strongly than usual to euro area wage growth in 2022 and 2023. see ecb ( 2022 ), ” minimum wages and their role for euro area wage growth ”, economic bulletin, issue 3. 7. a pickup in nominal wages later this year is also in line with the results in the march 2022 corporate telephone survey. see ecb ( 2022 ), “ main findings from the ecb ’ s recent contacts with non - financial companies ”, economic bulletin, issue 3. 8. to capture momentum in inflation dynamics, i focus on the cumulative change in the price level over a twelve month period.

be working with the industry to open fast access to non - bank players. 3 / 6 bis central bankers'speeches 24. in customer identification, mas has worked with the ministry of finance and govtech to introduce myinfo for the financial industry. the myinfo platform allows banks to more effectively and efficiently obtain authenticated and updated information for account opening and other applications, doing away with the tedium of manual physical authentication and resulting in time saving of as much as 80 % for banks and their customers. 25. second, we are reviewing our regulatory framework to balance the tension between encouraging innovation and managing risk. the payments services act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in singapore. it gives regulatory certainty to new players to pursue innovation and growth, while at the same time providing sufficient safeguards for consumers. 26. third, we are creating more channels to promote the exchange of ideas and collaboration among financial and technology firms. since 2016, mas has partnered industry players to bring together financial and technology players from all over the world in the week - long singapore fintech festivals. turnout has more than quadrupled over the past three years with 45, 000 participants from 130 countries in 2018. it is early days yet, but the results of our efforts are encouraging. singapore is widely regarded as one of the leading fintech hubs in the world. a report by ernst & young finds that nearly 7 out of 10 singaporeans have made use of fintech solutions in 2019, making us a leader in the asia - pacific region. 27. another important development has been among our local banks themselves. they have been expanding their digital platforms to better cater to customers ’ needs, and grow markets abroad. they have partnered with fintechs to harness the capabilities of new technologies and deliver more customised solutions. for example, uob has partnered with personetics to use artificial intelligence to identify individual transaction demands and enable uob to provide customers with real - time and personalised guidance on their financial decisions. second, they have built digital banks in overseas markets, leveraging a lower - cost operating model to quickly acquire new customers. for example, dbs launched digibank in india and managed to acquire over 2. 5 million customers in its initial two years of operations. the bank has also recently replicated its digibank strategy in indonesia. dbs was ranked by euromoney as the world ’ s best digital bank last year. third,