##ossmacher of credit suisse in the “ pulse of regtech ” session. they talked about how banks can leverage alternative datasets to improve the loan application process and enhance the evaluation of product suitability. we also heard how they have designed solutions that put customer experience at the centre – by respecting customer needs, eliminating duplication, offering the most suitable products and, most importantly, keeping customers protected. the use cases discussed in those sessions showed that regtech offers exciting opportunities that go beyond a compliance tick - box exercise and greatly improve customer experience and satisfaction. 7. thirdly, regtech benefits regulators : earlier, deputy governor fan had this to say, “ in the era of the digital economy, the financial business environment is opening up more and more, services are becoming more virtual, business boundaries are blurring, and financial risks are becoming more contagious. ” we at the hkma recognise the importance of regtech in managing the risks associated with the digital economy. regtech can play a critical role in helping banks to maintain operational resilience, and that in turn makes it easier for regulators to better manage overall risk in the financial system. 8. i particularly enjoyed the analogy made by mr benoit cœure. indeed, we regulators are often 1 / 4 bis central bankers'speeches referred to as watchdogs. benoit is more specific. he noted that banks are like greyhounds – usually fast at adopting new technologies ; while regulators are like bloodhounds – a bit slow and stubborn but having financial stability as their key priority. in fact though, i have to say that the hkma is increasingly acting like a greyhound in our efforts to promote regtech. how to overcome regtech adoption challenges 9. so we have put forward clear evidence that regtech can benefit many different stakeholders. but we also know that there are challenges associated with regtech adoption. part of our regtech 2025 vision is to see regtech being extensively adopted by the hong kong banking sector. to facilitate this, we aim to share success stories of regtech implementation – how others overcame the challenges and develop practical guidance to banks. 10. many success stories have been showcased in today ’ s event. the roundtable with tech giants session offered valuable insights into how to use cloud and artificial intelligence to aid regtech adoption. in the pulse of regtech and masterclass sessions, our guest speakers shared real - life stories on practical drivers for regtech adoption and factors in successful solution implementation. 11.

eddie yue : developing asia ’ s infrastructure to sustain economic growth statement by mr eddie yue, deputy chief executive of the hong kong monetary authority, and head of delegation, hong kong, for the 48th asian development bank annual meeting, baku, azerbaijan, 4 - 5 may 2015. * * * i would like to thank the government of azerbaijan for hosting the 48th annual meeting of the asian development bank ( adb ), and the management and staff of adb for the excellent arrangements of the event. i would also like to express my deepest condolences to the people of nepal affected by the recent earthquake. global economic growth has been modest and uneven since the last annual meeting. while developing economies including those in asia remain an important source of global growth, there are signs that activities are slowing and potential outputs are falling. despite substantial progress, developing asia still faces significant development challenges. in particular, a number of developing economies have been held back by infrastructure bottlenecks. to sustain economic growth and fully realise their growth potential, substantial infrastructure investment is needed. developing asia ’ s infrastructure development needs dwarf existing official development assistance, government and private investments combined. to fill this huge infrastructure financing gap, we need bold, new efforts. in this regard, we welcome the combination of asian development fund ( adf ) resources with the adb ’ s ordinary capital resources. the merger will allow adb to make more efficient use of its existing resources and substantially expand its financial capacity by up to 50 % according to adb ’ s estimates. this, in turn, will mobilise more public and private sector investments through co - financing and greatly enhance the support available to developing members. we are also glad to see that governments are working together and making significant steps in promoting infrastructure development. they include, for instance, the establishment of the asian infrastructure investment bank and the g20 global infrastructure initiative and global infrastructure hub. these initiatives underscore the commitment by governments from within and outside the region to give infrastructure investment a fresh impetus. by bringing new funds and new ways for development assistance, they will serve to complement the existing efforts by adb in meeting the region ’ s vast development needs. as highlighted in the theme for this year ’ s annual meeting, fostering cooperation among development partners – existing and new, private and public, national and multilateral – is crucial for reaping synergy and maximising development impact. adb has a hailed tradition of cooperating with other partners in delivering results. by working