call to be prepared to act soon as part of our collective responsibility to combat fraud. for those who are already onboarded onto the nfp, i would like to emphasise the need to observe two key responsibilities. first is that the nfp and nsrc processes rely heavily on quick and accurate transactional - level information to be effective. therefore, participants must be able to share high - quality information in a timely manner. second, participating institutions need to take prompt action in responding to cases escalated by the nfp in validating fraud cases and earmarking identified transactions. combatting fraud is a joint responsibility, hence we need to act together. in parallel, efforts to strengthen awareness and financial literacy of consumers should also continue. consumers are after all our first line of defence in mitigating fraud and scams. a vigilant, informed and discerning consumer is better equipped to recognise and take appropriate actions on potential frauds and scams, thereby reducing the likelihood of falling victim to scams in the first place. last but not least, malaysia will be intensifying efforts to enhance cross - border payments even as our domestic payment has become more efficient, cross - border payments remain mired with gaps, such as high cost, low speed and limited access and transparency. we should therefore seize opportunities to bring domestic payment efficiencies to the cross - border space. this is especially important considering the openness of our economy and the attractiveness of malaysia as a destination for trade and tourism. 4 / 6 bis - central bankers'speeches multi - pronged collaborative initiatives are already progressing on this front. notably, instant payment system connectivity initiatives, both bilaterally and multilaterally via project nexus are moving full steam ahead over the coming years. these initiatives will be pursued through collaborations by both the public and private sectors. existing efforts are already showing promise. users are already benefiting from instant, simpler and cheaper international payment transactions. cross - border qr merchant payment transactions from our three linkages alone with thailand, indonesia and singapore in the second half of 2024 have already reached more than 1. 3 million transactions, surpassing the 2023 volume by more than two times. this bodes well for our push towards greater regional economic and financial integration, with encouraging prospects to take these initiatives on a global scale. in parallel, bnm is intensifying work on central bank digital currency ( cbdc ) exploration. for instance, we are exploring the potential of wholesale cbdc to

##6, it is timely that we reflect upon the factors that will sustain and further propel efforts to realise our vision for digital payments. with this in mind, let me share five key building blocks that we believe are instrumental in fostering a thriving digital payments ecosystem. 1 / 6 bis - central bankers'speeches first is finding the optimal balance between fostering greater inclusivity in digital payments and enabling a sustainable ecosystem for digital payment to thrive, these services should be accessible to almost every layer of society, including the underserved. at the same time, product offerings need to be commercially viable, so that players can upkeep their systems and continue to innovate. striking an optimal balance between these two priorities is crucial to our collective success. on this front, i understand that paynet and the industry are already making good progress on the future commercial model of the duitnow qr service. the industry's commitment to transition to a tiered pricing mechanism for the duitnow qr service is a step in the right direction and ensures an inclusive and sustainable duitnow qr ecosystem. to complement the rollout of the new pricing model, paynet and the industry must have in place a clear, well - thought - through, and coordinated communication strategy to keep the public well - informed about the objectives of this undertaking and the benefits we aim to achieve. this strategy will ensure that any concerns are appropriately addressed while ensuring transparency and trust in industry efforts. at the same time, the industry should continue to work on introducing more costeffective innovative solutions that could empower the underserved segment. the recent launch of paynet checkout, for instance, is a commendable step forward, equipping msmes with a one - stop platform for seamless and simpler e - commerce processes. by empowering small businesses to have better control of their finances, we can drive meaningful change and help uplift entire communities. the second building block is the development of an open finance ecosystem that is fit for the future while the sharing of customer information already happens between industry players, the process is often inefficient and at times may not be fully secure. for example, we continue to see the sharing of information such as bank statements and a photocopy of identity cards taking place between players through emails and at times even via messaging services such as whatsapp. additionally, there is a proliferation of apps and services that allow customer data to be ported out