, or be faced with extraordinarily high rates and fees. the ministry of law has thus formed an advisory committee on moneylending in june to review the moneylending regulatory regime. measures being considered include limiting the aggregate amount of loans that a borrower can obtain across multiple moneylenders, restricting the fees charged by moneylenders, and capping the interest rates of loans from moneylenders. ( b ) the ministry of home affairs has also stepped up efforts to arrest unlicensed moneylending activities. the number of reported unlicensed moneylending and related harassment cases has declined2 following the enhanced police enforcement and the punitive legal measures introduced in the moneylenders act in 2010. thrust two : help the indebted reduce their debts 17 the second thrust is to help borrowers who are already over - extended, to reduce their debts in an orderly manner. we have to address the legacy debt problems, and help the borrowers who got into this over - extended situation before the recently tightened standards. 18 many individuals who have been helped by ccs can testify that with resolve and determination, it is possible to overcome serious debt problems. since ccs ’ setup, about 870 individuals counselled by ccs have already fully settled their debts. many others, aided by ccs, are on their road to recovery. 19 to assist more borrowers, ccs is working on expanding its services. it will offer a centralised repayment solution to those who have accumulated substantial unsecured debts above their annual incomes. under this new repayment solution, borrowers will not have to approach multiple creditor banks to negotiate how to reduce their debts. instead, ccs will coordinate across all of a borrower ’ s creditor banks, and work out a centralised repayment plan. this centralised repayment plan will take holistic account of the borrower ’ s income, expenditure needs, and loan obligations. all the leading retail banks have agreed to come on - board ccs ’ centralised repayment solution by the first quarter of next year. thrust three : empower individuals to take charge through financial education 20 the third thrust is to reach out to more singaporeans to empower them with the knowledge and skills to better manage their finances, and especially to avoid excessive borrowing. ( a ) an integrated consumer education campaign, that explains the problems that result when debts get too high, will be launched by moneysense next year. the the number of

outlook ladies and gentlemen, exploring cbdcs is not just a technical exercise ; it is also a strategic necessity. it is an opportunity for us to shape the future of money and payments in a way that serves the interests of both our citizens and the economy. let us embrace this challenge with the diligence and foresight that have always characterised our institutions. as we embark on this journey, let us be guided by our commitment to the public good. we must strive to create a cbdc that reflects the values of our institutions : stability, trust and efficiency. it goes without saying that such a complex journey towards the possible introduction of a cbdc does not come without its fair share of challenges. yet these are challenges that we can overcome, and by that, i mean overcome together. thank you for your attention and i look forward to continued discussions with all of you. 1 ehi - studie 2023 5 / 5 bis - central bankers'speeches