a crucial objective. 3. no kingmakers large networks joint - venturing with specific financial institutions could extend the former ’ s market power and concentration to financial markets. 4. business continuity with systemic foreign providers the failure of a fintech or bigtech firm with systemic financial services operations, or the interruption in the service it provides, could have substantial spill - overs for both the domestic economy it serves and other economies in the region. the source of such risks – particularly those related to legal or operational issues – could also originate in a jurisdiction different from that affected by said issues. 5. jurisdictional gaps bigtech firms operating across multiple jurisdictions could increase the risk of gaps in supervisory oversight. in order to ensure effective monitoring of bigtech financial services activities, efficient cooperation between regulators across jurisdictions is extremely important. in order for regulators to ensure that new risks are regulated equally, new frameworks and standards need to be developed. 6. client protection given that risks concerning consumer protection may be larger in the case of bigtech firms ’ activities, the use of financial data must be regulated to avoid its misuse and also because once bigtech firms have access to the whole set of data it will be difficult to constrain its use. it is just as relevant to promote robust and transparent data governance frameworks to provide clarity regarding the use of consumer data, thus enhancing consumer confidence. 7. cybersecurity since the number and severity of cybersecurity incidents that affect the operation of all types of companies have been increasing, information technology security is a priority issue for all industries, and for the entire financial system. setting minimum standards is crucial to avoid contagion and risks to the systems. thus, cyber and operational security should be addressed through three layers : i ) the owner ( s ) of the infrastructure ( s ) ; ii ) the participants ( setting minimum requirements to them ) ; and, iii ) the users. even when all layers require the implementation of measures aimed at making cybersecurity robust, the users ’ layer could be the weakest link of the chain and addressing their inherent problems would require creative solutions. i want to conclude emphasizing that the cornerstone for a healthy payment ecosystem is a safe and robust infrastructure for low, medium and large value payments, with 24 / 7 services, 3 / 4 bis central bankers'speeches extremely high levels of availability and capable of acting as a hub for the innovation of payment services to final users. developing this public infrastructure should be at the top of the

njuguna ndung ’ u : workshop on the compilation of banking statistics in kenya address by prof njuguna ndung ’ u, governor of the central bank of kenya, at the opening of the workshop on the compilation of banking statistics, kenya school of monetary studies, nairobi, 12 june 2007. * * * mr. kevin o ’ connor, consultant imf mr. oliver chinganya, regional advisor, gdds project the representatives of : kenya banker ’ s association ( kba ), institute of certified public accountants of kenya ( icpak ) and central bureau of statistics distinguished participants, ladies and gentlemen, let me first and foremost welcome you all to the kenya school of monetary studies and to this very important workshop on the compilation of banking statistics. i must thank you for taking time off to attend this function. i wish to thank the imf consultant in particular for finding time to participate in this workshop as a resource person. as you may be aware, the imf has played a major role in the development of monetary statistics in kenya and in countries around the world. in particular, the fund, in collaboration with the department for international development ( dfid ), continues to support the general data dissemination system ( gdds ) project which aims at improving the availability and quality of data in developing countries to conform with international standards. kenya, as a country, being part of the gdds project, provides an important avenue for database improvements. this workshop is therefore part of the greater plan towards the improvement of statistics in kenya with the support of these organisations. i thank them for this contribution. ladies and gentlemen, my task today is to open this workshop but before i do that let me draw your attention to the importance of this workshop and statistics in general. you will recall that the financial crisis that hit the asian economies in the early 1990s was partly occasioned by lack of sufficient statistical information on what was going on in the banking system. i am glad therefore that thereafter, the world economies have taken initiatives to ensure that statistical capacities and developments are at the forefront so as to inform decision making at all levels. we at the central bank have not been left behind. over the past few years, the bank has been working on the improvement of monetary and financial statistics to meet the international compilation standards guided by the recommendations of the imf mission on report for observance of standards and codes ( rosc ), and plans for improvements under the gdds project