and national chartering authorities have begun to consider the range of electronic commerce activities that financial institutions may operate or own. we recently issued a proposal on “ finder ” activities that would allow financial holding companies to provide, or invest in, services that bring together buyers and sellers of nonfinancial products. these activities would encompass, for example, hosting an internet marketplace or operating an internet auction site. we are considering other areas of technology and electronic commerce activities that would be considered permissible for financial organizations while still preserving the core distinctions between banking and commerce. conclusion in conclusion, we can expect financial institutions to continue experimenting with new technologies and electronic, information - based services. i believe that this is an area with great potential, yet the uncertainties are large and the payoff horizon is unknown. banks and supervisors need to recognize that it is acceptable - and even expected - to make some investments that do not pay off. we also know there have been, and will continue to be, technological glitches - computers and web sites go down occasionally, and e - mail gets lost. the new internet world is a punishing one for these routine mistakes, and financial institutions have strong incentives to take precautions and to fix problems well before they reach supervisors ’ and policymakers ’ attention. the information - based nature of financial services is unlikely to change. i am confident that banks and other financial institutions will continue to find new and better ways to put technology to their and their customers ’ best use, and that they will manage the technology and the business risks associated with these investments.

seeks to develop a multilateral solution connecting the real - time payment systems of participating countries. as we actively work toward digitalization, we also recognize the accompanying risks. according to the latest banking sector outlook survey, banks consider cybersecurity risk as one of the top threats on their digital agenda. as a regulator, we are working toward managing and reducing these risks through tough and responsive regulations. the bsp is crafting cybersecurity policies that will require banks and other financial institutions under our supervision to adopt even more robust technology risk management systems and effective cybersecurity resilience controls and measures. the bsp recognizes that improved legislation will allow it to better address cybersecurity risks and combat cybercrimes. we continue to support the passage of various legislative reforms that will put more teeth into the country's fight against cybercrimes and increase confidence in the digital financial system. as we turn the spotlight on the awardees, let us take to heart the importance of cooperation between the public and private sectors in fostering an enabling environment for the safe and efficient delivery of digital financial services. congratulations to the awardees, and may you continue to blaze the digital trail for others to follow. mabuhay po kayong lahat! 3 / 3 bis - central bankers'speeches