within the group, including the impact of currency fluctuations ). in light of the challenges i just mentioned, the cross - border integration in africa of internationally accepted banking supervision standards, improvement of financial sector disclosure and governance practices is therefore crucial not only to ensure the appropriate and effective supervision of banking groups that are significant in an african context, but also to limit the regulatory burden and associated cost burden on banks and consumers of financial products. however, it is important to recognise that these challenges also create opportunities to promote regional financial integration. south africa is therefore fully supportive and active on committees such as the association of african central banks, sadc committee for central bank governors ( ccbg ), the fsb ’ s regional consultative group for sub - saharan africa and the community of african banking supervisors ( cabs ). the work of these important committees all contribute towards the development and implementation of an effective financial sector regulatory framework in africa. promoting cross - border banking in africa and implementing regulatory co - ordination measures to address these concerns could have substantial benefits in promoting growth in the continent. 5. role of regulators and international and regional forums regulators have a particular role to play in the integration process as the success of financially integrated markets starts with the regulatory authorities ensuring that the entities allowed into their financial sector meet all the relevant requirements for access to the relevant jurisdiction. for this reason, it is important to conduct rigorous assessments to accurately determine the costs and benefits which arise from allowing a foreign bank into a jurisdiction. in order to ensure the african banking sector remains adequately integrated, with minimal negative spillover effects felt from cross - border banking in both the home and host country, regulators need to be appropriately equipped to deal with cross border banks. this requires : • staying abreast of the latest international regulatory developments : those of us who participate in regional and international financial standard - setting bodies have an obligation to play a pro - active role, to use our strengthened voice, be ready to take constructive positions on the various reforms and consider the views of those countries that are not at the table. this highlights the importance of the financial stability board ( fsb ) regional outreach groups and the cabs. • encourage progress in the implementation of the basel capital accords, so as to create a level playing field, which makes it easier and more cost efficient to start - up a business in a new jurisdiction. however, implementation of international standards bis central bankers ’ speeches must be done taking into account country specific circumstances and should not be at all costs

three, it can enable decentralised finance, or defi, where borrowing, lending and trading activities can be performed autonomously through smart contracts, potentially enhancing the efficiency and accessibility of financial services. but defi is still in its infancy and is not without significant risks. the dispersed governance processes, coupled with a lack of transparency, renders defi difficult to regulate. in traditional finance, if something goes wrong, supervisors can go after the entity, its board and management, and the errant employees. in a defi world, there is no responsible entity or individual. how does one take enforcement action against an algorithm? just as wood has the capacity to grow from tiny saplings to gigantic trees, we want to nurture the tokenised assets ecosystem. through project guardian, mas and the financial industry are laying the structures and protocols that will help harness the benefits of tokenised assets and defi while managing their risks. one, building interoperable networks that enable digital assets to be bought and sold across multiple trading venues ; two, using regulated financial institutions as trust anchors to screen, verify and issue credentials to entities that wish to participate in these networks ; three, creating a common pool of digital assets that can be exchanged directly without intermediaries ; and 7 / 11 bis - central bankers'speeches four, establishing institutional grade security and compliance measures within defi protocols to mitigate against market manipulation and operational risks. project guardian's first pilot has demonstrated the potential for reducing costs in executing trades. dbs bank, jp morgan and sbi digital asset holdings, conducted transactions in tokenised foreign exchange and government bonds. if we can scale this, it means freeing up costs involved in executing trades through clearing and settlement intermediaries and managing bilateral counterparty trading relationships. project guardian has launched two new industry pilots to broaden the set of tokenised assets in play. the first, led by standard chartered bank, is about issuing tokens linked to trade finance. the second by hsbc and uob involves tokenising wealth management products. these projects strive to increase efficiency in the product value chains, lower issuance and servicing costs, and improve transparency and accessibility. we believe project guardian can help pave the way for the next evolution of financial markets in singapore we want to create a future where : any asset can be fractionalised ; no market is too big to access ; trading costs are drastically reduced ; and trust can be established with greater transparency and better accountability we invite everyone to join