technology - related risks, including aml / cft and other concerns with respect to fintech. this includes enhanced regulations to ensure that non - banks such as pawnshops and money service businesses are properly supervised as they compete in delivering bank - like services. this also extends to entities that use virtual currency as underlying instruments for remittance. we expect financial access to further expand with our recent issuance allowing technology - enabled third party retail outlets to function as bank cash agents. complementing these are regulations that allow reduced know - your - customer ( kyc ) processes for certain low - risk accounts and the use of technology for kyc. these amendments aim to facilitate frictionless customer on - boarding and convenient customer access. in keeping with our mandate to maintain financial stability, soon we shall be issuing enhanced information security framework to strengthen cybersecurity controls in line with a rapidly evolving cyberthreat landscape surrounding financial institutions. it is vital that we preserve the balance between innovation and risk management. game - changing financial sector reforms given the country ’ s potential as a promising investment destination, our domestic capital market is being positioned to serve as an important source of long - term funding and as a complement to bank lending to support economic growth. in this regard, we are closely collaborating with other government agencies, namely the department of finance ( dof ), securities and exchange commission ( sec ) and bureau of the treasury ( btr ), and industry stakeholders to deepen the local currency debt market. complementing this local currency debt market development initiatives, we are also further liberalizing foreign exchange ( fx ) rules in order to enhance the ease of doing business. this 4 / 5 bis central bankers'speeches forms part of a broader agenda for an organized fx market to enhance depth and transparency, improve price discovery, and increase availability of fx products, especially hedging instruments. mutuality in relationships indeed, the economic circumstances today demand fresh and bold approaches. but to succeed, collaboration and cooperation is key — with other government agencies and with you, our stakeholders in the private sector and the filipino public. any great innovation effort begins with understanding “ the who, what, and whys ” of those we serve... in other words, who are our customers? what needs do they have? and why do they have these needs?... this is the true essence of customer - centricity, empathising with the experiences of our stakeholders. we in the bsp cannot answer these

looking at now is a single year following a period of very rapid expansion and during which the swedish economy has been exposed to a sudden global slowdown that has largely been concentrated on a sector of great importance for sweden, namely the it sector. all in all, it would seem reasonable to assume that the conditions for the near future look relatively good for a cautious economic recovery, combined with an inflation rate in line with the riksbank's target. however, it is important to follow developments closely in order to detect whether the course of events will strengthen or weaken.