well here at danmarks nationalbank, we are invisible to most danes. * * * except in one respect. wherever we have become less visible in recent years. banknotes and coins. do you remember the first 25 - øre coins with a hole? or the 10 - krone banknote with hans christian andersen? many of you also know what a " ploughman " is. banknotes and coins are highly visible. they are part of our shared memory. but today only one tenth of private consumption is paid for in cash. i don't think denmark is about to become a cashless society – at least not in my lifetime. but we will have a future where fewer choose to pay with cash. issuing cash is probably the task that most people know danmarks nationalbank for. what many may not know about is that we are also the centre that keeps the electronic payment circuit running. we own and operate an online bank for the commercial banks and together with the financial sector we have developed systems that have paved the way for the dankort. betalingsservice. mobilepay. instant payments. electronic securities. exchanging payments is constantly becoming cheaper, easier and faster. at least for payments in danish kroner. but when we need to transfer amounts in other currencies, it is expensive and cumbersome. in that situation we may cast envious glances at the countries that have a single currency where citizens and enterprises avoid exchange fees when they trade with each other. the way we pay today is not the same as it was 200 years ago. page 7 of 9 but in one respect it has not changed : money and payments is based on trust. nor will banks be the same in the future as they are today. and to be honest, i don't care what a bank looks like – physically. it does not have to resemble a greek temple. but the function carried out by banks will always be required. what matters to me is that banking operations are subject to solid regulation. so that people can feel secure. so i find it difficult to imagine a future without a need for a central bank. * * * it is my hope that when danmarks nationalbank celebrates a new anniversary 100 years from now, our great - and great - great - grandchildren will be living in a society that is even more affluent and offers even more opportunities than ours. what will that require? well, basically, we need to be aware of how we became

under two banks ]. what happened? accountability, when things go wrong, is also extremely important. [ maintaining ] the level of the trust of the public so that when some things go wrong, they will be addressed properly and quickly. 1 / 4 bis - central bankers'speeches but, as we discussed in a meeting prior to this, it is not a question of yes or no ; it is a question of when. it is also a question of what are the parts that could come ahead of the others. for instance, we can start by stopping the practice in the philippines where you are a captive of the banker of your employer. just give the employee the choice [ to choose his own payroll account ]. after all, with pesonet, that should not be too difficult. i was quite surprised [ when i learned ] that most employees actually do not have [ traditional ] bank accounts - i will not mention the name of the company - but have a " gmaya " [ ewallet account instead ]. the importance of governance structures and regulation building on a transport analogy, the " rails " lead the doors of data, made possible by apis [ application programming interfaces ]. but said rails can only be built with the consent of the customer or the owners of the data. i should emphasize if the customer wants it shared, his bank cannot refuse. that is the other side. if i have a very good borrower, why would i want other banks to know that he is a good borrower? it is not just an api or a technology story, it is a governance story as well. these are the things that we are doing : capacity building, collaborative engagements, and, of course, commensurate regulations. as i said, there are - i look at regulations in two ways : one is before it [ crisis ] happens, and the other one is after it happens. when things go wrong, that is the most important part. people trust that things will be corrected, and you will not need lawyers to pay for it. revised roadmap takes readiness into account as part of our phased and incremental approach to open finance, we have adopted a more feasible timeline for the philippine open finance journey - from three years to, now, seven years. the revised roadmap is anchored on the bangko sentral ng pilipinas ( bsp )'s digitalization and sustainability agenda. hopefully, 98 percent of the things are done before the