have been invited to team up and create open source mobile solutions for sepa instant credit transfers within the next 24 hours. the solutions emerging from both the instant payments challenge and the hackathon lab will be showcased at the conference and will no doubt provide further inspiration for our discussion. and i am pretty sure that our discussion will be a lively one. before we get started, i would like to make some brief general remarks on the european payments market, the eurosystem ’ s market infrastructure as the basis for payments integration and innovation, and our vision for the development of pan - european instant payments solutions. 1 / 3 bis central bankers'speeches the basis for innovation : a sound market infrastructure a domestic european payments market – which is both integrated and innovative – is fundamental to the creation of a more integrated, competitive and innovative europe. and in a world of increasing digitalisation and globalisation, such an integrated and competitive payments market can only be achieved by exploiting the potential offered by ever more sophisticated innovative technology. both established and new market actors should be able to benefit from the innovative space created. the eurosystem has contributed substantially to an integrated european financial market by providing the market infrastructure which enables the safe and efficient flow of payments and financial instruments across europe. but the work is by no means complete. the european financial market faces digitalisation challenges from both the regulatory and the technical side. let me give a few examples. the revised payment services directive ( psd2 ) was put in place to foster innovation and enhance competition in the retail payments market. payment service providers have to accommodate enhanced security requirements and provide account access to third - party payment service providers. on the technical side, the introduction of instant payments means that internal systems and procedures need to be overhauled so that retail payments can move from batch processing into the real - time universe. the eurosystem, too, has been looking for ways to make use of technical progress to improve the efficiency and lower the costs of its market infrastructure services – the target services. just think of the target instant payment settlement service, or tips. tips is a new eurosystem market infrastructure service that was launched in november 2018. it is a truly domestic european market infrastructure settling in central bank money. tips enables banks to provide customers with instant payment solutions that can potentially reach recipients all across europe. another eurosystem market infrastructure initiative is the upcoming introduction of central liquidity management within the new target services, which will make the use of central bank money even

eddie yue : join us and be part of the change keynote speech by mr eddie yue, chief executive of the hong kong monetary authority, at hong kong fintech week 2019, hong kong, 6 november 2019. * * * 1. good morning everyone, a very warm welcome to the hong kong fintech week. for those of you visiting from outside hong kong – a special welcome to our city. 2. this is the fourth year we are hosting fintech week. i guess many of you were at previous ones. if you came to the first in 2016, you might have noticed how this event has evolved in just a few years. 3. back then, the hkma had just set up the fintech facilitation office, or ffo. we hosted the first hong kong fintech week – basically as an “ experiment ” – at the relaxing pmq heritage site in central. we weren ’ t sure at that time whether people like you would be interested in coming along! frankly, there wasn ’ t much talk about fintech in hong kong at that time. certain people in the industry did tell us, to our faces, that the hkma was a big hindrance to fintech development because our regulatory approach was too conservative! 4. but that ’ s fine! we always value your feedback. 5. that fintech week three years ago turned out to be a great first step. it genuinely started a dynamic and constructive dialogue between everyone involved in fintech development in our region. this event now brings together tech companies, banks, venture investors and regulators. the response from the industry gave us the confidence to move to a much bigger venue – the hong kong convention and exhibition centre – in 2017. the following year, we used an even bigger venue there. and this year, we have outgrown the convention and exhibition centre and moved here, to the asia world expo. 6. i ’ m really very encouraged by the impressive turnout of thousands of visitors from 60 economies at this year ’ s fintech week, despite what has been going on in hong kong in the last few months. 7. so we move to a bigger venue every year. and that ’ s because this industry is moving on to bigger ideas. working together, all of us in this hall today are imagining and creating new services for consumers and businesses. and we are jointly creating a more vibrant fintech ecosystem for hong kong. 8. we have achieved quite a lot together in hong kong in these