of good governance in word and in deed. in closing, i would like to thank baiphil for its steadfast support for bsp ’ s reform initiatives, particularly, in championing corporate governance. congratulations to the newly elected officers, directors and committee chairpersons! i am confident that you will lead baiphil in a professional manner and exemplify the very ideals of good governance. thank you all. mabuhay ang baiphil! mabuhay ang philippine banking sector!

##ystem has been conducting a consultation on the possible issuance of a digital euro, to complement the euro in its physical form. the digital euro would offer an additional option for paying with public money, including where this is not possible today, for example in e - commerce. it is worth noting that in addition to banks, other payment service providers are envisaged to also have a role in the distribution of the digital euro to their customers. in other words, citizens would be able to access the digital euro core services, irrespective of whether their account or wallet is kept at a bank or at a payment institution or at an electronic money institution. ladies and gentlemen, in terms of the domestic market developments, the number of payment institutions and electronic money institutions operating in cyprus has exhibited significant growth in the last few years with the entrance of more service providers. currently in cyprus there are 11 licenced payment institutions and 23 licenced electronic money institutions. furthermore, a number of institutions from other member states of the eu offer these 3 / 5 bis - central bankers'speeches services in cyprus through the european passporting system. despite the relatively large number of licensed institutions for the size of cyprus, there is continued interest for new licences. at present, 33 applications for new licences are being assessed by the central bank of cyprus. in this respect, we have effected a number of organisational and technological changes at the central bank of cyprus, in order to be able to address this increased interest for new licences. a couple of examples are the set - up of a dedicated licensing team, the strengthening of the team with additional staff ( an increase of 140 % in the last two years ) and the introduction of an e - platform for the submission of the application documents. the central bank of cyprus is looking for strong governance arrangements and internal control structures within the licensed institutions, in order to promote a culture of compliance and adherence to the relevant regulatory frameworks. the aim is to reduce risks to the financial system, stemming from money laundering, terrorist financing, bypassing of sanctions, cyber - attacks, fraud or leakages of personal information. these elements are the cornerstones of a solid electronic money institutions / payment institutions sector, which would benefit all involved parties. in cyprus and in the eu, the payments landscape is dynamic and fast changing. in this respect, the relevant eu legislation needs to be updated. earlier this year the european commission published legislative proposals with a view to amending the payment services