bankers'speeches but advances in biometrics are now making identity human again. many banks are already letting us use our face as our new banking password. here in singapore, ocbc bank is already doing this. next, imagine a world where payments are invisible. our shopping experience will be transformed. cameras and sensors identify us and the items that we place in and out of our shopping bag. and when we are done, we just walk out of the store! no more checkouts, no more lines, no more fussing with cash and credit cards. fantasy? just visit amazon go – it is already happening. imagine a world where insurance is intuitive. how many of us truly understand our insurance policies … or are fully confident they will pay out when we need them? imagine a world where the payout is automatically triggered by events and is instantaneous. no more lengthy claims forms, no more waiting time, no more opaque processes. science fiction? not quite. metlife ’ s lumenlab here in singapore is already making this a reality for gestational diabetes insurance. they are testing this out in mas ’ regulatory sandbox. imagine a world where financial advice is integrated. imagine our own personal financial dashboard on our mobile devices. giving us a complete view of our finances - pulling in data from banks we have deposits with, insurance companies we have policies with, and broker - dealers we have investments with …. …. not to mention, our pension or social security funds, tax liabilities, and mortgages … all in one place : a personal balance sheet – in real - time! and where financial advice is customised for us, based on an integrated view of our unique situations, at important milestones in our life …. … buying our first home, planning our children ’ s education, looking for investment opportunity to grow our retirement nest. many fintech firms are already developing apps and solutions to do this. this is the financial sector we want to create … customised for our needs, invisible to our eyes, and an absolute delight. and i ’ m very happy that singapore ’ s three local banks understand this. that ’ s why uob bank says it is right by you! ocbc bank says simply spot on! dbs bank says live more, bank less! innovation and technology are key to realising this future. but they are not enough. we need a fintech ecosystem to make this happen. 2 / 9 bis central bankers'speeches we need

applicants can leverage on our global patent highways to expedite the registration of their patents in more than 30 overseas markets. platforms for innovation the final piece in fintech ecosystem - platforms for innovation. innovation does not occur in isolation. we need platforms to connect people and ideas ; problems and solutions ; and foster collaboration. one such platform we are excited about is afin – the asean financial innovation network. let ’ s begin with the problem statement. there are about 1. 7 billion adults globally who are unbanked. one out of three of the unbanked come from just four countries in asia – china, india, pakistan, indonesia. it is a shame that in this day and age, so many do not have access to a bank account, secure and efficient means of payment, or insurance protection. the root of this problem is two - fold. banks face high costs in reaching out to customers in remote villages. and frankly, many of their mainstream financial services may not be suited to the needs of these customers. fintech firms, on other hand, are able to create agile and mobile digital solutions to access and serve these underserved segments. but they lack the resources to scale and penetrate new markets. this is where afin comes in, to bring banks and fintech firms together to develop solutions to penetrate these hard - to - reach markets. afin is spearheaded by mas, the asean bankers association, and the world bank ’ s international finance corporation. this wednesday, afin will launch api exchange, or apix. it is the world ’ s first cross - border, open architecture platform to enhance financial inclusion. apix is both an online fintech marketplace and fintech sandbox. as a marketplace, it will enable fis to discover and connect with fintech firms through apis on a globally curated platform. as a sandbox, it provides a platform for fis and fintech firms to collaborate and experiment on solutions in a contained environment. please step forward to participate in this exciting enterprise to deepen financial inclusion in asean and the asia - pacific region. next, mas and the infocomm media development authority ( imda ) are working together to create a cross - border innovation platform for smes called business sans borders. 8 / 9 bis central bankers'speeches business sans borders will do two things : it will enable smes to connect in a global services marketplace, where they can explore synergies in digitalising their business processes and mutualise costs. it will