by adopting new oversight regulation. the new regulation brings together the internationally accepted standards for payment systems operation contained in the principles for financial market infrastructures, as well as the european central bank revised oversight framework. in addition, i would like to point out the significant changes that have been done in the domain of payment statistics in accordance with the ecb regulation on payment statistics. the nbrm developed new bylaws on payment statistics, which are expected to generate high quality and comprehensive data, and will provide methodological and operational readiness of payment statistics of the nbrm with that of the european system of central banks. ladies and gentlemen, at the end of my speech i declare the ninth conference on payment and securities settlement systems open, and i wish the chairman, mr michiel van duveren and his colleagues, a successful conference. finally, i wish you all a pleasant stay, hoping that you will take with you nice memories of ohrid, the city with thousands of years of history and beautiful nature that attract the tourists from all over the world. тhank you very much for your participation in our conference. bis central bankers ’ speeches

thailand on how we as a policymaker and regulator can shape financial landscape of the future. bot has issued the financial landscape consultation paper outlining crucial steps to reposition the financial sector, supporting a sustainable digital economy. the cornerstone of this strategy revolves around the " 3 - open " principles - open data, open infrastructure, and open competition - to foster innovation and enhance financial services. ( 1 ) open data facilitates easier data exchange such as promoting mechanisms in which consumers can transfer their own data from one service provider to another more conveniently. this will enable new financial services and address the problem of smes'access to finance due to data scarcity. by leveraging micro - level data, including behavioral insights from transactions, open data promotes analytical advancements and innovative service development. ( 2 ) open infrastructure aims to allow service providers to access financial infrastructure at reasonable costs. in thailand where the financial sector has been predominantly bank - based and incumbent banks already made significant resource contributions in the early stage of key infrastructure development, opening up access to nonbanks requires some public intervention, for example in fee negotiation and the governance structure of the infrastructure. nonetheless, this is necessary to foster competition that benefits both the public and diverse business sectors. ( 3 ) open competition promotes a level playing field, encouraging incumbents and new entrants to innovate and meet consumer demands effectively. this principle aims to cultivate a balanced ecosystem where competition among players with similar as well as different risk appetites drives continuous improvement in financial services. one of the key policies is the introduction of virtual banks as new players into the financial landscape. the objective is to allow applicants who possess the expertise in technology, digital services, and data analytics to offer financial services efficiently through the digital channel and better serve the needs of each customer segment, particularly the unserved and underserved segments of retail and smes customers. working toward this objective is a challenge as we want to see virtual banks truly bringing new value proposition with lower operating costs, optimized processes, and enhanced user experiences. looking ahead, optimizing data flows is critical. finding ways for banks, virtual banks, and nonbanks to better utilize data is essential for improving financial services extensively and intensively. however, navigating the regulatory landscape, which currently lacks robust legal frameworks, demands creative execution to achieve these goals effectively. another group of issues, namely ai and fraud, are new developments that could pose risks to our financial system. while fraud maybe