benjamin e diokno : keynote message - eccp ai + financial services future of fintech keynote message by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), during the during the eccp ( european chamber of commerce of the philippines ) ai + financial services future of fintech, 21 july 2021. * * * friends and colleagues from the european chamber of commerce of the philippines and fairs and more, inc., esteemed guest speakers, ladies and gentlemen, a pleasant afternoon to all. i ’ m glad to be a part of the ai + forum series wherein we hope to have more strategic discussions about financial technology and how the financial services industry can leverage on technological advancements such as artificial intelligence, machine learning, and robotics, among others, in designing and providing more customer - centric financial products and services. in just the last ten ( 10 ) years, we ’ ve all witnessed how technology has dramatically advanced and elevated our day - to - day living. from augmented reality games to self - driving cars ; from voicecontrolled home devices to life - saving medicines ; from office productivity tools to space exploration journeys ; the possibilities are indeed limitless. personally, i was astonished to recently learn about deepfakes. such advances in artificial intelligence are both exceptional and admittedly, disturbing at the same time. after the initial disbelief and amazement wears off, you soon realize how destructive this technology might be if used for ill purposes. perhaps this is the reason why there is still some resistance in fully embracing technology when it comes to providing financial services, particularly in banking. because banking, at its very core, is built on trust between the financial institution and its customers. trust is not built overnight, but is diligently earned over a period of time. despite the apprehensions, we cannot fully dismiss the potentials that financial technology has to offer, especially in bridging the financial inclusion gap. what good is it to have the perfect financial system if only a handful in society gets to benefit from it? thus, we need to set aside our fears and prejudices and transform existing challenges to life - changing opportunities by striking the right balance between innovation and regulation. the bsp has fervently sought to capitalize on such development. our goal has always been to enable a conducive environment for both incumbent banks and fintechs to harness their full potential with regard to their journey

are clear, comprehensive, coherent acrossborders and complied with, while preserving the potential for technological innovation offered by stablecoins. beyond contributing to the adjustment of the regulatory and oversight frameworks to address these risks, central banks may make further contributions, notably by revisiting and possibly adjusting the conditions under which they make central bank money available for settlement purposes. to that end, we should keep an open - minded approach and develop an in - depth understanding of innovations currently spreading across the financial sector, including through experimentations. this is critical for our capacity to help deliver a sound, proper and updated regulatory framework supporting innovation, and adequately mitigate their inherent risks. this is also critical for our capacity to adapt the performance of the different roles we play to fulfil our financial stability mandate and conduct efficient monetary policies. thank you for your attention. 4 / 4 bis central bankers'speeches