asian central banks have been, and continue to be, explored and developed. the bis has made important contributions in this area, with its research providing useful information and insight for policymakers in the region. a : avenue for meetings – to promote discussion and policy analysis among central banks, the asian office has hosted and supported numerous meetings and events in the region, collaborating with other organisations such as the financial stability institute, emeap and seanza. r : reserves management – the asian office plays a vital role in the management and administration of asian bond funds 1 and 2 that aim to broaden and deepen regional and domestic bond markets. the dealing room of the asian office also provides asian central banks with ready access to bis banking services, helping facilitate their liquidity and portfolio management of foreign reserves. over these 10 years, i have seen the asian office play a significant role in helping to strengthen financial sectors, develop financial infrastructure, and promote stability and financial integration in this region. and since its establishment, the hkma has stepped up its participation in the bis'wide range of activities, sometimes co - hosting seminars and meetings, fostering an even closer relationship between us. let me take this opportunity to acknowledge with thanks the great work of the bis management and its staff, who have made the asian office a success. in particular, i would like to thank bob mccauley who has contributed significantly to the achievements of the asian office in the past decade. the accomplishments of the bis in asia over the past 10 years call for celebration. with this in mind, let's celebrate these achievements and anticipate even greater endeavours to come. i propose a toast and wish the asian office continued success for the next 10 years and beyond. thank you.

##tain to internet banking and to be sure that banks who conduct such business do themselves properly appreciate and allow for such risks. i would mention in particular the strategic risk, in that venturing into a new business arena may not always be assured of success ; the operational risk, of dependence on it networks, and the associated security considerations to which i have already referred ; and any additional banking risks which may arise if internet transactions are deemed to be potentially more volatile or unpredictable, or customers less reliable, than in normal banking business. the need to be confident about the intermediaries with which you are dealing is also very relevant when we examine schemes for so - called digital cash or a cyberpurse. there have been some false starts and business failures in this field, but some potentially more durable systems are now emerging in a number of countries, albeit still mostly in only embryonic form. the concept is of a storage location - or account - somewhere in cyberspace, into which you transfer funds from your bank account or credit card, just as you would draw cash from the bank and store it in your wallet. the schemes are designed essentially for the retail shopper, who can then make payments from the purse for items purchased over the internet : the purse operator responds to your instructions by transferring funds from your purse to an account of the seller. you may wonder what the advantage of such schemes is supposed to be. why not simply pay for each transaction by an electronic instruction to your bank or, more typically in the case of most retail internet purchases, by credit card? the answer is that digital cash purports to offer three advantages. first, it may be cheaper than other means for a series of relatively low value retail transactions. second, it can be used by those who cannot or do not have a credit card - for instance teenagers. third, it offers a degree of anonymity and perhaps a stronger feeling of security, in comparison to using a bank account or credit card, since account - related personal data need not be passed on to the individual sellers of the goods or services. however, people should exercise some caution before utilising such cyberpurse facilities. regardless of how the system may be presented, the purse operator is in effect acting very much as a bank, in particular by holding your money in a sort of deposit. even if you initially acquired the digital cash or credit for free ( through a loyalty or bonus point scheme, for example ), the accumulated “ savings ” represent