phase two. let me also say that i truly value our close relationship built over many years with the nbc. we continue to benefit from our mutual exchange of knowledge, ideas and experience on many areas, including though not limited to our respective instant payment systems and arrangements. one such area that we seek to learn further from nbc's experience is in leveraging on distributed ledger technology or dlt for its bakong system which will offer useful lessons for our own cbdc exploration journey. clearly, exciting times still lie ahead of us in the payment space. before i close, let me take this opportunity to acknowledge, thank and congratulate the contributions of everyone involved in this project. in particular : ( i ) to the national bank of cambodia, the operator of bakong, ( ii ) to paynet, our instant payment system operator ; and 2 / 3 bis - central bankers'speeches ( iii ) to maybank as the sponsoring bank that has helped bridge the two instant payment systems. our launch today would not have been possible without the efforts and commitment from all of you. the launch of this qr linkage is more than just a technical feat. it is a testament to our commitment to build a world where financial services transcend borders, and where innovation creates new pathways for inclusive economic development. our work does not end here, and i certainly look forward to seeing the close partnership between malaysia and cambodia in the area of payments and beyond continue to grow. thank you. 3 / 3 bis - central bankers'speeches

the financial sector blueprint 2022 - 2026 under the cluster of " finance for all ", which is having diverse choices for consumers, with most preferring digital solutions. we aspire for consumers to benefit from the availability of'digital first'solutions such as invisible payments, digitalised motor claims and smart contracts. beyond digitalisation, we aspire for consumers to be confident and capable of taking charge of their finances. towards this end, we are working together with other ministries and agencies in enhancing consumer protection reforms such as the enactment of the upcoming consumer credit act, the establishment of the consumer credit oversight board and the streamlining of the regulatory regime for financial advisors and financial planners. the world we live in today is ever - changing and fast evolving. we live in a world where, while life expectancy has increased, health and 3 / 4 bis - central bankers'speeches medical risks have also risen. while income is growing, the nature of employment has also change from largely stable income, to more volatile due to the growth in the gig economy as well high tendency for labour mobility. although technology attempted to keep pace in managing the impact of climate change, climate - related events have also becoming more frequent. these are only some of the many dynamics that we are experiencing at a rapid pace today. what these underscores to all of us, is the importance of continuous learning so we can continue to adapt and evolve. i am sure the knowledge you have learnt in your respective courses will provide you a strong foundation as financial planners professionals. however, to keep pace with the changing environment you must have a lifelong learning mindset. it is important to keep abreast with the latest economic developments and continuously update your information set so that you are able to provide the most optimal advice to your clients. apart from providing information and filling the gaps in financial knowledge, financial planners play the important role of defusing biases that lead to common financial mistakes among consumers and help mediate in joint decision - making. this is especially true for vulnerable consumers who largely lack capability to fully understand and comprehend the risk - return assessments, not only of complex financial products and services but sometimes even those basic ones. one financial decision can have far - reaching consequences on their current and future livelihood. it is therefore crucial not to downplay the importance of professional advice in improving the quality of life and the wellbeing of individuals and households. in this regard, it is commendable that mfpc provides an evolving set of