and inclusive. indeed, asean financial integration does not treat integration as a matter of liberalisation, but provides focus on stability and inclusion as its equally important pillars. the three pillars of financial integration, financial inclusion and financial stability ensure that the strength, resilience and inclusiveness of the benefits of regional integration in the financial sector are pursued and subsequently achieved. 17. a number of financial integration initiatives in the form of endorsed strategic action plans are put forward. these include the asean banking integration framework, the safeguard measures of capital flows, and the build - up of financial inclusion infrastructure. a more recent initiative on local currency settlement is another clear contribution from central banks to advance inter - asean trade and investment. 18. under the asean + 3 financial cooperation, asean has reached significant progress in strengthening the regional self - help mechanism, especially compared to the time of asian financial crisis. the continuously improved chiang mai initiative multilateralisation as a reginal financial safety net arrangement with the support of amro has made the region more ready to any risks, vulnerabilities and spillovers from the external sector. 19. moving forward, asean will consistently maintain and improve its framework as a unique economy group with strong visions. asean is ready to move to the next level, that is to become a highly integrated and cohesive economy ; a competitive, innovative and dynamic region ; with enhanced connectivity and sectoral cooperation ; as well as a resilient, inclusive, people - oriented and people - centered orientation ; and at the same time being truly a global player. [ key takeaways ] distinguished guests, ladies, and gentlemen, 20. global economy has been far more integrated than 20 years ago, and yet the challenges are also increasingly multifaceted. although in the near term the outlook is promising, some downside risks remain, requiring us to live with prudence. protectionism and anti - multilateralism are taking shape, but i believe that asean have enough experiences since the 199798 crisis to stay strong and vigilant. 21. first, asean is an agile and adaptive region and it has entered once again into a group of emerging market economies with strong macroeconomic performance, good policy formulation as well as high external confidence. in this regard, central banks are playing a crucial role in managing the stability of the economy by facilitating the recovery from the crisis, ensuring price and financial stability along the way, and preparing for the rainy days with multiple layers of defence and solid track - record of policy making

3. 6 macroeconomic conditions and external shocks, still demands vigilance in order to maintain the resilience of the banking system. these risks include credit risk with continued loan at risk ( lar ) in several economic sectors, such as construction and accommodation, due to the scarring effect of the covid - 19 pandemic, liquidity risk due to faster credit growth than deposits, as well as market risk due to the rupiah depreciation and rising sbn yields. meanwhile, bank indonesia ’ s simulations confirmed that bank resilience has been maintained. this is also in line with the results of the systemic risk survey conducted by bank indonesia based on a sample of 120 respondents from financial institutions, corporations, economist, and academics in october 2022, showing that most respondents confident and strongly confident that financial system stability would be maintained up to or beyond the next 6 ( six ) months ( graph 10. b ). 66. 9 68. 0 up until 6 months ahead 29. 8 27. 2 22. 5 3. 3 strongly conﬁdent conﬁdent index 73. 3 76. 0 4. 8 2. 5 unsure 0. 0 0. 0 1. 7 very unsure 72. 0 71. 7 over the next 6 months 21. 5 22. 4 25. 8 2. 5 strongly conﬁdent semester ii 2021 conﬁdent 5. 6 1. 7 unsure semester i 2022 0. 0 0. 0 0. 8 very unsure semester ii 2022 source : bank indonesia expansion and convenience of the digital payment system and accelerating digital banking. the value of electronic money transactions is projected to increase by 32. 2 % ( yoy ) in 2022 to reach rp404 trillion before increasing another 25. 7 % to a value of rp508 trillion in 2023 ( table 6 ). in addition, the value of digital banking transactions is projected to increase by 30. 2 % ( yoy ) in 2022 to reach rp53, 144 trillion, before gaining another 27. 2 % in 2023 to reach rp67, 600 trillion. the acceleration of payment system digitalization also prompted strong e - commerce transactions growth, which are estimated to increase by 21. 9 % to reach rp489 trillion in 2022 and then increase by 17. 0 % to rp572 trillion in 2023. to support payment system acceleration and innovation, bank indonesia cooperation in terms of cross - border payment systems