measurable policy improvements have been made by maya countries. the second c is a blend of collaboration and cooperation, which describe ( 1 ) how afi members interact with each other, and ( 2 ) how the afi network engages with external stakeholders. collaboration and cooperation is inherent in the design of afi ’ s signature platforms – the working groups and the knowledge exchanges. the working groups, with a membership total of at least 194 individuals, function as “ communities of practice ”. as peers on equal footing, they share and discuss ideas to produce outputs that are relevant in policymaking and program development. these outputs include guideline notes, discussion papers, surveys, data indicators, case studies and peer reviews – which we collectively call knowledge products. these products constitute majority of the afi library, and serve as useful references for afi members and external interested parties. like other afi members, the bsp benefited from the working groups, as we implemented various aspects of our financial inclusion agenda. for example, our national baseline survey on financial inclusion was enriched thru peer reviews by cnbv mexico and bank of tanzania in the data working group. our regulatory perspective on digital financial inclusion was constantly deepened thru the interactions in the mobile financial services working group. these are just a few examples, considering that the bsp is an active member in all the working groups, save for the regional group of pacific islands. on the other hand, the knowledge exchange ( kx ) – one of the most availed of grants by afi members – is a structured, purposive and onsite study visit. as recipient of one, and host of 20 afi knowledge exchanges since 2010, the bsp can attest that the kx is mutually afi has six working groups with thematic focus on consumer empowerment and market conduct ; financial inclusion data ; global standards and proportionality ( originally financial integrity ) ; mobile financial services ; small and medium enterprises ; financial inclusion strategy. the seventh working group is focused on financial inclusion in the pacific islands. bis central bankers ’ speeches beneficial to the visitor and the host. it facilitates open, candid dialogue among regulators facing similar issues, but operating in different domestic situations. many policy solutions are informed by lessons learned from knowledge exchanges. for example, our consumer protection framework and financial education program were inspired by what we learned, in no small measure, from a kx with bank negara malaysia. we shared our regulatory experience with colleagues from the bank of tanzania, and later provided insights on their draft electronic money regulations.

and increasing resilience of our domestic economy against external shocks, even as we continue to allow greater exchange rate flexibility. this demonstrates a thrust towards greater openness given the country ’ s increasing integration with global markets. soon, the bsp will release an exposure draft on the liberalized rules on foreign currency borrowings of the private sector to move away from prior bsp approval, simplify the registration process to primarily focus on information gathering, and minimize documentary requirements. 3 / 5 bis central bankers'speeches other future amendments will address unnecessary friction on investment and other transactions. over the medium term, we are implementing a sequenced approach that will enhance market conduct, increase fx market transparency, and promote a market - determined exchange rate consistent with the characteristics of an organized fx market. taken together, the fx and domestic debt market development initiatives are complementary reforms that will deepen market liquidity, establish a more reliable reference yield curve for domestic interest rates, and strengthen market integrity. these reforms will pave the way for more innovation and increased availability of financial products that meet diverse funding requirements with more choices and more flexibility. these will also enable the creation of hedging instruments that enhance risk management capabilities of banks, corporates, government units, msmes, and the general public. dealing with disruptive technology at the bsp, we have a very open - minded approach to fintech. this means that we take a very active role in ensuring that our policy provides opportunities for innovation that can help advance inclusive growth and deliver more efficient financial services. at the same time, we want to ensure risks are well managed, particularly technology, money laundering / terrorist financing, and consumer protection risks. as far as i know, we are a pioneer among central banks in using the “ test and learn ” approach, now known as regulatory sandbox, to allow controlled roll - out of new financial technology. even as we allow fintech into our system, we are mindful of related risks. earlier this year, we issued various regulations aimed at mitigating the effects of technology risks, as well aml / cft concerns. these include comprehensive supervisory frameworks for money service businesses and pawnshops to ensure effective aml compliance. this also extends to entities that use virtual currency as underlying instruments for remittance. to date, there are two virtual currency exchanges registered with the bsp with several more under evaluation. we have also allowed proportionate and technology - enabled know - your - customer ( kyc )