of our ecosystem. the selected startups have indeed come up with promising solutions to strengthen financial inclusion. that being said, such digital revolution, as we all know, is not only about opportunities, but also about risks and challenges, namely in terms of cybercrime, money laundering and terrorist financing, and personal data protection, etc. this highlights, once again, the need for appropriate regulation. in the banking sector, we, as a central bank, are striving for more agile and appropriate regulation, while offering support to the new actors and ensuring their supervision. with respect to the fight against money laundering and terrorist financing, the recent mena - fatf assessment highlighted some shortcomings among financial inclusion non - bank actors. hence, a compliance program was set up by the authorities with the aim of remedying this situation in the medium term. as regards personal data protection, morocco has ratified the 108th convention of the council of europe and its additional protocol. since then, it set up a national control unit to ensure proper observation of the various rights ( of information, access, rectification and opposition ). in this respect, the central bank plays an important role as an interface between this unit and financial inclusion stakeholders. however, this legal framework is likely to evolve in view of the regulatory progress made in this area, particularly at the european union level. with regard to cyber security risks, morocco is moving towards developing a strategy for the security of information systems, which would be based on risk identification to provide specific legal, technical and awareness - raising measures to ensure protection, defense and security. this project is coordinated by the national defense administration and the central bank also acts as an interface with financial actors. all these developments, particularly the introduction of new actors in the implementation of the national financial inclusion strategy, will have a significant impact on banks'profitability and will put their traditional business models to the test. while these banks may be hampered by their complex architecture and cumbersome organization, the rapid unbundling of banking services to the benefit of non - banking fintechs could result in a substantial loss in their market share. under these conditions, and taking advantage of technological contributions, many banks have embarked on strategies to develop their services and to diversify their distribution channels. in this respect, a study carried out by bank al - maghrib in 2019 reveals that most banks have concluded contracts with technology start - ups in the form of equity investments and partnerships. however, it should

environment in recent years, setting it up as a major component of its corporate social responsibility policy. in 2019, it established a dedicated structure for a greater consideration of climate change in its missions and to reduce the environmental footprint in its activities. in this respect, the bank carried out an assessment of its greenhouse gas emissions in 2021 and defined a plan to decrease them. this plan mainly comprises energy efficiency programs, the use of renewable energies as well as sustainable mobility. in 2022, as part of the national efforts to rationalize water resources, the bank adopted a charter of commitments to achieve a responsible and sustainable management of this resource. finally, aware that tangible progress on a global challenge such as climate change can only be achieved within a global framework, the bank actively takes part in the work of numerous international bodies such as the ngfs, in which the bank is member of the 3 / 4 bis - central bankers'speeches steering committee and is strengthening cooperation in this area with partner central banks and international institutions. the purpose is always the same : better understanding, wiser actions. thank you for your attention. 4 / 4 bis - central bankers'speeches