, we need a close cooperation between bankers and statisticians. we, therefore, welcome the work done so far. let me name just a few milestones that have been reached over the last year in the g20 context. after the regional conferences, a global conference of the g20 data gaps initiative was held in basel in june 2016. this conference agreed on concrete action plans for implementing the dgi - 2 recommendations. the decision was taken to establish an informal g20 working group on data sharing, chaired by the imf and eurostat in cooperation with the deutsche bundesbank. building on this, a meeting was held in washington d. c. in november of last year to take stock of g20 countries ’ experiences. first ideas were developed for a common terminology for granular and micro data, and suggestions were made on how to balance confidentiality and user needs in times of the internet. all these elements built the basis for the draft recommendations on data sharing and accessibility, which will be discussed in detail at this workshop. this workshop offers the possibility for an in - depth discussion of the draft recommendations, together with best practices. the final version should be agreed by the dgi contact group and the iag by the end of february 2017. this document will serve as a deliverable for the meeting of the g20 finance ministers and central bank governors in march 2017 to be reflected in the communique. furthermore, the workshop should debate the next concrete steps to be taken after adoption of this communique. i wish you fruitful and stimulating discussions and every success developing your ideas. 2 / 3 bis central bankers'speeches references : buch, c m, and l s goldberg ( 2016 ), “ cross - border prudential policy spillovers : how much? how important? evidence from the international banking research network ", nber working paper no. 22874. buch, c m, m bussiere, and l s goldberg ( 2016 ), “ prudential policies crossing borders : evidence from the international banking research network ", vox, cepr ’ s policy portal, 09 december 2016. deutsche bundesbank ( 2016 ), microdata – paradigm shift in central banks ’ statistics, annual report 2015, frankfurt a. m., pp 47 – 59, february 2016. financial stability board ( fsb ) and international monetary fund ( imf ) ( 2016 ), the financial crisis and information gaps, second phase of the g - 20

inclusion. to truly unlock the potential of digital innovations for inclusive finance, we need to build pillars that enable and promote the use of digital finance. the first pillar is the digital infrastructure. indeed, digital connectivity is a pre - requisite for digital finance. yet, speed, affordability, and availability of internet connectivity are important factors that determine adoption of digital finance, particularly in the rural areas. overcoming the barriers to digital connectivity will not only promote accessibility to digital financial products, but will allow innovators to improve the design, enhance security features, and drive down the cost of financial services. another important infrastructure is the digital id system which is why the bsp is looking forward to the implementation of the philippine id system or the philsys. beyond its ability to address the lack of identity documents commonly cited as a barrier by the unbanked, the philsys through its electronic kyc feature can significantly reduce the cost of onboarding new clients by as much as 80 % based on a study commissioned by the asian development bank. such a digital id system can also enable the delivery of innovative end - toend financial services. the second pillar would be the digital payments use cases. it is not enough that people are able to easily open a transaction account. people should see the necessity of an account and be able to use that account for various payment transactions on a regular basis. what can compel people to open a transaction account? for the wage earners and informal workers, receiving wages and social benefits is one. being able to use a mobile phone to pay market vendors, jeepney drivers, utilities and online purchases is another. 3 / 5 bis central bankers'speeches the regular use of transaction accounts will not only catalyze digital payments but also enable the account holder to build a richer digital footprint for his credit profile. this is the focus of our intensified coordination efforts with the department of social welfare and development, the department of labor and employment, and the department of transportation. to provide the public with digital payment options for transactions with government, we are working closely with the payments industry and the department of finance and the department of budget management on the development of a bills payment platform and on possible policies to address implementation barriers. the third pillar is user trust and readiness. if people do not trust, understand or know how to use digital financial services, people will not use these products even if they are affordable and convenient. to this end, we are committed to our partnership with various public and