accommodative stance without compromising financial stability. 8. with that said, preparation on the side of the private sector is equally important. in this regard, i would like to encourage commercial banks to help raise the private sector ’ s awareness and encourage the use of the available financial instruments to manage their fx risks. i wish to point out that in these uncertain times where outcomes are driven as much by expectations as by the underlying fundamentals, protection against the fx risks should be viewed as the dominant strategy. that is, protection should be recommended irrespective of whether there is any observable trend of the currency and irrespective of whether one is on the importing or exporting side of the trade. also, if your clients are engaged in intra - regional trade, recommending using a regional currency to reduce overreliance on the major currencies may be worth considerations. 9. ladies and gentlemen, i would like to touch upon two more important developments in the thai financial markets before concluding. the first of these is the launch of the code of conduct for fx dealers by the end of this quarter. on behalf of the bank, i would like to thank everyone involved, especially the aci, for your considerations and suggestions that have made this long - term project a feasible one. i hope that the code of conduct will help guide fair and ethical market practices and increase confidence among the market participants for many years to come. 10. another development is in the area of market reference rate reform. the transaction - based valuations to the benchmark calculations for the thai baht implied interest rates ( thbfix ) will be introduced in the second half of this year, in place of the current survey - based model. the change is in line with the approach adopted by many other countries to reduce the risk of rate manipulation that has become the subject of vast discussions over the past few years. with these reform efforts underway, i hope the thai financial markets will continue to inspire confidence among the market participants and allow us to move through these uncertain times with minimum disruptions. 11. ladies and gentlemen, without further delay, let me conclude by congratulating the winners of the fx awards once again. i would also like to reiterate my thanks to thomson reuters for the invitation as well as for your continuing support as an important facilitator and information provider in the thai financial markets. with several factors both internal and external having materialized over the last several weeks,

pursuit of the digital economy, the government aims to involve all stakeholders to transform thailand to a lesscash society under the national e - payment master plan. in conjunction with the ministry of finance and the thai bankers ’ association, we have recently launched the promptpay system, which is an electronic faster payment system. it helps facilitate payment transactions and save costs for businesses and consumers. this morning i also witnessed the signing of an agreement with two banks ; consortium to roll out edc machines to 560, 000 shops and government agencies all over the country to promote the use of debit cards on a nation - wide basis. the bank of thailand also aims to promote competition, innovation, and digital financial services among financial service providers ( including fintech ). this move will benefit financial institutions, businesses as well as thai citizens. in addition, we will encourage niche players to help narrow gaps in access to financial services. in this regard, we have recently announced the regulatory regime using a “ sandbox ” approach. the regulatory sandbox will allow fintech firms and financial institutions to test the viability of their products and services in a well - defined space and duration, without being fully subject to all regulatory requirements that are normally applicable. this approach helps us assess risks arising from the proposed products and services, and provide sufficient consumer protection. the bank of thailand also recognizes that regulatory reform is crucial for competitiveness of firms operating in thailand. to this end, we are in the process of streamlining regulations using the regulatory guillotine concept to review and simplify many sets of regulations, starting with those governing capital flows and foreign exchange transactions. this reform is currently in the process of public consultation. lastly, in addition to upgrading our physical, financial, and legal infrastructure through structural reforms, the ability to reach out to regional economies given thailand ’ s strategic position will be important. for our part, the bank of thailand promotes greater ‘ financial ’ connectivity, for example through promoting local currency usage in the region and regulatory harmonization, particularly with clmv, our neighboring countries with high growth potential. such initiatives will lower financial transaction costs, spur more trade and investment and deepen regional financial integration. ladies and gentlemen, i hope my talk tonight has provided you with an overview of where thailand is heading in both the near future and the longer term. in the world of volatility and uncertainty, you can be assured that the bank of thailand will do our best to minimize adverse impacts from unexpected shocks that may prevent