our plan is an open competition. for instance, the current financial landscape in thailand, as in many markets in the region, is dominated overwhelmingly by banks. nevertheless, we see that non - banks should play a more significant role going beyond, and thus we are opening the market to new players like virtual banks and trying to ensure a level playing field. secondly, we are also to look at open infrastructure to make sure that the infrastructure is open and accessible to players to get that level playing field. for example, as we have made significant improvements in the payment landscape on the retail front, we are now trying to put in place a similar infrastructure for smes. to do this, we have the smart financial and payment infrastructure program that allows smes to access more digital solutions on finance, including invoicing and issuing receipts, doing taxes, and on an end - to - end basis. we are also to introduce the retail central bank digital currency ( cbdc ) and expect to put out a pilot program by the fourth quarter of this year. we have page 5 of 8 done quite well on the wholesale cbdc, dealing with cross - border issues, and the next phase for us is to implement the retail project by preparing ourselves through this pilot project. since we see that digital currencies are appearing and becoming popular very rapidly, we want to make sure that the public has a safe option that is accessible to all and is for non - profit purposes. we thus see the retail cbdc as an essential part of that open infrastructure component of our digital landscape vision. the third open is open data because we realize that data will become an important asset. we have recently launched the d - statement program that allows people to use the information at one bank to apply for financial services at another bank to improve access to services and competition. the other key element in the new financial landscape is sustainability which comprises two key components. one is the sustainability of the household debt. we have recognized that the household debt is very high in thailand at about 90 percent of gdp, and hence it is crucial to design measures that attempt to put the household debt burden on a more sustainable basis. there is also another aspect of sustainability which is on the green and environmental issues. we are putting in place key building blocks that will be an essential part of the sustainability landscape. they include the green taxonomy and better disclosure to measure progress in the sustainability area. the last part of our financial landscape paper is about a more flexible regulatory framework.

raises fears relating to immigration and cultural impacts. what then can be done to improve readiness for labor mobility thereby strengthening asean citizenship? for the benefit of further exploration, i would like to propose that we consider a threepronged strategy as part of a sustainable solution to this problem : first, we should try to reduce short and long - term obstacles to labor mobility. it is critical to recognize that greater labor mobility brings greater competition for local professionals. this means that, in the medium and longer term, the “ brain drain ” is usually offset by remittances and a “ reverse brain drain ”, which brings wealth, skills, experience, and their business and social networks back home. therefore, actions are needed to further enhance the free flow of labor through increased use of mutual recognition of professional qualifications. forging university and regional professional networks will surely be supportive of this endeavor. visa, work permits, and regulatory requirements on foreign employment are all important issues that need to be quickly addressed to ensure that the investment environment is competitive. over the longer term, i also see it as very crucial that we address obstacles to integration at the root cause, which is the weak integration mindset. this integration mindset means that we need to assess the benefits and costs of integration more deeply and strategize how they fit with the overall economic development plans of individual asean member countries. there are dangers in allowing such an important assessment to remain vague. my concern is that many key stakeholders of asean integration still view the aec with cynicism ; that life will go on, with few changes to the status quo. and this complacency is very dangerous because we may wake up and find that we are already too late to catch the rising wave of asean. distinguished participants, the second part of this three - pronged strategy deals with human capital development to meet global competencies. my personal opinion as a ceo in the financial industry is that we need people or our human resources in the next decade to be assertive, flexible, analytical and quantitative, technology competent, as well as having strong leadership, people skills, foreign language proficiency, and cultural awareness. ceos in other industries can add more qualifications to this list according to what they need to satisfy future business bis central bankers ’ speeches solutions. moreover, to promote mobility, our local talent competency should also aim for a better fit with regional and global competency. in the case of thailand, broad statistical profile points to above 50 percent share of education