##s and formalizes our recognition of ppmi as the industry - led self - governing payment system management body for retail payment systems in the country. the moa also expresses our commitment to provide continuing guidance so that the industry ’ s activities remain aligned and harmonized with the nrps framework. we at the bsp thank the chairman tito and ppmi for this declaration of support and dedication. we note with gratitude, your acknowledgment of the bsp ’ s crucial role as primary overseer of the nation ’ s payment systems. as our reliable and invaluable ally, we have no doubt that ppmi will support the proper implementation of the nrps framework ;... monitor compliance with its principles ;... conformance to agreements of our automated clearing houses ( achs )... and will be powerfully instrumental in strategically driving electronic payments through these achs ( achs that have been, and are yet to be launched ). we look forward to how ppmi will seize opportunities presented by technological innovations to 1 / 2 bis central bankers'speeches improve operational efficiency... we anticipate that it will engage service providers with robust systems and infrastructures... we are confident it will lead and assist as novel products and services that cater to the evolving needs of clients here and abroad are developed... we anticipate that ppmi will formulate strategies infused with system - wide, and industry - wide perspectives rather than limited and restricting institution - centric approaches. what exciting prospects for us all! more so, what empowering possibilities for so many filipinos! i believe we are mutually committed to this endeavor because we realize it shall have a great effect on many of our countrymen. we know that widespread implementation of interoperable payments will boost the ordinary filipino ’ s confidence to make economic decisions. we hope that capabilities – even of the now unserved and underserved – to execute financial transactions will be increased! today, this day of commitment, is indeed another nrps milestone worth celebrating. i close with the exuberant declaration that we in the bsp, affirm and celebrate our partnership with ppmi. together, we are allies and catalysts for revolutionary reforms in the payment space and in pursuing nrps goals. 2 / 2 bis central bankers'speeches

identify and address time - to market issues to further facilitate islamic finance activities in singapore. this includes looking into providing greater clarity and certainty in the regulatory and tax treatment to expedite the issuance of sukuk and other islamic capital market instruments. “ beyond borders : the gcc and asia could rev up their economies – and the islamic finance market ”, standard & poor ’ s rating services, sep 2012. bis central bankers ’ speeches the need to raise competency and develop talent to support the growth of the industry cannot be overstated. singapore management university ( smu ) has successfully completed its first masters programme in islamic law and finance ; and smu has reiterated its commitment to support efforts at growing the human capital for the islamic finance industry. industry players here have formed the gulf asia shari ’ ah compliant investments association ( gascia ) to promote and undertake initiatives to further grow the industry. recently, a gascia member introduced islamic finance training to a leading local madrasah to increase the students ’ awareness and promote interest in pursuing a career in the industry. mas will continue to work with industry players and training providers to ensure that we have a ready supply of talent to meet the needs of the industry as it continues to grow. conclusion singapore ’ s success as an international financial sector stems from its high standards of regulation ; deep and liquid capital market, the presence of international buy side players, and a critical mass of financial intermediaries with expertise to address a wide range of financing needs. we will leverage on these strengths to further support the growth of islamic finance. the growing and deepening linkages between asia and the middle east will present significant opportunities. i am pleased to see more players from the middle east, asia and other regions at today ’ s conference. i hope you will take advantage of this event to explore new ideas to spur the further growth of cross border islamic financing transactions between our two regions, and globally. thank you. bis central bankers ’ speeches