piero cipollone : the future of payments and how to get there keynote remarks by mr piero cipollone, deputy governor of the bank of italy, at the world bank global payments week 2023 " the future of payments ", marrakesh, 18 may 2023. * * * ladies and gentlemen, i am honoured to address such a distinguished audience at the end of this important biennial conference on payments, organized by the world bank and the committee on payments and market infrastructures ( cpmi ) of the bank for international settlements ( bis ). the breadth of topics and the quality of the speakers are impressive. this speaks to the high value that the world bank places on payments and financial market infrastructure. normally, it is easier to speculate about the future than to figure out how to get there. i therefore want to talk about the steps central banks and payment system regulators and supervisors can take in the short term to drive change in the payments area. in so doing, i will also build on the results already achieved by the g20 roadmap on crossborder payments. the payments ecosystem of the future let's start by looking at the future. as public authorities, we want to enhance the payment options available to households, businesses and financial institutions because we know that this makes our economies more inclusive, productive and resilient. 1 in the payments sector, the advances in digitalization and telecommunications are transforming the user experience, business models and infrastructure. fintech operators, e - commerce providers and telecom companies have entered the scene. 2 digital wallets, instant payments and the integration of payment services into nonfinancial services are driving innovation. what will the payments ecosystem look like in ten years? it is hard to say, but it will certainly depend on us. ideally, we are aiming for an economy where households and businesses can easily switch between payment solutions ; where digital payments can be made in central bank digital currency or other forms of privately issued digital money ; where instant settlement is the norm ; where even the less well - off and less welleducated have access to payment solutions ; where remittances and cross - border payments are as seamless as domestic payments ; where financial and non - financial services can be easily bundled in new ways ; where banks and non - bank providers work together and compete on a level playing field. this is our vision. will it remain wishful thinking? obviously, there are obstacles. 3 for domestic payments costs and inclusion

the management of risks through the calibrated reimposition of lockdown restrictions, the expected revitalization of key industries due to government policy support and structural reforms, and an improving global economy should help the philippine economy to recover in 2021 and accelerate in 2022. finally, allow me to end my presentation with these key points : • the country ’ s macroeconomic fundamentals remain sound. • the latest gdp growth suggests that economic rebound is underway. strong growth is expected in 2022. o the currently elevated inflation is due to transitory factors. inflation remains well - anchored. o banks remain sound and while non - performing loans has increased, banks remain highly capitalized. 3 / 4 bis central bankers'speeches o external position is strong, supported by more than adequate external liquidity buffer and improving inflows from overseas filipinos ’ remittances and receipts from business process outsourcing. o economic activity is vastly improving. yet, the overall momentum of the economic recovery remains foggy as long as a big part of the population remains unvaccinated and there is still a possible emergence of more virulent variants. nevertheless, the sustained implementation of targeted fiscal initiatives, as well as the acceleration of the vaccination program, should help boost market confidence and economic recovery. the bsp is committed to an accommodative monetary policy stance supportive of infusing liquidity in the financial system and recovery of the economy. the bsp ’ s actions and policy thrusts will continue to be anchored on its core mandates of promoting price and financial stability. thank you. 4 / 4 bis central bankers'speeches