. we can set entry and licensing conditions to make it difficult for those who are dishonest or incompetent to set up firms or to work in the industry. we can require firms to have adequate financial resources to back the promises that they make, and adequate control systems to ensure that they can properly identify and manage the risks that they are taking. we can also mandate training and competency requirements for staff who deal directly with a firm ’ s customers. however, a regulator cannot be everywhere at once. nor should we aim to be. to a very large extent, maintaining public confidence in financial firms is the job of the firms themselves and their employees. as regulators we cannot set rules that ensure that people will behave honestly and with integrity. those are values that must come from within, they must be part of a firm ’ s culture. only an industry that takes seriously the need for ethical standards will be able to grow and prosper and to offer its customers the services they require. bis central bankers ’ speeches for this reason, i am very pleased that the cisi has chosen the subject of “ integrity at work ” for its first interactive seminar in bahrain. by encouraging participants to debate real life case studies, to consider their responses to them, and to suggest ways to deal with these problems, this learning environment will encourage participants to think more deeply about the ethical implications of their work place actions. as i mentioned earlier, bahrain is on course to have the largest cisi membership outside the uk. this fact demonstrates the already strong emphasis that firms in bahrain place on the importance of integrity and trust. it also illustrates one of bahrain ’ s many continuing strengths as a financial centre, our deep pool of qualified and experienced financial sector professionals. factors such as these will ensure that we can move on from recent events and remain at the forefront of financial centres in the mena region. thank you for your attention. bis central bankers ’ speeches

ensemble sandbox to resolve frictions in trade finance. tokenisation also ties in with green and sustainable finance, as it may open up new business models and opportunities for businesses and investors. for example, tokenised carbon credits traded on blockchain offer better transparency and credibility in carbon data, helping us tackle the issue of double counting that bedevils carbon trading today. another example can be found in the infrastructure for the electric vehicle ( ev ) industry. by leveraging real - time data from ev charging stations, we can turn the energy generated into a tokenised revenue stream for institutional investors. we are looking closely at this model, as it has the potential to be replicated in various settings, mobilising funds to support the transition to a low - carbon economy. our second area of focus is artificial intelligence ( a. i. ) and data, which will help build a smarter and data - driven financial future for everyone. i would like to expand on those two keywords " smarter " and " data - driven ". when i say " smarter ", i'm talking about the need to promote digitalisation in the banking industry, while ensuring we have the right safeguards in place. in recent years, the banking industry has been leveraging a. i. to promote efficiency, analyse data, and enhance customer experience. the hkma stance is clear : we are committed to encouraging responsible a. i. adoption. back in 2019, we already outlined the high - level principles on the use of a. i. by banks, and this policy guidance remains relevant today. 3 / 5 bis - central bankers'speeches then we see the explosive uptake of generative a. i. ( gena. i. ) in the past two years. gena. i. has the potential to transform how financial institutions operate, innovate, and engage with their customers. as we stand at the dawn of this revolution, the hkma recognises the opportunity to provide more targeted support to accelerate gena. i. development, by collaborating with the best minds from various sectors. to achieve this, we have launched various cross - sectoral initiatives, including the finetech series, research projects, and training sessions, all aimed at expediting digital transformation. financial institutions are actively exploring the vast potential of gena. i., from risk assessment to anti - fraud measures and customer interactions. in august this year, we launched the gena. i. sandbox in