muhammad bin ibrahim : the resurgence of payments in a digital world keynote address by mr muhammad bin ibrahim, governor of the central bank of malaysia ( bank negara malaysia ), at the malaysian e - payments excellence awards ( meea ) 2018 " the resurgence of payments in a digital world ", kuala lumpur, 11 april 2018. * * * thank you for inviting me to speak today. ten years ago, the word “ payments ” was only heard in small and exclusive circles. those in banking understand the importance and criticality of the payment system. huge resources are devoted to this function. understandably so. payment services are the bread and butter of banking and the lubricant for the economy. it is at the heart of all economic activities. its services are indispensable. yet, only a few took an interest in payments, except maybe those in the financial services community. today, this situation has reversed. payments is now at the top of everyone ’ s minds. globalisation of the financial markets and the consequent flows of funds across borders necessitates modernisation and strengthening of the financial system. huge investments are being put in place. technological advancements accelerate this process. out of the $ 27. 4 billion raised globally for fintech funding in 2017, 30 % of the funds went to payment companies. in the third and fourth quarter of last year, 4 out of the top 10 global fintech deals were for payment services. a few factors have driven changes in the payments sphere ; digitisation, competition and innovation. in malaysia, the payment system has significantly transformed over the last 25 years. the journey started many years ago in 1997, major changes to the payment landscape occurred with the consolidation of the three atm networks in the country into meps. this initiative removed duplication and enhanced the network multiplier effects. in fact, malaysia was among the first in the world to complete the migration to the more secure chip - based payment cards in 2005. to provide a roadmap for the development, in 2011, bank negara malaysia developed a 10 - year financial sector blueprint which amongst others, outlined the initiative to displace paperbased payment instruments, namely cheques and cash, in favour of the more convenient and cost effective e - payment methods. we now have paynet, the domestic shared infrastructure at the heart of the country ’ s payment systems. we envision paynet to be a catalyst, one that challenges the status quo to drive

zeti akhtar aziz : basel ii implementation and the development of asia's financial system a€ “ experiences, challenges and regional cooperation keynote address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 4th seacen / abac / aba / pecc public - private dialogue for the asia pacific region, kuala lumpur, 18 august 2008. * * * it is my pleasure to be here today, to speak on the occasion of this public - private dialogue organised by the seacen centre in collaboration with the apec business advisory council ( abac ), the asian bankers association ( aba ) and the pacific economic cooperation council ( pecc ) on the development of asia's financial systems and the implementation of basel ii. the implementation of basel ii across the asia pacific region is occurring at a time of heightened risks, during a time in which our economies and financial systems are confronted with significant challenges and increased uncertainties. as the underpinnings of basel ii are concerned with enhancing the responsiveness to risk by banking institutions, there are enormous expectations that basel ii will stand up to the test of capturing the complexities and the more uncertain direction of risk in the current environment. there is also enormous interest in assessing the pre - emptive capabilities of the framework to anticipate the direction of risk and thus ensure the provision of adequate capital buffers for such risk. the sharing of experience on the implementation of basel ii in this region and the greater engagement between the supervisory and financial communities will provide further insights to these issues. the ultimate objective of basel ii is to achieve more resilient banks, and thus preserve the broader financial stability. in the asia pacific region, thirteen countries have adopted the standardized approaches under basel ii for credit and operational risks. a number of countries have also either already adopted or announced plans to adopt the more advanced approaches by 2010 or earlier. malaysia adopted the standardised approach this year and has recently issued a concept paper detailing the parameters for the implementation of the more advanced approach to be adopted in 2010. the global economy has entered a period of greater uncertainty, with a number of developments that are taking place in some of the developed economies having destabilising implications on the global economy. the international financial markets continue to be in turmoil, triggered by the developments in the subprime market in the united states and resulting in the tightening of liquidity in the credit markets. the impact of these developments on the financial position of financial institutions has