attention at present. these are not just limited to the growth of fintechs but traverse across the spectrum of the financial services sector. a few areas of the focus going forward would include issues of how to go about harnessing the benefits of technology, ensuring good customer service and conduct, enabling a strong governance and compliance framework within the regulated entities, reinforcing and fine - tuning existing prudential regulations and contain the risks from procyclicality in lending. harnessing the benefits of technology 3 / 7 bis - central bankers'speeches the key area where a lot of work is underway is evaluating the use of technology in financial services and assessing how rbi as a regulator can harness the benefits of technology for greater public good. the foundation of the digital revolution of today has been built on the digitalisation push of government of india and enabling regulations by the reserve bank. to give an example, the financial stability and development council - sub committee ( fsdc - sc ) had set up a working group in april 2016 to look into the granular aspects of fintech and its implications so as to review and reorient the regulatory framework. sequel that on the framework for peer to peer ( p2p ) lending was issued in april 2016. further, guidelines for account aggregators were also introduced in september 2016. moreover, the rbi established its regulatory sandbox in august 2019. all of us here are well aware about the transformation of payments space in india where we can be proud of the country's progress and prowess. post covid, digital economy had got a push and adaptation rates have increased multifold. this has brought up newer challenges, especially in digital lending products such as issues pertaining to coercive practices, dark patterns and excessive interest and other financial charges. to address some of these issues rbi issued digital lending guidelines in 2022 to regulate such practices. further, when industry innovated through structures like loss default guarantees, rbi supported such initiatives by issuing suitable regulations in june 2023. reserve bank has thus strived to remain ahead of many of its global peers in nurturing fintech innovations by way of regulations to support them from time to time. as i have alluded to previously2 that with newer players entering the financial services space and disrupting the rules of the game, banks may become but one amongst host of entities competing to win customer's business. therefore, the focus of the banks as well as regulators has to pivot from intermediation paradigm to marketplace

ng pilipinas para sa bawat pilipino. before i end this message, let me share with you a famous quote about evolution. “ it is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change. " and so while the future remains clouded with unusual uncertainty, our eyes are focused on green shoots in front of us as we remain ever - vigilant in addressing the what - ifs. times are changing and we are geared up for it. let us all evolve with the times. let ’ s reform, innovate and transform. before we proceed to the next part of the program, nais po nating iparating sa ating mga kababayan na maaari nang bumili ng lapu - lapu commemorative banknotes at medals simula ngayong araw na ito. and now let me call on the members of the monetary board to join me on stage : finance secretary sonny dominguez, philip medalla, peter favila, tony abacan, bruce tolentino, and annie aquino. please join us and raise your glasses to a bsp for the filipino people. to the banking community and the men and women of the bangko sentral ng pilipinas, nawa ’ y maging tapat tayo sa ating tungkulin na pagsilbihan ang bawat pilipino nang buong katapatan at kahusayan. mabuhay tayong lahat! 5 / 5 bis central bankers'speeches