as old as time, the emergence of social media, fast payment and ai has super - charged them to the new prevalence and speed with scam easier to commit. fraud is also increasingly borderless ; it could be committed 5 / 7 bis - central bankers'speeches by someone in one jurisdiction while money moves through accounts in others including through crypto. solving this complex issue will surely require work on financial literacy and domestic regulation and supervision at a fundamental level. we need to also work on addressing the entire life cycle of fraud in a holistic manner, so there is no leakage or bottleneck that would erode effectiveness. moreover, given its complexity and potential to attract public criticism, we must focus on efficiency, tackling the spot with bigger return to effort, for example, how to prevent money from getting into a mule account in the first place for that would be more effective and easier to unwind than to stop money from being drawn out of a mule account once already in. given most of the fraud cases are now committed online, working with relevant authorities and social media / e - commerce platform to make it harder for fraudsters to advertise and scam people will be an extra critical step as well. but working on domestic fronts is not enough given its borderless nature ; this is the challenge we cannot walk alone. to cope with digital crime, we would need greater collaboration among countries at regional and global levels to identify risks, find solutions, and come up with a rulebook or international guidelines that facilitate data sharing or collaboration. without this cooperation, differing standards of domestic fraud will create the weakest link and make dealing with cross - border fraud much harder. [ challenge 3 : geopolitics and how to create resiliency ] the last challenge concerns how to make economy more resilient and robust to risk scenarios as geopolitical tension increases and technology advances. apart from addressing gaps in our current financial system above, what most central banks have learned from global economic uncertainty is to explore alternative infrastructure as a volatility mitigation or risk mitigation option. like many eme central banks, the bank of thailand has been exploring and using technology to enhance both the efficiency and resiliency of our financial system. there are two main areas that our region already has partnerships, namely cross - border payments and local currency usage. 1. cross - border payment linkages given our regional economic linkages, it makes sense for the central banks to develop cross - border payment

popular issues amount to one - third of its outstanding amount, which is a very encouraging sign. bid - spreads are narrowing and now can boast a level not significantly far from the more developed bond markets. we have completed a yield curve available on the internet that spans from less than one - year, out into the 15 - year tenure. this, complemented with the low interest environment, has boosted the issuance of corporate bonds. last year alone, we have seen over 200 billion baht of private bonds issued. of course, some of these were used to recapitalize the banking system, but no small amounts were also used for refinancing corporate debts as well as for business expansion. we are fortunate that the legal framework for the supervision of the capital market, namely private and public offering and investor protection, have already been instituted. in fact the private debt market started to flourish since 1992 after we set up the securities and exchange commission. with this framework, the private debt market was able to resume activity again after the crisis but this time with the government yield curve as pricing benchmark. with regard to the operation of the secondary market of government bonds, the bank of thailand is currently working on the promotion of a full - fledged primary dealership system to facilitate the conduct of open market operations. we aim for the primary dealers to eventually provide marketmaking functions for both government and private securities. the operation of primary dealers or counterparties of the central bank will be complemented, should market participants deem it useful, by the presence of inter - dealer brokers, who can assist in ensuring continuous two - way quotation, as well as helping to preserve the anonymity of transactions or positions held by a market participant. in august 1999, we appointed 9 counterparties, which comprised eight banks and one securities firm. starting 19 january 2000, the bank of thailand also began trading outright with the 9 counterparties. this operation serves as a monetary policy instrument as well as the mechanism to promote the development of the secondary bond trading. at this early stage, the outright operations will be conducted primarily in the benchmark issues or those with potential to become benchmark issues. these selected counterparties are expected, ultimately, to become primary dealers and we are currently working on putting the right incentives to ensure that appropriate rights and obligations be accorded to these primary dealers. the third area i would briefly touch on is infrastructure issues. here, work is ongoing to promote a fully automated system of delivery