with global solutions. given this need for a co - ordinated response, a significant element of the bank ’ s work has involved engaging with other financial regulators and central banks - both with our fellow regulators here in uk, and also internationally, to help raise awareness of climate - related issues. all speeches are available online at www. bankofengland. co. uk / speeches the pra is a founding member of the sustainable insurance forum, a network of around twenty insurance regulators from around the world who are sharing knowledge and best practice on how to consider climate risk in insurance supervision. the bank, as many of you know, has also co - chaired since 2016 the g20 green finance study group on behalf of the united kingdom, with our colleagues at people ’ s bank of china. we continue to do so under argentina ’ s presidency, the group now being the g20 ’ s sustainable finance study group. and most recently, the bank has become a founding member of the central bank and supervisors network for greening the financial system. conclusion we are part way through a transition in thinking where climate change is moving from being a social responsibility issue to being a core financial risk at the heart of how companies manage their business. it is these financial risks that create the link from climate change to the bank of england ’ s mandate - given our core responsibilities to ensure the safety and soundness of banks and insurers and our responsibility to support a stable financial system. it ’ s clear to me that many different actors - companies, investors, financiers, climate scientists, governments, financial policy makers - have a part to play, given their mandates and specialisms, to support this transition in thinking. and it is also clear that that transition in thinking needs to lead soon to transition in action, if we are to reduce these financial risks in a timely manner and so avoid a late and abrupt transition to the low carbon economy to which governments have committed. to make this happen, we need to learn by doing, to identify decision - useful information that will support the necessary transition ; and we need to identify the barriers to the mainstreaming of green finance so that the transition can be financed in practice. it ’ s a tough ask that gets more pressing by the day. the prize could not be more important. we must keep up the good work. https : / / www. banque - france. fr / en / financial - stability / international - role / network - greening -

j4mc / drsi bbc news : coronavirus : migrants struggle to send money home : https : / / www. bbc. co. uk / news / business - 52506797 world bank blogs : responding to crisis with digital payments for social protection : short - term measures with long - term benefits : https : / / blogs. worldbank. org / voices / responding - crisis - digital - payments - social - protection - short - term - measures - long - term - benefits all speeches are available online at www. bankofengland. co. uk / news / speeches the private sector is responding. central banks and other regulators will need to respond too. all this – combined with regulatory changes9 has led to an explosion of innovation in payments. given these challenges, safe forms of payments innovation are welcome. they could meet unfulfilled customer needs, widen access to financial services, lower costs, and facilitate better payments integration. innovation could also support financial stability by increasing diversity in payment methods. and innovation could potentially address the longstanding challenges in international payments by making them less costly and cumbersome. but even though some new technology seems cutting edge, recent innovation has largely been focused on the ‘ front ’ or consumer - facing end, sitting on top of existing card or bank - to - bank payment systems. since the invention of the credit card in the 1950s, almost all payments by households and businesses in advanced economies have been made through one of four routes : cash, cheque, card or bank - to - bank. most new innovation to date hasn ’ t changed that. even when we tap our phone or watch on an ipad to pay – we ’ re still generally paying by either card or bank - to - bank transfer. but fintechs, and in some cases big technology firms, are now proposing to change this by using cryptoassets known as ‘ stablecoins ’ for transactions currently processed by retail or wholesale payments systems. the basic idea of a stablecoin is not dissimilar from a pegged currency. early forms of cryptoassets such as bitcoin have so far proved too volatile for widespread use in payments. ‘ stablecoins ’ aim to address this by pegging themselves to a fiat currency or basket of fiat currencies. most propose to maintain reserves or backing assets to defend this peg. while some stablecoins proposals are designed as investment products, most seek stability in pursuit of becoming a