speaking of bad assets, the financial institutions strategic transfer ( fist ) bill was signed into law last month. this allows banks to dispose of their bad assets via asset management companies, thereby easing npls down the road. we estimate that the law can help reduce the npl ratio of banks by 0. 63 to 0. 71 percentage points. to further improve efficiency of bsp ’ s operations, we created the payments and currency management sector. with it the bsp now has a group totally dedicated to supervising the country ’ s payments and settlements system, consistent with national payments system act. in closing, i would like to highlight two things : 4 / 5 bis central bankers'speeches first, the adverse impact of the covid - 19 pandemic on the philippines will be transitory. our macroeconomic fundamentals remain sound, and our medium - term growth prospects are bright. and second, the reform momentum will help fuel the philippines ’ recovery, address structural issues, and continue to enhance the philippines ’ competitiveness as a leading investment destination. you ’ re all welcome to do business with us and be part of our exciting post - covid narrative. thank you very much for listening. i look forward to the panel discussion. 5 / 5 bis central bankers'speeches

mahesh kumar jain : the fintech revolution in india - innovation, inclusion and regulation speech by mr mahesh kumar jain, deputy governor, of the reserve bank of india, at the international research conference on fintech " innovation, inclusion, and regulation ", jointly organised by the indian institute of management ( iim ), ahmedabad and the centre for advanced financial research and learning ( cafral ), ahmedabad, 10 march 2023. * * * shri injeti srinivas ( chairperson, ifsca ), shri b. p. kanungo ( director, cafral ), faculty members of iim ahmedabad and cafral, and distinguished participants of this conference, a warm greeting to you all! 1. i am delighted to be present here at this international research conference on fintech. the theme on'innovation, inclusion, and regulation'in the context of the fintech revolution in india is indeed very topical and relevant to the times we live in. 2. new technology often reinvigorates and reshapes economies. in the last few decades or so, information technologies perhaps had the most transformative effect on the economy and particularly in financial services. the interlinkage of finance and information technology, which is now known as fintech, has played significant role in the evolution of finance. 3. over the years, technology has led to globalisation of financial services, initiated a tectonic shift in the efficiency and speed of these services and increased convenience as well as better experience to consumers. what makes the ongoing fintech revolution different? 4. the current fintech revolution, which started soon after the north atlantic financial crisis of 2007 - 08 is unique in many ways. this revolution is defined by the increased computing power, use of new technologies such as artificial intelligence and machine learning, apis that leverage big data in providing financial services. further, there is an emergence of new entrants and new business models. 5. prior to current fintech revolution, digitalisation of financial services allowed banks and financial institutions to have structured data on their consumers which was used to have better understanding of the customer's risk profile. however, with the emergence of big data analytics, even better insights on customer preferences and behaviour, can be obtained using alternate semi - structured and unstructured data. moreover, the analytics, rather than being performed by the financial institution themselves is being outsourced to new age fintechs. in fact, the financial sector is benefit