strikes. for us, it is as important to encourage open and honest communications with our counterparts, as it is to have formal arrangements for information exchange. we cooperate with each other in conducting joint surveillance and capacity building initiatives. through these collaborations, we gradually build respect, trust and goodwill, the kind that no framework can hope to manufacture. let me now conclude. in no trivial part due to my mentors, predecessors and colleagues, past crises that affected malaysia were well - managed, leading to speedy recovery with minimal losses to taxpayers, and the equally important structural transformations that followed. clear statutory remits. independent policy making. effective coordination and implementation. sound governance and accountability. building agility and trust. and proceeding with utmost humility. these building blocks and experience accumulated laid the necessary foundation for the bank ’ s work on crisis management, and continue to anchor our efforts to enhance crisis preparedness on various fronts. bis central bankers ’ speeches

connectivity. this move towards a common global standard will address issues relating to diverging regulatory and technical standards which have increased friction in making payments and made the cross - border payments landscape more complex. embracing financial innovation to enhance cross - border payments efficiency aside from the global pandemic, the other key disruption to our established view of cross - border payments is financial innovation. there has been growing awareness that the underlying technology for digital assets such as distributed ledger technology ( dlt ) may have the potential to improve payments efficiency, particularly from the cross - border payments perspective. some central banks have made significant strides in exploring the potential of this technology, including testing the use of blockchain and dlt for clearing and settlement of payments and securities. the rapid shift from cash towards other payment platforms, has also intensified calls for central banks to issue central bank digital currency ( cbdc ) to protect the country ’ s monetary sovereignty. many central banks, including bnm, are exploring the merits and feasibility of issuing cbdc. preliminary findings highlighted that this may offer some solution to the challenges associated with cross - border payments ( e. g. synchronised cross - border transaction between different currencies across different platforms, reduced number of intermediaries and improved transparency of payment status ). a bis survey in january 2020 found that more than 80 % of central banks, compared to only 70 % in a survey the year before, are looking into cbdc, suggesting that there is greater openness to issuing a cbdc than a year ago. the survey also shows that emerging market economies report stronger motivations and a higher likelihood that they will issue cbdcs. although many central banks are considering cbdcs, they appear to be proceeding cautiously, with only about 10 % of central banks say they are likely to issue a general purpose cbdc in the short term and 20 % in the medium term. whether it is for dlt, cbdc or other innovations in financial technology, it is important for central banks to continue cross - border cooperation in order to realise successful digital transition. harmonisation of standards and data privacy across jurisdictions ; information - sharing ; and support for cross - border integration through the various international platforms, are some of 2 / 3 bis central bankers'speeches the ways for central banks to contribute to this transition. preserving safety and soundness as we embrace financial innovation, we need to be mindful of the risks of unintended consequences such as cyber threats and spread of illicit finance. these