their product penetration in these unserved segments since the banks are not servicing this particular segment. the qr code could be a catalyst to reach this group. to encourage qr code payment, avoid market fragmentation and broaden financial inclusion, bank negara malaysia has issued an interoperable credit transfer framework ( ictf ) for consultation. the ictf aims to connect both banks and eligible non - bank e - money issuers to ensure reachability of bank accounts and e - money accounts. for the first time in our history, customers of both banks and non - banks will soon be able to transfer funds across the network seamlessly by just referencing the mobile number and ic numbers of the recipients or scanning the qr code of the recipients. in this regard, paynet, the merged entity of meps and myclear, as the operator of the country ’ s shared payment infrastructure would provide open and fair access to its clearing system and other shared payment utilities to both banks and eligible non - bank e - money issuers. this would enhance the network multiplier effects and foster better allocation of industry resources, as market players would be able to compete based on value - added services rather than on the basis of infrastructure. in addition, the interoperable credit transfer framework would level the playing field between banks and non - bank players, by subjecting them to risk management requirements that are proportionate to the nature, scale and complexity of their business activities. the framework would enhance consumer protection and confidence in the use credit transfer services. focus on solving the last mile obstacles to enhance migration to e - payments to remain relevant, it is important for all stakeholders to step up their game to drive innovation and new use cases to accelerate the displacement of cash and cheques. paynet, as the operator of shared payment infrastructure, will facilitate the pooling of resources to develop innovative use cases to meet the evolving needs of end - users. for this to happen, paynet might need to establish an innovation lab and publish open apis to leverage on the creativity, resourcefulness and innovativeness of the fintech community. banks and non - bank players should focus on solving last mile obstacles by alleviating the ‘ pain points ’ faced by consumers and businesses. subject to the observance of data protection laws, market players should mine customers ’ data to develop innovative solutions and deliver superior customer experience. customers can now look for digital solutions that enrich their quality of life. this may necessitate entities

mr duisenberg discusses the challenges posed by economic divergences in the euro area : the consequences for economic policies speech delivered by dr willem f duisenberg, president of the european central bank, at ‘ nieuwspoort ’ in the hague, netherlands, on 5 november 1999. * * * first, let me thank you for this rather special calendar for the year 2000. as you are undoubtedly aware, the president of the ecb has a very full schedule, not least in explaining the role of the eurosystem and communicating its decisions to the general public ( through the media ). it is therefore a very suitable gift. it is also, however, if i may say so, a very symbolic gift. next year marks the start of a new millennium. the introduction of the euro also marks the beginning of an important and historic step forward in european integration. the introduction of the euro poses some new questions and challenges for the ecb and other economic policymakers in the euro area, and i would like to take this opportunity to deal with one particular issue which has been raised on a number of occasions in the past year - also here in the netherlands - that is the challenges posed by economic divergences across regions or countries within the euro area. the single monetary policy and economic conditions in the euro area as a whole the primary objective of the single monetary policy is to maintain price stability. the ecb has only one instrument at its disposal – short - term official interest rates - and can therefore only aim at one objective. this has been defined by the governing council as “ a year - on - year increase in the harmonised index of consumer prices ( hicp ) for the euro area of below 2 % ”. the objective of price stability “ is to be maintained over the medium term ”, emphasising that monetary policy needs to be forward - looking. but this definition also stresses the fact that the focus of the ecb is on price developments “ in the euro area ”. in reaching its decisions on monetary policy, the governing council is concerned with economic conditions in the euro area as a whole, rather than specific regional or national developments. it is sometimes said that while the single monetary policy may be “ right ” for the euro area as a whole, it is “ wrong ” for many individual countries within the area. i disagree with this view. first, it overlooks the fact that within a single currency area adjustment can occur via prices and wages. second, it in