identified in the first whitepaper are valid and that many of them would need new thinking to overcome. while the solution will depend on the precise application, the whitepaper has provided broad advice in areas such as the importance of governance structure and its implications on the level of control and liability acceptable to participants, how a hybrid model of dlt and traditional database may be used to resolve the immutability nature of dlt in the storage of personal data, the limits of smart contracts, and the need of adequate security and controls over the operating environment of dlt. 18. the next step would be for the hkma to work with the banking industry and the fintech community to turn the findings and advice in the second whitepaper into a set of practical guidelines for the use of dlt in the banking sector in the future. given the rapidly evolving nature of dlt, this is no easy task to undertake. we welcome comments and input from the stakeholders and stand ready to share the findings of our research and practical experience with our international peers. conclusion 19. ladies and gentlemen, now is an exciting time for financial innovation. technology is a game changer for the future of banking, payment and other financial services. it will differentiate winners from losers. i am very pleased to share with you today the important progress made by hong kong in cross - border collaboration and the use of dlt applications. as i said in my speech last month, the transformation of our banking system to a new and higher level of smart banking is not just something that is nice to a have, it is a must! to stay relevant and ahead of the game in this new era, i am sure you will agree that the collaborative efforts and research developments that i just mentioned are the essential building blocks to facilitate financial innovation and prepare hong kong to advance to the new smart banking era. 20. finally, i wish you a productive and fruitful time here at the hkma fintech day, and trust that you will benefit from today ’ s rich plenary and parallel sessions. 21. thank you very much. 4 / 4 bis central bankers'speeches

media and research - speeches speech during the fscc release of the systemic risk crisis management framework date : june 05, 2022 occasion : fscc release of the systemic risk crisis management framework speaker : bsp governor benjamin e. diokno ladies and gentlemen, good morning. the last three decades have seen significant developments in the financial market. technology has practically eliminated physical divides, while financial engineering has allowed instruments to be specifically designed for certain stakeholders with certain needs at a certain point in time. as a result, financial markets today are complex and highly interlinked across national borders. this creates a value chain as much as it provides the channels for various spillovers. we have seen, over the past three decades, the asian financial crisis, the global financial crisis and, more recently, the covid - induced global recession. although these have happened at nearly a decade ’ s interval between them, regulators as well as the public do not take comfort when the unexpected happens. this is the nature of crises. they are unexpected but creates significant disruptions as they unfold. someone will always bear the costs of the least disruptions, and invariably, it is the public. as we move forward towards full recovery, now is the opportune time to look ahead, recognizing lessons from the past while anticipating the possibilities of the future. this is why the financial stability coordination council put together this systemic risk crisis management framework which we are releasing today. financial stability, after all, is about systemic risks and the continuous task is to enhance the resilience of the financial system. stability is, therefore, simply about risks and resilience, preemptively assessing the former while ensuring the latter by both avoiding shocks to the system as well as strengthening the ability to recover once those shocks occur. the srcm is in keeping with the objective of managing systemic risks and strengthening the resilience of the system. it defines arrangements among the fscc agencies that we will rely on in good times so that we are best organized under stressed conditions. the srcm is a strategic document that highlights how ongoing tasks contribute to crisis management and identifying initiatives which we believe are needed moving forward. as we develop the tactical plans that underpin this strategic document, the srcm is thus a living document that evolves with the market and the needs of its stakeholders. the council fully understands the importance to the public of managing systemic risks and mitigating its disruptive effects. while financial stability is not about a