the products and services are launched to the general public. technologies under reviewed include biometrics for electronic know - your - customers, machine learning for alternative credit scoring models, and blockchain applications for cross - border payments, supply chain financing, and document authentication. another way in which productivity is being enhanced is through improving regional financial connectivity. recent efforts by banks in the region to partner and adopt the thai qr code standard and blockchain applications for cross - border payments are examples of how financial innovations can help improve regional financial connectivity and facilitate smoother cross - border financial services. let me now turn to building immunity, which is a significant imperative for the future vuca world. with the vast amount of data and modern analytical tools available, resilience can be significantly improved. for example, banks can use transactional data to better forecast customers ’ credit demand and credit risks. regulatory agencies can analyze financial connectedness through network analysis to detect risk events and safeguard financial stability. the bank of thailand has employed a number of big data analytics to detect early signals of imbalances in the economy and respond pre - emptively should risks arise. additionally, in this increasingly digital environment, cyber resilience and cyber security must be a top priority and all of us must be prepared to prevent and respond effectively to cyber threats. adoption of modern technologies like biometrics and blockchains can help safeguard financial information and reduce the number and magnitude of fraudulent activities. in our part, last year the bank of thailand in collaboration with 15 thai banks and the electronic transactions development agency, set up the thailand banking sector computer emergency response team ( tb - cert ) as a platform for banks and regulators to share information on cyber incidents and build standards and capacity for it - personnel to handle new threats. furthermore, to ensure that our legal framework fits with the current digital environment and can keep up with new innovations, the bank of thailand had proposed the new payment systems act, which became effective in april of 2018. the act unifies previously fragmented payment laws and regulations and empowers the bank of thailand to oversee development of the thai payment systems and regulate new payment innovations and players. moreover, our supervisory guidelines on management of information technology risks have also 4 / 6 been updated to ensure that banks have appropriate governance structure in place and can swiftly respond in the event of cyber attacks. these developments will contribute to safer environment for both service providers and customers. on inclusivity, despite high level of financial access in

the people at large remain our priorities. for this reason, we need to redouble our efforts to enhance our banking, finance and technological know - how. we also need to make sure that a wealth of knowledge and experiences is effectively shared among members of the clmvt. bis central bankers ’ speeches the last one is to leverage on specialized financial services that some of our members are ready to offer. for thailand, progress has been made to create financial ecosystem to meet growing regional demand for specialized financial services. in the capital market, thailand allows entities from clmv countries to raise funds from the thai capital market with the introduction of more accommodative rules on capital account and taxation. since 2013, the lao government and firms from lao pdr have issued baht - denominated bonds, worth 28 billion baht in total, to support large - scale infrastructure projects. in addition, the bank of thailand supports multinational corporations operating in the region to establish regional treasury centers in thailand. as of now, there are 13 companies holding treasury center licenses, of which 4 have been granted in the past 3 months. ladies and gentlemen, the work to develop domestic financial sectors and strengthen financial connectivity will always be a work in progress. the bank of thailand is committed to working with our counterparts in clmv countries to develop the financial industry and enhance regional financial integration. much progress has been accomplished, but there remain many more things that we can and should do to further promote more connected financial system. as we have done in the past decade, the bank of thailand will stand ready to work with our clmv partners in various ways from development of human capital and regulatory frameworks to infrastructure building. if we can build strong domestic financial systems and regional financial connectivity, we will be able to reduce costs and create positive spillovers to several other industries. livelihoods of our people will improve. workers and investors can more easily and cheaply remit funds across countries. merchants will find it easier to trade cross - border. the tourism sector will gain even more momentum. smes will be able to utilize e - commerce and e - payment in selling their products regionally and globally. financing of infrastructure projects can also be supported by long - term financial products with proper risk management features. furthermore, financial inclusion and financial literacy will equip households and small businesses with the needed resilience to go through the increasingly volatile world. ladies and gentlemen, just ten years ago, the low - cost