supervision moving forward. first, to strengthen financial sector legislation through the modernisation and consolidation of existing regulatory / oversight laws under bank negara malaysia ’ s purview. the enhanced legislation ensures that bank negara malaysia is entrusted with the necessary mandate and power to maintain financial stability and to conduct effective supervision of financial institutions. second, complement existing micro - prudential rules with macro - prudential instruments to address system - wide risks with the aim of ensuring greater resilience of individual institutions, and the financial system as a whole. third, enhance comprehensive cross - border crisis management and financial stability surveillance arrangements. this can be done via channels such as the emeap monetary and financial stability financial committee, which was established in 2007 to enhance regional collaboration and cooperation in the area of macromonitoring and crisis management. efforts are also directed to strengthen financial safety nets within the region ( e. g. cross - border collateral arrangements, currency swap arrangements ). we are quite confident these arrangements will further strengthen the resilience of regional financial systems and economies. these measures will become increasingly important in the light of our effort to increase the integration of financial systems within the region. fourth, establish a holistic framework for consolidated supervision. all the activities of financial conglomerates are within appropriate risk levels and not overly complex, and the large groups are not a source and channels for amplifying contagion effects. supervisory cooperation initiatives at the regional level will also be directed at enhancing existing or introducing additional platforms ( e. g. creation of supervisory colleges ) for discussing issues related to the supervision and resolution of cross - border financial institutions. fifth, promote fair and transparent market conduct practices by financial institutions through heightened market conduct surveillance and transparency requirements, while also raising the level of financial capability of consumers through education and awareness programmes. how malaysia survived the global financial crisis let me conclude by outlining why we had not been adversely affected by the recent financial crisis. banking system maintained strong financial and capital buffers at end 2008 during the peak of the crisis as evidenced by : strong capital position with rwcr of 12. 6 % and core capital ratio of 10. 6 %. ample liquidity with total interbank placements of more than rm150 billion with bnm that can be unwound to release rm liquidity to the system at any time. low exposures to foreign currency ( fx ) denominated assets. banks ’ leverage position remains manageable and lower than foreign institutions abroad.

is a regulated trading and settlement platform for digital assets. four bond issuances, from the cantons of baselstadt and zurich and from the cities of lugano and st gallen, were successfully settled with wholesale cbdc as part of the pilot. the snb is also looking into how monetary policy operations, such as repos or snb bills, could be settled using swiss franc wholesale cbdc. while it is too early to draw final conclusions from the pilot, let me share some preliminary insights. project helvetia iii shows that wholesale cbdc does indeed provide a mechanism for maintaining the benefits of settlement in central bank money in a tokenised world. 2 / 4 bis - central bankers'speeches swiss franc wholesale cbdc can be issued on a third - party platform and used to settle tokenised assets safely and efficiently. economically and legally, the wholesale cbdc used in helvetia iii is equivalent to sight deposits on our balance sheet. the pilot also shows that the banks, the infrastructure providers and the snb can accommodate wholesale cbdc in their internalprocesses. the snb can keep control over the issuance of its wholesale cbdc on sdx by technical means and contractual arrangements. while these findings are encouraging, important questions remain : first, when should central banks start playing a role in the settlement of tokenised assets? should we provide digital central bank money early on, or should we instead take a wait - and - see approach, and only become active if tokenisation gains in importance? a second question concerns whether wholesale cbdc is the best solution for settling tokenised assets in central bank money. in switzerland, there are other possible solutions, such as linking platforms for tokenised assets with today's sic payment system, or using private token money that is bankruptcy - protected and backed by sight deposits at the snb. we are evaluating these options, since it is important that we understand their respective benefits and drawbacks. a third question addresses the design of wholesale cbdc. we would need to decide on key parameters, including whether swiss franc digital central bank money could be held overnight, how it would be remunerated, and which financial institutions should have access. for instance, access by foreign institutions could be particularly relevant for cross - border use cases. finally, issuing central bank money on a third - party platform raises questions about the criteria for a platform to qualify for the use of digital central bank money for settlement, and about the