; 3 / 4 bis central bankers'speeches ( c ) infrastructure must be efficient, safe, and resilient ; a financial sector must ultimately be purposeful in supporting the broad spectrum of economic activities including to facilitate savings, investments, insurance, payments for goods and services and credit intermediation. i am sure that the forum today will be a good occasion to exchange views and to gather new insights. 4 / 4 bis central bankers'speeches

for conventional financial products. as another example, we have also imposed additional rules on capital market intermediaries in relation to client protection such as safeguarding of monies and assets for margined otc derivatives, due diligence on custodians and better disclosures. technology revolution and financial services in the last ten years, the financial landscape has also been shaped by a potent force of change – what some have referred to as the technology revolution. technology has always been an important driver for innovation in financial markets. but this 1 / 4 bis central bankers'speeches time, technology and its use has permeated into our lives through the ubiquity of smart devices. this coupled with advances in “ aida ”, or artificial intelligence and data analytics, mean that new technology can transform or create new business models in ways unseen previously. the rise of social networks and the digital ecosystems, enabled by bigtech and fintech players, have spurred new business collaborations including with conventional financial institutions that cut across economic sectors. advancements in distributed ledger technology ( blockchain ) have also opened up new possibilities to disrupt existing market infrastructure. already, fintech developments have revolutionised the way financial services can be delivered. some examples in capital markets include : ( a ) in fund and wealth management, the rise of robo - advisory services and ai - driven investment management ; ( b ) in equity research, the use of ai to generate analyst reports ; and ( c ) in primary and secondary markets, blockchain - based platforms that can substitute for central trusted parties by providing an alternate reliable protocol for fund - raising, trade execution, settlement and custody. regulatory stance to innovation let me broadly share mas ’ stance towards innovation in financial services. 10 financial institutions have always been at the forefront of innovative use of technology. to the extent that new developments in technology and business models bring benefits to the broader economy, allow improvements in business management, and give customers better choices or services, these are to be encouraged and even supported. mas therefore takes the view that thoughtful and purposeful use of technology to drive innovation have been and will continue to be important for the financial industry to progress. in our regulatory role, the mas also proactively engages the industry both to understand and even to shape the technology - driven transformations in financial services. 11 technology can bring about new or heightened risks when mis - used or abused. so while mas is supportive of financial institutions to experiment with technology to harness potential new opportunities,