. there are two interoperable clearing houses in the country - - pesonet and instapay. as of march 31, 2022, participating banks and electronic money issuers registered with pesonet stood at 96, while that with instapay totaled 66. likewise, the digital payment streams of the national qr code standard, or qr ph, has expanded to cover person - to - merchant and person - to - person payments. we are also broadening the use cases for three digital payment streams this year. first is the interoperable bills pay facility, which will address the existing fragmented bills payment mechanism. second is the request to pay facility, which will empower payees to initiate collections of nonrecurring receivables. third is the direct debit, which will allow customers to better manage recurring payments. we have also issued the open finance and digital banking frameworks to accelerate digital transformation and financial inclusion. the open finance framework promotes consent - driven data portability, interoperability, and collaborative partnerships among entities that adhere to the same standards of data security and privacy. the digital banking framework provides the regulatory guidelines for setting up and operating a digital bank in the country. in line with our digital transformation roadmap, the bsp has issued licenses to six purely digital banks. the bsp, or the central bank, has also commenced initiatives in the digitalization of offshore payments. we are prioritizing the establishment of interoperable cross - border real - time retail payment systems among asean member states. with digitalization and financial technology re - shaping the landscape of the philippine banking system, the central bank stands ready to reform, innovate, and transform. we do so by providing an enabling regulatory environment to keep pace with the evolving developments in the financial system and to prepare the country as it faces the challenges of the future. moving forward, i see these wide - ranging reforms ultimately creating tangible economic benefits to the filipino public, as the central bank remains committed to promoting price stability and a resilient, responsive, and inclusive financial system. i ’ ll stop here. thank you.

% growth. review of financial reforms and key priorities mas has continued apace with our financial sector reforms over the last year, introducing a series of strategic policy changes to foster a more transparent, innovative and dynamic financial sector. we have taken measures to fine - tune and update our legislation and guidelines to keep pace with the changing market environment. to further strengthen the domestic banking sector, we recently announced regulations to separate the financial and non - financial activities of our local banking groups, and to require the rationalisation and unwinding of cross - shareholdings. last week, mas also unveiled our policy on internet banking, whereby we affirmed that the existing prudential regulation and supervision framework will apply to such new business models. on the insurance front, we have liberalised the entry into the direct insurance industry and adopted an open policy for admission of insurance brokers. we have also abolished the foreign shareholding limit on local insurers to make way for strategic mergers and alliances with reputable international players. earlier this month, mas announced plans to introduce a new modular licensing framework for market intermediaries in the securities and futures industries. in addition, mas will streamline the regulation of financial advisers and require them to comply with standards of market conduct and practices. mas is also stepping up its review of the policy issues of the securities and futures legislation, to consolidate and streamline the requirements into a proposed omnibus securities and futures act. in the coming year, the key priority for the mas is to follow through the reforms that have been introduced over the past year, and ensure that the implementation is carried out effectively. mas will continue to review and refine our legislation and regulatory framework to keep pace with global developments. the challenge for us is to sustain the momentum and persevere in our efforts to build singapore into a world - class financial centre. international relations let me now turn to mas ’ efforts in the international fora. with the recovery in crisis - affected economies, the focus has shifted from crisis management to ensuring the sustainability of the recovery and reform of the international financial architecture. singapore has participated actively in the financial stability forum, established over a year ago to monitor international financial market developments for potential vulnerabilities. as one of four non - g7 financial centres represented on the forum, we play a useful role in providing insights and perspectives from the region on financial market developments. we participated in the fsf ’ s work on offshore financial centres. we also hosted a meeting of the fsf earlier