move in the coming months from a one - to - one type engagement in our chatroom, to a many - to - many type engagement where banks, stored value facility ( svf ) operators, technology specialists and the regulator come together to tackle aml pain points. this will initially target one or two challenges, but will aim to build momentum and turn the successes into mainstream aml solutions that contribute to effectiveness and efficiency. 22. but that perhaps is still not enough. new technology comes at the right time not only for the regulatees, but also for regulators. with the advice from technology experts, we will embark upon a study to enhance the timely retrieval and transmission of aml / cft related information and data from banks and svf operators in a digitalised and efficient way, as opposed to the old - fashioned way of regulatory returns and surveys. at the same time, we will also explore data analytics tools for processing the data collected in order to generate useful analyses for furthering our capability to understand and assess the ml / tf risks at the sectoral level, as well as to provide feedback to individual regulatees where appropriate. these will hopefully lead to an evolution and re - shaping of regulatory interface between the hkma and market practitioners to enhance aml / cft surveillance capability of all. regtech for prudential risk management and compliance 23. another area of focus is on regtech for prudential risk management and compliance. the often - analytical nature of prudential risk management has created room for technology to im 4 / 4 bis central bankers'speeches

policy. therefore, the fiscal stance becomes the de facto policy thrust. one important thing that we should avoid is for the two polices pulling in opposing direction. if i were given the policy choice, i would put more weight on safeguarding macroeconomic stability now. why? this stability will certainly deliver us a much better growth potential in the next three years and beyond. but without stability, growth will be at best, uncertain and at worse, virtually impossible. hence, there is really no conflict between stability and growth in the long run. i would therefore like to see government resist any further expansion in the fiscal deficit beyond what is currently projected. in fact, i expect that the consolidation of the debt position is very high on the government agenda. once we know that we can immediately protect our balance of payments and consolidate debt in the medium term, we should then look at the possibility of introducing growth oriented measures. the mix of government expenditure plays a pivotal role in this area. debt creation should only be available for capital formation and not operating expenditure. we all know that this is easier said than done. the reality of the situation is that government operating expenditure is generally inflexible downwards. perhaps i can also invite the panel to suggest ways of addressing this difficult issue. in addition, selected incentives can spurn growth in many of our industries particularly the emerging ones. what then of monetary policy? the reserve bank has made our future intention clear early last year when we announced an increase in official interest rate. however, even with this tightening, interest rates are still very low by historical standards and competitive against our neighbours australia and new zealand. in no way can one therefore regard current interest rates as impeding investment and growth. monetary policy remains accommodative. to date, we continue to see strong growth in domestic credit. we think that this will soften somewhat in the next two years. we are monitoring the situation carefully and monetary policy will remain on a tightening bias for the foreseeable future. 7 / 8 with such a mix of fiscal and monetary policy, we can protect our fundamentals and at the same time allow the private sector to lead growth. interest rates will remain competitive. investor confidence should continue to rise. the reforms will make our investment dollar go further and higher productivity will generate more growth. i am convinced that such a package can make fiji to grow higher than the 2 percent that we are projecting now and closer to the 8 percent national growth target. concluding remarks ladies and