other industries and serves the citizens of clmvt. more seamless travel promotes the tourism industry, reduces logistic costs, and overcomes obstacles to transportation, thus allowing closer people - to - people connectivity and opening up opportunities for people to realize their fullest potentials. ladies and gentlemen, improved airline service and connectivity might only be one aspect of enhanced regional connectivity. nevertheless, it serves us well as a model to develop other domestic service industries and to promote regional connectivity in the service sector. the questions i would like to focus on today is what could we learn from the success of the airline industry? and, how will we make this happen in other areas of the service sector that have potentials to serve the region? bis central bankers ’ speeches for the first question, the fast development of the airline industry can be mainly attributed to two factors : the right business model for our market and the enabling infrastructure and eco - system. on the private sector ’ s part, the low - cost airlines know the region ’ s untapped market and come to serve the large unmet demand with the right business model. needless to say, they offer customers with simple products, including no - frills service with a single cabin class. their business model is successful at minimizing operating costs by using a single aircraft model and by choosing the most fuel efficient plane type to reduce fuel and maintenance costs. the airlines also revolutionized the ticketing system by first offering internet booking, paperless tickets and mobile check - ins for greater convenience and lower costs. apart from the right entrepreneurial spirit of the private sector, policymakers are to be credited with the creation of the airline network in our region. there are at least five factors policymakers have contributed to the success of the regional airline industry. • first is the introduction of the “ open sky ” policy which has opened up opportunities for new potential players, at a scale large enough to create a strong viable network of airlnes providing regular services with more competitive prices. • second, investment in necessary infrastructure has been undertaken, such as airport facilities, landing slots, and aeronautical radio networks to facilitate flight communication. • third, rules and regulations, especially on cross - border of services, were more harmonized to support the airlines ’ operation. visa requirements and custom procedures were also streamlined to accommodate travelers. • fourth, authorities lifted up standards for pilots, crews, and airlines ’ staff, driving the airlines to actively promote their human resource development to be

the people at large remain our priorities. for this reason, we need to redouble our efforts to enhance our banking, finance and technological know - how. we also need to make sure that a wealth of knowledge and experiences is effectively shared among members of the clmvt. bis central bankers ’ speeches the last one is to leverage on specialized financial services that some of our members are ready to offer. for thailand, progress has been made to create financial ecosystem to meet growing regional demand for specialized financial services. in the capital market, thailand allows entities from clmv countries to raise funds from the thai capital market with the introduction of more accommodative rules on capital account and taxation. since 2013, the lao government and firms from lao pdr have issued baht - denominated bonds, worth 28 billion baht in total, to support large - scale infrastructure projects. in addition, the bank of thailand supports multinational corporations operating in the region to establish regional treasury centers in thailand. as of now, there are 13 companies holding treasury center licenses, of which 4 have been granted in the past 3 months. ladies and gentlemen, the work to develop domestic financial sectors and strengthen financial connectivity will always be a work in progress. the bank of thailand is committed to working with our counterparts in clmv countries to develop the financial industry and enhance regional financial integration. much progress has been accomplished, but there remain many more things that we can and should do to further promote more connected financial system. as we have done in the past decade, the bank of thailand will stand ready to work with our clmv partners in various ways from development of human capital and regulatory frameworks to infrastructure building. if we can build strong domestic financial systems and regional financial connectivity, we will be able to reduce costs and create positive spillovers to several other industries. livelihoods of our people will improve. workers and investors can more easily and cheaply remit funds across countries. merchants will find it easier to trade cross - border. the tourism sector will gain even more momentum. smes will be able to utilize e - commerce and e - payment in selling their products regionally and globally. financing of infrastructure projects can also be supported by long - term financial products with proper risk management features. furthermore, financial inclusion and financial literacy will equip households and small businesses with the needed resilience to go through the increasingly volatile world. ladies and gentlemen, just ten years ago, the low - cost