to have appropriate regulatory and supervisory frameworks. such frameworks should address associated risks while keeping in mind the growth requirements of this sector. the reserve bank ’ s working group on fintech and digital banking ( report of the working group on fintech and digital banking, november 2017 ) suggested the introduction of a ‘ regulatory sandbox / innovation hub ’ within a well - defined space and duration to experiment with fintech solutions, where the consequences of failure can be contained and reasons for failure analysed. a ‘ regulatory sandbox ’ would benefit fintech companies by way of reduced time to launch innovative products at a lower cost. going forward, the reserve bank will set up a regulatory sandbox, for which guidelines will be issued in the next two months. conclusion 18. in conclusion, i would like to say that fintech has the potential to reshape the financial services and financial inclusion landscape in india in fundamental ways. it can reduce costs and improve access and quality of financial services. we have to strike a subtle balance between effectively utilising fintech while minimising its systemic impacts. by enabling technologies and managing risks, we can help create a new financial system which is more inclusive, costeffective and resilient. thank you. 1 ey fintech adoption index 2017, available at www. ey. com / publication / vwluassets / ey - fintech - adoption - index - 2017 / $ file / ey - fintech - adoption - index - 2017. pdf 3 / 4 bis central bankers'speeches 2 regtech is an application or platform which makes regulatory compliance more efficient through automated processes and lowers the costs of compliance. regtech focuses on technologies that facilitate the delivery of regulatory requirements more efficiently and effectively. 3 suptech is technology to be used by the regulators and supervisors to support supervision. the objectives of suptech are seamless and straight - through data collection / reporting, data analysis and decision making, streamlined licencing, market monitoring and surveillance, kyc / aml / cft, cybersecurity data or evidence based policy making. 4 / 4 bis central bankers'speeches

emmanuel tumusiime - mutebile : foreign reserve management welcome remarks by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the third bis meeting on reserve management in africa co - hosted by the bank of uganda, kampala, 18 march 2010. * * * the bis meeting chairman – mr louis de montpellier ( deputy head of banking department, bis ) distinguished resource persons and participants from central banks in africa ladies and gentlemen i would like to begin by extending to you all a very warm welcome to this meeting : the third bis meeting on reserve management in africa. i would also like to welcome our foreign guests to uganda, especially those who are visiting this country for the first time. i hope that this meeting will prove very productive and that your visit to uganda will be a memorable one. i would also like to thank the bank for international settlements for granting uganda the honour of hosting this meeting. the bank of uganda is very pleased to co - host this meeting with the bis because it comes at a critical time for central banks in africa, which are still grappling with the myriad consequences of the global economic crisis. foreign reserves management is a core function of central banks all over the world. it is particularly important for developing countries. many developing countries have suffered balance of payments crises, often as a result of large terms of trade shocks or “ sudden stops ” in the capital account. many african countries suffered bop crises in the 1980s while the 1990s saw bop crises in emerging market economies ; in latin america, east asia and the former soviet union. the costs of bop crises, in terms of lost output, bankrupt firms and foregone budget revenue, are usually very high. the lesson we have learned from past episodes of external shocks is that it makes sense to put in place a strategy to protect our economies from the risk of a bop crisis. one arm of such a strategy comprises sound macroeconomic policies ; including sustainable fiscal, monetary and exchange rate policies. the other arm is to maintain a substantial buffer of international reserves, which can be used to support the bop in the event of an adverse external shock. this motivated many developing and emerging market economies to build up their international reserves to record levels in the 2000s. uganda was part of this trend. our gross international reserves have increased almost fourfold in the last 10 years : from $ 760 million at the end of 1999 to nearly $ 2. 8 billion today. the countries of sub - saharan africa increased their