development of a green classification framework. the framework will help banks and other financial institutions to identify environmentally sustainable activities, and then align their business decisions with global climate goals in order to support the transition to a low - carbon future. as a first step, we released a discussion paper in may 1 / 3 bis - central bankers'speeches this year and we will issue the first version of the framework very soon. to make the taxonomy more complete and usable, we will continue to expand the coverage of sectors and activities within the framework, such as including transition activities. our role as an enabler is not confined to setting frameworks and rules. we also endeavour to address the pain points faced by the industry. very often, a common view point cited by the industry is that they lack data and are not sure about the quality of the green and climate data they can get. so even though it may deviate from the conventional role of a banking supervisor, we are ready to roll up our sleeves to step in and provide common utilities for the industry. a key example is our cloud - based platform for physical risk assessment which we will soon be launching for banks to use. we understand that banks have difficulties in collecting and using data related to physical risk assessment, which is why the platform will enable banks to assess the impact of physical hazards on real estate under different climate scenarios by simply inputting the address of a property in hong kong. it will also contain downloadable datasets on hong kong's climate. as far as we are aware, we are one of the first banking supervisors in the world to provide this kind of utilities for the banking industry to use. you will be getting a preview of it later so i will not dwell on it, but we will certainly continue to improve the platform to facilitate banks'climate risk management. i can just go on with laying out the roles and efforts of the hkma in terms of promoting a more sustainable future. but today's conference is not about the hkma. it is really about the innovative ideas of the 69 companies which entered our green fintech competition, ranging from ai - powered data analytic tools that help banks assess physical risks, blockchain - based systems for esg impact reporting, to digital tools that assess the transition readiness of companies. if you have not yet done so, i will strongly encourage you to visit the exhibition area to look at the solutions offered by the winners and runners - up of our green fintech competition. i must thank both

to have at least 70 percent of adult filipinos owning a transaction account by 2023. the thrift banking industry has to embrace and be ready for the opportunities and realities under the new economic arrangements. allow me also to commend the 12 thrift banks that are offering pesonet payment transactions and the eight thrift banks offering the instapay platform for sending and receiving payment services and the four thrift banks that provide receiving payment services. you are among the movers under the digital payments transformation roadmap. nevertheless, we are also mindful of the attendant risks and the unintended consequences of these developments. in this area, we rely on our long - standing partnership with the chamber of thrift banks to help us 2 / 3 bis central bankers'speeches in mitigating the effects of technology - related risks, in promoting financial integrity and transparency in financial transactions while working towards sustaining the resiliency and stability of the banking system. ladies and gentlemen, disruptive technology and the covid - 19 pandemic are drastically changing the future of financial services industry. there are rough seas and strong headwinds coming from these two realities. but we must not lose track of our collective goal of keeping the banking system on even keel so it remains supportive of economic recovery and growth over the long - term. together, we can work towards developing a safer, more dynamic, more digital, and more inclusive banking system for the banking public. mabuhay ang chamber of thirft banks and i wish you all a meaningful convention ahead! thank you all! 3 / 3 bis central bankers'speeches