priorities. first, we must continue to work at reducing transactions that are conducted through informal channels – in particular, through education and enforcement activities. since 2012, the bank has taken enforcement actions against 140 illegal msb operators. this included criminal and civil actions pursued against over 70 companies. we will continue to intensify our efforts on this front. second, we must continue to raise compliance and professional standards across the industry, regardless of size. every company that holds a licence must be able to meet the expectations that have been set to protect the integrity of the financial system and provide a high standard of service to the public. over the years, more companies have been given licences for longer periods. this means that we have seen good improvements in the quality of compliance and operations. companies that continue to receive shorter - term licences need to take stronger measures to address the issues that we have raised. third, we should expect that financial markets will continue to remain volatile in the period ahead. it is therefore important for the industry to improve market arrangements to ensure that msb companies will be able to respond efficiently to changes in demand for currencies by consumers and businesses. such arrangements have to include better planning and management of currency stocks as well as sourcing strategies to ensure the ready supply of currencies at efficient market rates. tonight ’ s msb customer experience awards reflects an industry that aspires to place the customer first. a price advantage can be lost easily to your competitors, but a strong customer service culture is much harder to copy. those of you that voluntarily took part in this process are sending a clear signal that your company and this industry takes customer service excellence seriously. the idea of customer service excellence is not only about the quality of service ; it is also about the industry conducting itself in a way that builds trust in the industry. the association therefore is to be commended for undertaking this initiative, as should all msb companies that have supported it. 2 / 3 bis central bankers'speeches i am also very happy to note the association ’ s launch of the msb app this evening — - which will provide consumers with convenient access to price comparisons, locations of msb companies, customer reviews, and avenues to lodge complaints and report illegal msb activities. this app reflects an increasingly digitalised society and business environment where demands for greater transparency, convenience and consumer engagement have become the norm. the msb app is a great example of how financial technology, or fintech, is changing how customers

##ling, the efficacy and desirability of a given policy should be judged solely by its outcome and its effectiveness in correcting market failures and imbalances. only then can policies be evaluated intelligently, fairly and measurably. today i have talked about how it has become more difficult for central bankers in open economies to conduct monetary policy. i attempted to highlight that in order to manage these difficult challenges, there needs to be sufficient pragmatism and agility by central bankers. most importantly, policymakers have to be given sufficient space and autonomy to address rising challenges to our respective economies. i am reminded by john baldoni ’ s article on “ the secret to team collaboration : individuality ”. the author warned about the risks of confusing between collectivism and collaboration. collectivism leads to confined “ group - think ” and decisions ; collaboration on the other hand breeds innovation. while collectivists do work towards a single goal, they ignore alternate paths to achieve that purpose. collaborators, however, while similarly focused on a single purpose, arrive at their goals by incorporating different points of view and creative solutions. in short, collectivists value ideology over results. collaborators are pragmatists that look for alternative ways to get things done. as we move forward and fight for greater policy autonomy, we might be tempted to think that integration and collaboration come at the expense of individuality and domestic autonomy. in my opinion, it is the exact opposite. collaboration thrives with individuality and autonomy. this is not wishful thinking. with the right instruments and tools, and considerable agility, policy autonomy is not only attainable ; it can be the perfect catalyst for powerful collaboration as we move forward. let us collaborate rather than be restrained by collectivism. 5 / 5 bis central bankers'speeches