". the work we put in today, will undoubtedly prepare us tomorrow, to be the best version of ourselves. this is crucial when the financial action task force ( fatf ) – the global standard setting body for fighting financial crimes – commences its mutual evaluation ( me ) process of malaysia next year. the evaluation not only encompasses public authorities but also the private sector. therefore, a whole - of - nation approach is required to ensure a favourable evaluation for malaysia. it will be a litmus test for our financial sector – a true test of collective accountability. looking back, though we have covered many miles, many more remain ahead of us. and let us remember that we are running a marathon and not a sprint. and that everything we do is not just for ourselves here today, but also dedicated to the future of malaysia – a malaysia renowned for its integrity, seen for its transparency, and committed to accountability. with this, i wish you every success for this conference. thank you. 1 the 2023 edelman trust barometer is the edelman trust institute's 23rd annual trust and credibility survey. it was unveiled at the world economic forum, davos in jan 2023. the online survey sampled more than 32, 000 respondents across 28 countries. 2 the trust index measures the average percent of trust in 4 institutions : trust in business, ngos, government, and media. 5 / 5 bis - central bankers'speeches