systems, capital account, and capital markets. it is noted that the target date is beyond 2015 for the aec. this is because financial markets are much harder to integrate than goods markets given different structures and policies among membership and the sector ’ s sensitive nature. of the four areas, the first three are under central banks. let me however touch on only the first two which i deem are most relevant to this audience. the first area, financial services liberalization will be done primarily through the creation of qualified asean banks or qabs, indigenous asean banks that are allowed to operate in all asean countries under the dimensions of equal access, equal treatment, and equal environment. currently, involved regulators are focusing qab discussions on the qualification of such banks as well as regulatory and supervisory issues to ensure the soundness of financial institutions. bilateral negotiations for qabs may commence this year for countries which are ready. for payments and settlements systems, the aec vision is to have “ integrated, safe, and efficient ” systems that will “ enable businesses and individuals to make or receive electronic payments with greater convenience. ” bis central bankers ’ speeches to achieve this vision, five key sub - areas are targeted : cross - border trade settlement, money remittances, retail payment system, capital market settlement, and standardization. examples of specific goals in these areas are achievement of t + 1 receipt of funds for crossborder payment, full regional atm interoperability, and an adoption of iso 20022 as a common standard for payment and settlement messages. ladies and gentlemen, given the limited time, it is impossible to get into fine details. nevertheless, i hope that i have given you a big picture of the changing role of central banks post global financial crisis. this encompasses the reorientation of monetary policy and regulatory frameworks and to a lesser extent central banks ’ financial - sector development role. as i outline what lies ahead in the policy environment, some of you may worry about the increasing interest rate environment and higher regulatory costs, outweighing your excitement for the aec. but let me assure you that these are healthy developments for the long run. with lower crisis risk, risk premia will be lower. and the most efficient and well - run financial institutions will be the ones who reap the most benefits from this new environment. thank you for your attention. bis central bankers ’ speeches

and payment systems. this interoperability for the time being remains to be ensured. 1 / 3 bis - central bankers'speeches from a stability perspective it is clear that currently the crypto ecosystem is not large enough and interconnected enough to threaten the stability of the whole financial system, as shown by the modest impact on mainstream finance of the may / june crypto assets market turmoil in the wake of the terra - luna collapse and more recently the impact of the collapse of the ftx crypto - conglomerate. but let me note first that, those collapses did have significant negative spillover effects within the crypto ecosystem, and second that, in attempting to replicate some of the functions performed by the mainstream financial system, the crypto ecosystem inherits and may amplify the vulnerabilities of that system. for instance, tokenisation increases operational risks, especially cyber risks. it is currently the number one operational risk to financial players, and it has the ability to jeopardise the stability of the entire financial system. the tokenisation of finance creates in particular new points of vulnerability : let me mention bridges between blockchains, or oracles that feed data to blockchains. in addition, the governance issues of public dlt infrastructures, which contribute greatly to the risk of hacking, are still far from being resolved. ii / impact on our role and activities in response to these transformations, we see our role as twofold : as a financial stability authority to help bring tokenised finance within a regulatory framework which allows its benefits to be reaped but also its risks appropriately mastered to safeguard financial stability and therefore confidence. but we see ourselves as being part of the innovative ecosystem with the objective to act as a facilitator and catalyst, in our operational role of central bank services provider. 1 / contributing to a confidence prone regulatory framework fundamentally, what does not change in the financial sector is the need for confidence. consumers of financial services need to have confidence : in the security of transactions, in the protection of their assets and in their freedom of choice. the players in the sector also need to have confidence : in each other, because they remain interdependent, and in the rules of the game, i. e. in the regulatory conditions under which they can carry out their activity. as financial stability authorities, central banks and supervisors have a role to play in maintaining this confidence, in all the forms i have just mentioned. in this respect, i would like to