countermeasures. in this process, i will work to ensure that we can achieve more effective financial cooperation with major central banks and international financial organizations. we also need to pool our wisdom for the stable management of household debt. dear members of the bok family! the last two years have afforded me a good opportunity to look at the bank of korea from a more objective perspective. the outside evaluations of the bank differ from what we ourselves believe we are, and i think contain many points that we can refer to in conducting our tasks. here today, i would like to request the following : we need to look back once again, and consider the appropriateness of our ways of thinking and handling the work that we have taken as natural until now. all organizations tend to have their own thoughts and patterns of behavior distinct from those of other organizations. from the outsider ’ s view, however, this can be seen as a kind of institutional self - centeredness that tries to disregard changes in the environment. as i mentioned earlier, people ’ s expectations for the central bank are at this time higher than ever before. we should bear in mind that, if we do not think outside the box, it can be difficult for us to play the role and carry out the mission befitting the needs of our time. particularly, since the bank of korea is a national policy organization, we should always look squarely at the problems which the korean economy faces and maintain a positive attitude while seeking the appropriate policy options. only then will the bank of korea be able to be recognized as working together with the people, and contributing to the development of the national economy. to this end, i hope that all of you will devote yourselves to selfimprovement, and to being top - class specialists in your areas of work. i will devote myself to creating an environment in which all employees can trust and communicate candidly with one another. we should never forget that a workplace culture where seniors, juniors and coworkers trust, respect and care about one another is a very valuable asset which our predecessors have cultivated for a long time. dear fellow members of the bank of korea! i would like to briefly tell you my thoughts related to this organization and to its human resource management. i will completely reexamine the efficiency of our current management administration system and operating procedures. i will work to further enhance the positive aspects of the various reforms taken in the internal management area in the past years. if, however,

with the ability of technology to ensure secured transactions also gives rise to the popularity of peer - to - peer financial services. implications to bnm as a regulator these scenarios i have painted are drawn to show the distinct characteristics of a financial sector across four possible scenarios. it could be one of them, a combination or none of the above. regardless of which scenario might eventually emerge, perhaps the most important realisation for stakeholders today is to be aware, ready and prepared for all the scenarios. in reality, what is even more likely though, is that the dynamic interplay between these scenarios will end up shaping the future of finance in ways that we cannot even fathom today. interestingly, we are already seeing some elements of all four scenarios in our financial system today. to my mind, scenarios one and four are remotely possible, while scenarios two and three are considerably probable. for regulators, as the four scenarios highlighted, it is not beyond the realm of possibility that banks, in its current form, might no longer exist. this phenomenon not only negates the main intermediation channel of central banks ’ monetary policy, it will also challenge central banks in terms of rethinking the means to regulate, supervise and safeguard overall financial stability and the manner in which scarce economic resources are allocated and intermediated. as data becomes the driving force of financial services, the central bank must keep abreast with 4 / 5 bis central bankers'speeches the latest thinking to harness the power of big data. the challenge for central banks however, is to filter out noises from the mass of data and extract meaningful information that will assist in better policy - making. the bank has embarked on a journey to adopt big data and analytics across all functions of the organisation. this includes establishing a dedicated statistics team to drive this agenda, enhancing the capabilities of staff and exploring new areas and methods of data collection. we continuously strategise to ‘ future - proof ’ the financial system through our policies, frameworks and initiatives. three principles are worth mentioning ; a. firstly, we will continue to strongly advocate for the adoption of technology to enhance the efficiency, effectiveness and resiliency of the financial sector. our fintech sandbox and financial technology enabler group is an example of this. this also reflects our philosophy that innovations work best through collaboration between the industry and policymakers ; b. secondly, as a regulator and trustee of the financial sector, we will remain focused on ensuring that the financial sector is inclusive for all