have agreed to promote investment in green bonds through the asian bond fund, such as revising the bond index rules. a common issue we have encountered in our work is the lack of data. this is being addressed at the global level by the international monetary fund ( imf ) and the ngfs. another issue is that stress testing and scenario analysis can be methodologically difficult because of the long time horizons associated with climate risks. but at the same time, climate change is having near - term implications in a number of our economies. while these exercises are challenging, we all agree that there is benefit in conducting them. it is important that the perfect doesn't get in the way of the good. fintech emeap has been discussing a number of different aspects of fintech in our recent meetings. one particular area of focus has been in cross - border payments. many emeap members have initiatives underway to improve cross - border payments, including collaborations with other emeap members. we have been discussing how emeap could best contribute to the g20 roadmap on enhancing cross - border payments. while traditional services for cross - border payments have been costly, slow and non - transparent, we are seeing the emergence of some new technology - enabled providers of cross - border payments, which are bringing much needed innovation and competition to this market. but there are still some key challenges to improving cross - border payments. these include : ( i ) systems integration difficulties where countries are at very different stages of payments system development, and ( ii ) the cost of meeting regulatory compliance requirements, for example those relating to anti - money laundering and counter - terrorism financing ( aml / ctf ), as rules can vary greatly between payment originating and receiving jurisdictions. the latter is a particular issue when it comes to remittances. this poses challenges to some emeap economies and particularly some smaller nations in the pacific area. we are working individually and collectively to try to address this challenging situation. one other noteworthy development is that several emeap members are collaborating with the bank for international settlements ( bis ) innovation hub and each other to develop bilateral and multilateral linking of real - time retail payments systems. this will reduce the reliance on existing cross - border banking arrangements. there are a number of examples of this : project nexus provides a blueprint for scalable connectivity of countries'domestic fast payment systems, which will make cross - border payments faster, cheaper, easier to access and more transparent

changes to the code, and particularly to make good use of the disclosure templates. endnotes executives'meeting of east asia - pacific central banks. emeap is a co - operative forum of 11 central banks and monetary authorities in the east asia and pacific region comprising the reserve bank of australia, the people's bank of china, the hong kong monetary authority, bank indonesia, the bank of japan, the bank of korea, bank negara malaysia, the reserve bank of new zealand, bangko sentral ng pilipinas, the monetary authority of singapore and the bank of thailand. < https : / / www. ngfs. net / en > monetary authority of singapore ( 2021 ), ‘ bis innovation hub and monetary authority of singapore publish proposal for enhancing global real time retail payments network connectivity ’, media release, 28 july. available at < https : / / www. mas. gov. sg / news / media - releases / 2021 / bisih - and - mas - publish - proposal - for - enhancing - global - realtime - retail - payments - network - connectivity >. see also < https : / / nexus. bisih. org / >. monetary authority of singapore ( 2021 ), ‘ singapore and thailand launch world's first linkage of real - time payment systems ’, media release, 29 april. available at < https : / / www. mas. gov. sg / news / mediareleases / 2021 / singapore - and - thailand - launch - worlds - first - linkage - of - real - time - payment - systems > bank of international settlements ( 2021 ), ‘ bis innovation hub and central banks of australia, malaysia, singapore and south africa will test cbdcs for international settlements ’, press release, 2 september, available at < https : / / www. bis. org / press / p210902. htm > and reserve bank of australia ( 2021 ), ‘ bis innovation hub and central banks of australia, malaysia, singapore and south africa will test cbdcs for international settlements ’, media release 2021 - 18, 2 september. gfxc ( 2020 ), ‘ gfxc 2019 survey results ’, january. available at < https : / / www. globalfxc. org / docs / gfxc _ survey _ results _ jan20. pdf >. https : / / www. rba. gov. au / speeches / 2021 / sp -