opt - out mechanism, which will allow consumers to withdraw or limit the scope of data that will be shared. at any rate, our approach [ to innovation ] is, of course, what we call the " regulatory sandbox. " with our test - and - learn approach to innovation and with coordination and constant dialogue with the fintech alliance and other [ industry ] groups, we hope that we will get better and better at regulating innovation and pioneering technologies, without sacrificing controls and the structured environment where potential benefits and risks are clearly demonstrated and balanced. in addition, of course, we have project cbdc [ central bank digital currency ], which, we think, has very little value added on the retail level. of course, there are countries that are thinking the other way. i saw a documentary about china. literally, there is a picture of the currency in your phone, including the serial number. when you make payments to somebody, that disappears and moves to this phone. of course, that saves a lot of money in printing. but in countries that are so concerned about privacy, the government will actually know 2 / 5 bis - central bankers'speeches more about you than your wife. in my case, that is not dangerous ; there is nothing to know about me. but for many people, that [ privacy issue ] is a bit of a concern. so, all of those things have to be addressed. harnessing regtech and suptech to build the digital capacity of regulators we must recognize that we, regulators and bank supervisors, have to catch up with rapidly - evolving technologies. in other words, even the way we regulate has to adapt to it [ technology ]. the best example of that is our asterisc *, [ which stands for ] advance sup [ ervisory ] tech [ nology ] engine for risk - based compliance. it is a tool that streamlines and automates regulatory supervision, reporting, and compliance. [ in doing so, ] the tie - up between the bsp and the banks becomes more efficient, precisely because it uses digital technology. we have other things, like the api - xml [ application programming interface - extensible markup language ] project, which involves the development of digital tools to improve the speed, quality, and comprehensiveness of regulatory reporting. in other words, the dream is : every time a bank itself has an internal report that is relevant to regulation, which is sent to the bsp,

we begin to know each bank better and better, and, hopefully, we become even better regulators than we are today. of course, there is great importance in philsys [ philippine identification system ], which will enable consumers to have easier access and utilization of innovative and digital financial products and services. expanding qr payments within and beyond asean the adoption of the qr [ quick response ] standard [ is also seen to help ]. by the way, we are now talking about a qr standard that is, at the very least, parts of it are interoperable with the rest of southeast asia, beginning, of course, with singapore, thailand, indonesia, and malaysia. but lo and behold, i look at what gcash is doing, and they are already ahead on the cross - border [ front ]. if you have a gcash account, you can make remittance much easier using your phone. of course, the goal is for a citizen of every asean [ association of southeast asian nations ] country - with his phone - to make a payment everywhere, at least, in the asean5 and, eventually, the whole of asean. i think, the asean - 5 target is, maybe, two to three years from now. of course, singaporeans will always say, " the use case, it has to be practical. " hopefully, of course, this will be profitable in at least several countries. of course, our own goal within the philippines is that we can make payments to tricycle drivers, sidewalk vendors, or even beggars using our cellphone. 3 / 5 bis - central bankers'speeches many banks are very cooperative. again, i will not say which bank because i might sound like a bank advertiser. one bank is saying, " no fees for transactions. " we suggested 500. what they are doing is 1, 000 ; no fees for anything below 1, 000. but even amid digitalization push, cash will remain my own personal experience is that cash is faster [ for certain transactions ] because you have to take your phone out [ with e - wallets ]. then, your gmaya has logged you out. so, you have to log in. if you put out cash, that is it. so, it is hard to beat cash. the point, though, is that, maybe, that is the difficult part from the point of view of the consumer. but from the point of view of the merchant