pose risks to the financial system. we also need to keep in mind that financial products and activities are expanding across jurisdiction of different agencies. regulatory framework must shift from entity - based regulations, which have formed the core of our regulatory framework, to activity - based ones. most importantly, the regulations must be agile and able to adapt to the everchanging environment of the digital world. to give you an example, our regulatory sandbox scheme that was introduced less than two years ago might be too slow and out of sync with market requirements today. in response, we have decided to allow financial institutions to develop their own sandbox and move from the approval concept to registration concept, with a view to reducing time - to - market and increasing flexibility for innovation and investments. we have also amended our regulations governing banks ’ it - related services with the aim to facilitating partnerships between banks and tech companies, and enhancing connectivity between banks and the digital world. ladies and gentlemen, it is my firm belief that these four guiding principles will be key to building a sustainable digital finance ecosystem that will strengthen the value of our financial network — the network that will eventually lead to a better society through improvements in productivity, inclusivity, and immunity. in doing this, close collaboration among key stakeholders within our financial system is crucial. and this is why “ collaboration for the future of finance ” has been selected as the theme for the 2019 bangkok fintech fair. the 2019 bangkok fintech fair presents an exciting venue for stakeholders to learn from leaders of financial innovation on different aspects of collaboration — from the art of multiple - stakeholder engagement to the various types of partnership. the panel discussions will highlight how collaboration can help benefit customer experience, improve financial inclusion, and advance competitiveness of our digital finance ecosystem. you will also learn of many exciting new innovations from the technology talk room, the asean fintech connectivity room, as well as booth presentations throughout our venue. i would like to thank our speakers, participants, and the audience for your presence at the 2019 bangkok fintech fair. i would also like to take this opportunity to thank our partners and the bank of thailand staff for their tremendous and tireless efforts in organizing this event. the bank of thailand looks forward to working closely with all of you to create the digital finance ecosystem in thailand and asean that encourages innovation and close collaboration among stakeholders. thank you very much for your participation. i wish you a productive and joyful conference ahead.

from the forthcoming updates of the banking packages – the capital requirements regulation and directive and the banking resolution and recovery directive ( crr iii / crd vii / brrd iii ) – to the review of the fiscal and economic rules – known as the two - pack and six - pack – which is scheduled for the end of this year. 3 / 4 bis central bankers'speeches conclusion recent experience shows that policy answers need to evolve in line with the challenges of the time and that all policy areas need to contribute. within their mandates, central banks will continue to take policy challenges into account to ensure their measures are effective. the press plays an important role in informing the public about the ecb ’ s measures and critically challenging its decisions. in my view, this dialogue with you, the press, supports the effectiveness of the ecb ’ s measures. so let ’ s start this dialogue here and now. 4 / 4 bis central bankers'speeches