than a term rate, and doesn't incorporate a significant bank credit risk premium. we think that bbsw can continue to exist even if credit - based benchmarks, such as libor, are discontinued in other jurisdictions. for many financial products, it will still make sense to reference a credit - based benchmark that measures banks'short - term wholesale funding costs. this is particularly the case for products issued by banks, such as frns and corporate loans. the counterparties to these products would still need derivatives that reference bbsw so that they can hedge their interest rate exposures. in the event that libor was to be discontinued, with contracts transitioning to risk - free rates, there may be some corresponding migration away from bbsw towards the cash rate. this will depend on how international markets for products 4 / 5 bis central bankers'speeches such as derivatives and syndicated loans end up adapting in a post - libor world. the infrastructure is already in place for bbsw and the cash rate to coexist as the key interest rate benchmarks for the australian dollar. the ois market is linked to the cash rate and has been operating for almost 20 years. it already has good liquidity at the short end, and the infrastructure is there for longer term ois. a functioning derivatives market for trading the basis between the benchmarks is important for bbsw and the cash rate to smoothly coexist. such a basis swap market is also in place, allowing market participants to exchange the cash flows under these benchmarks. conclusion there are three main points i would like to leave you with concerning interest rate benchmarks. first, the longevity of libor cannot be assumed. you should be considering today what that might mean for any contracts you have that reference libor. please do not hope that if you wait long enough, all the problems will go away. users of libor should pay close attention to the work being undertaken by isda to establish more robust fall - back provisions on contracts. second, in australia, in contrast to other markets, the changes to enhance the longevity of bbsw are well advanced, and it has been possible to anchor the benchmark to a greater number of transactions. third, users should consider whether risk - free benchmarks are more appropriate for financial contracts than credit - based benchmarks. there is still a place for robust credit - based benchmarks in the financial infrastructure, and we expect that bbsw and the cash rate will be able to coexi

create safe harbours for experimentation. a number of regulators have introduced regulatory sandboxes that have helped create a virtuous cycle of innovation and sensible regulation, while isolating risks. in malaysia, solutions tested in the bank ’ s regulatory sandbox enabled the bank to design regulatory safeguards that would allow the implementation of end - to - end electronic know - yourcustomer processes for the provision of remittance services. by dispensing with the need to conduct physical face - to - face verifications, this is expected to significantly expand access to remittance services for customers working and living in remote parts of malaysia, while effectively addressing money laundering and terrorist financing risks. bank negara malaysia also successfully collaborated with the world bank and the money services business industry in malaysia to pilot and adopt solutions that have expanded the reach and reduced the costs of formal remittances. second, policy life cycles will need to be managed more proactively, to allow for policies to be renewed when conditions change. while much is often said about policy stability, policies that fail to keep pace with conditions that are changing far more rapidly than we have experienced before, can be counterproductive at best, and at worst, create greater risks for the system. the sdgs are undeniably one of the most comprehensive attempts to capture the most important global challenges that we face. solutions to these challenges will invariably create new issues for policy makers to consider. this in turn will lead to shorter policy life cycles, and a need for faster policy responses to emerging issues. third, we need better remittance data. it is encouraging that efforts are being taken to ensure the availability of official global data sources on remittance flows. yet, challenges remain in ensuring that the data is both complete 4 / 5 bis central bankers'speeches and comparable. these challenges are compounded by an increasing need for data at a more granular and disaggregated level. for example, initiatives by the united nations capital development fund to survey remittance recipients in the mekong region helped develop a better understanding of relationships between gender and financial inclusion. yet such data is not available in many other countries. with the large and increasing size of intra - regional migration in this region, there are opportunities to collect and share remittance and migration data at the regional level to complement global datasets. this could be advanced through existing regional forums, including various forums at the asean level. without good data, we