islamic subsidiaries may conduct investment banking activities. these capital market intermediaries are also reinforced by the strengthening of the institutional investors and the fund management industry. the growing sophistication of investors has resulted in increasing diversification of portfolios with growing interest in the bond market. foreign holdings of debt securities outstanding have also increased from less than 1 % in 2000 to 15 % in 2007. and finally, these developments have been continuously reinforced by the strengthening of the financial infrastructure, the settlement system, the legal and regulatory framework to ensure the robustness and vibrancy of the bond market. malaysia has benefited immensely from the development of the bond markets. as an important source of financing, it contributes to the economic growth process. it also allows for more efficient mobilization and allocation of financial resources. with greater efficiency in the intermediation process, it reduces the cost of financing. it also allows for the increased diversification of risks both for issuers and investors. in addition, it enhances financial stability through potential diversification, increased transparency and greater market discipline. the development of the bond market also enhances the transmission mechanism of monetary policy. finally, and most importantly, the more developed bond market has enhanced our resilience to the implications of increased volatility in the international financial markets. the malaysian bond market has several distinguishing features. firstly, it comprises both the conventional and islamic bond market. secondly, the secondary and repo market is now growing in significance. turnover volume in the secondary market has been steadily increasing over the years marking the active participation in the bond market by investors. in 2007, total annual turnover volume increased by 46 % to rm777 million. there is also an increased diversity of instruments being issued ranging from asset - backed bonds, bonds bearing features such as stepped - up coupons and " floaters " and pass - through abs. malaysia is also a leader in the development of sukuks and its pioneering efforts have seen the introduction of innovative structures such as the exchangeable sukuk musharakah, exchangeable sukuk as well as sukuk based on istisna'and ijarah. this is reinforced by the diversified tenures of the issues. malaysia's strong financial links to the traditional and nontraditional markets such as in the middle east also allows issuers to diversify their investor base. malaysia therefore continues to remain an important destination for international financial flows that are traded on the new silk road. in concluding my remarks,

denis beau : the future of central bank money in the coming digital age of wholesale and retail payments keynote speech by mr denis beau, first deputy governor of the bank of france, at the singapore fintech festival, singapore, 6 november 2024. * * * ladies and gentlemen, i am delighted to be here with you at the singapore fintech festival today to open this second session on the future of money in a world of growing digitalisation in finance. i would like to take this opportunity to share our perspective at the banque de france on this topic. while wholesale and retail payment processes are being shaped by different drivers and trends, they raise a common challenge for us at the banque de france, given our monetary and financial stability mandate : namely to safeguard and promote their safety and efficiency in a digitalising financial system. to meet this objective, we at the banque de france are focusing our efforts on three key levers : first, adapting central bank money services ; second, supporting industry initiatives that align with our policy objectives ; and third, helping to shape an appropriate regulatory framework. today, i will primarily focus my remarks on our use of the first lever – the adaptation of central bank money services – and on the importance we grant to that end to cooperating and experimenting with other public and private stakeholders, exemplified by the partnership we have established with the monetary authority of singapore. 1. wholesale digital payments the safety of financial transactions depends to an important degree on the type of settlement asset chosen. this has led policymakers and market participants for decades now to favour central bank money as the preferred settlement asset in the wholesale space. this preference is well reflected in principle 9 of the cpmi - iosco's principles for financial market infrastructures ( pfmis ). our conviction at the banque de france is that, in an increasingly digitalised financial system, where tokenised assets and dlt - based infrastructures may gain an important role, central bank money should be maintained as the predominant settlement asset between financial intermediaries. private settlement assets, particularly stablecoins, are being used and, in the absence of central bank money on dlt - based infrastructures, could be widely used going forward to settle tokenised assets. but stablecoins do not have the safety, liquidity and stability of central bank money. in addition, the lack of coordination in the development of private settlement solutions, could lead to increased market fragmentation. 1 / 3 bis - central bankers'speeches this