benjamin e diokno : inclusion and digital transformation - a collaborative approach to regulating fintech speech by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the finance executives breakfast roundtable, manila, 11 october 2019. * * * good morning, ladies and gentlemen. it is always a pleasure to engage with key stakeholders of the finance industry as it gives us the opportunity to advance the bsp ’ s advocacies. in fact, today ’ s theme of “ collaborative approach to regulating fintech ” is exactly how we envision the landscape of overseeing the increasingly disruptive, yet, vibrant narrative of fintech developments. over the past couple of years, innovative solutions through technological advancements have transformed the delivery of financial services by offering alternative and far convenient ways of executing financial transactions. it has empowered the unbanked and underbanked to participate in the economy through easier access to financial services. indeed, fintech players are moving ahead of the curve by developing solutions that aim to expand delivery channels and trim unnecessary processes towards providing greater efficiency and convenience for customers. we, at the bsp, emphasize our support for such endeavors. we view innovators as enablers of financial services that help us boost our financial inclusion agenda. the number of fintech players in the philippines have gradually been growing in the past three years with most, or around 75 % of the total providing payments, alternative financing, and remittance services. 2018, in particular, has been a key period for blockchain and virtual currencie. there has been an increasing amount of bsp supervised financial institutions that have leveraged on fintech to support their business strategies and manage day - to - day business processes. this prompted us to craft appropriate regulations to safeguard public interest while fully recognizing that these technological innovations can contribute to a more inclusive and safe financial ecosystem. our approach to regulating fintechs is shaped by three principles, ( a ) first, we ensure that regulation is risk - based, proportionate and fair, ( b ) second, we maintain active multi - stakeholder collaboration, ( c ) and lastly, we ensure that innovations must work for the benefit of consumers, especially the most vulnerable ones. guided by these principles, came the rise of our three - lane fintech roadmap that is crafted to nurture a regulatory environment that allows innovations to flourish, yet still mindful that risks

business and investment environment in serbia is favourable is evidenced also by the continuing high inflow of foreign direct investment, which this year again will more than suffice to cover the current account deficit. i am particularly pleased to be able to say today that as of recent there are housing loans in dinars in the serbian market, offered at the interest rate of below 5 % and a repayment term of up to 30 years. this means that there is confidence that the stable macroeconomic environment will be maintained over the long - term horizon. the key message i would like to leave with you today is that inflation in serbia is low and stable and that it will remain so in the period ahead. let me remind you once again that, as of 2017, the inflation target will be one percentage point lower than the target since end - 2012. this shows that convergence to the eu in the financial sector has already been fully achieved. thank you for your attention. i will now give the floor to my colleagues who will give a presentation of the key messages from the inflation report.