zero cost, with just three clicks on their mobile phones, regardless of which bank app they use. three, a trusted data exchange so that individuals and corporates can access all their relevant data in digital form for purposes of carrying out digital transactions. in singapore, we established myinfo, a platform which allows residents to access via their mobile devices more than 100 of their personal particulars and share them with third party service providers through open, secure apis. second critical enabler - connectivity and collaboration. the full potential of fintech can only be realised if our systems are inter - connected across borders, and there is active public - private collaboration to drive innovation. let me give two examples. one, cross - border payments connectivity. it is not enough that we can pay one another digitally within our countries. be it for migrant workers or students or small and medium enterprises, it is the ability to send money across borders cheaper, faster, and more securely that really matters for efficiency and productivity. singapore has successfully connected its instant payment infrastructure paynow to thailand's promptpay and to india's unified payments interface ( upi ). we hope one day we can also connect with countries here in africa, including rwanda. two, platforms for human collaboration. for all the benefits of digital connectivity, face - to - face engagements remain key for innovation. take for example, the singapore fintech festival - a knowledge platform catering to the global fintech community, where participants come to learn and do things together. last year's festival attracted more than 62, 000 participants from over 115 countries. i am very happy this collaboration is now expanding its reach in africa and in europe – through this inaugural inclusive fintech forum in kigali, and next week, the second edition of the point zero forum in zurich. let me conclude with where i started – everything we do in fintech must serve a larger purpose. it must help to solve real world problems, so that people are better off. everything that i have mentioned about digital infrastructure and connectivity is well within the capacity of africa to achieve. in fact, you have a unique opportunity to leapfrog legacy systems and vested interests, and build a modern digital economy and society, from the ground up on a clean slate. this room is filled with innovators, investors, business leaders, and policy makers from around the continent. together, you can shape a future where technology and finance 2 / 3 bis - central bankers'speeches converge to

launch a retail cbdc, if necessary. but there does not seem to be a compelling case for it yet, given that todaya€™s digital payment system is already effective and efficient in transferring money. the regulatory approach that mas has taken towards crypto assets or tokens distinguishes the different types of such tokens. if a crypto token is being offered as a security with an expectation of a return, it is regulated under the securities and futures act. if a digital token is being offered as a payment instrument, it is regulated under the payment services act where the focus is on anti - money laundering and technology risk management, and increasingly, customer protection. mas looks at the underlying activity, and the nature and quality of the crypto asset, to determine the specific risk it poses. we right - size our regulations to focus on those risks. we hold digital payment token licensees to the same high anti - money laundering standards that we hold banks to. but we do not regulate them like banks because they do not conduct other activities that 1 / 2 bis central bankers'speeches banks do. payment service providers have a lighter regulatory regime overall compared to banks. this gives them more latitude and space to innovate, and yet for the risks that they pose, we hold them to the same high standard. 2 / 2 bis central bankers'speeches