electronic payments, should take into account the need for an incentive structure that promotes the increased use of e - payments. in recent years, several notable developments in e - payments in malaysia have taken place. following its introduction in 2000, the inter - bank giro system, an electronic credit transfer system, had recorded on annual average increase in transactions of 160 % in terms of volume and nearly 200 % in terms of value between 2003 and 2004. the credit card is also becoming a popular means of payment card, with the total value and volume of increasing annually by 15 and 20 percent respectively. the growing acceptance of internet banking as a convenient delivery channel for accessing banking services has translated into a significant growth of internet banking subscribers, which today comprise two thirds of the total internet subscribers. the latest mode of electronic payments channel is the mobile banking services that provide convenience to consumers to access a range of payment services such as funds transfers, bill payments and credit card services through mobile phones. in addition, the establishment of an internet - based multi - bank payment system in malaysia, the financial process exchange in october 2004, would facilitate online payments for a variety of payments by providing convenience and an efficient channel for businesses and consumers to undertake their payment transactions through the internet. while these positive developments will support the attainment of the objective of migration to epayments, the commercial issues between the consumers and the service providers have often times inhibited growth in the volume of the e - payments. the business and pricing models have at times inadvertently promoted a less efficient system, such as in the case of the low price that customers pay for using cheques compared to the inter - bank giro payments, and the popularity of the credit card against debit card, which is a more efficient system that carries less risk. in addition, service providers have also had difficulties in agreeing on a common business platform, due to their own competitive positioning strategies. such differences have contributed to containing the increased acceptance of epayments, which is further reinforced by the consumers'need to see a wide spread acceptance by merchants before deciding to use the e - payment mode, while the merchant needs to see a critical mass of consumers before putting in place the required infrastructure. in this regard, a comprehensive review of the industry - wide related issues involving payment instruments and systems needs to be undertaken to make malaysia more competitive, with a view to promoting the more efficient payment systems and addressing the commercial hurdles. in order to further improve the growth and promote the e - payments, the

since 2018. our most recent risk assessment shows that markets for cryptoassets are fast evolving and could reach a point where they represent a threat to global financial stability. i must say i have my concerns about this development. let ’ s take for example all the misnomers that are doing the rounds. unbacked crypto assets suggest all others are backed, which they are not. most stablecoins are neither stable nor coins. decentralized finance is often quite centralized. this leads to misconceptions about crypto - assets, which contribute to their fast growth. the fsb is stepping up to the plate to deliver an effective regulatory approach to crypto - assets. 2 / 4 bis central bankers'speeches we have issued a set of high - level recommendations for the regulation, supervision and oversight of so - called “ global stablecoins ”. also we are continuing to work with the standardsetting bodies to review their implementation and whether any changes are needed. parallel to this, the fsb has started to examine, together with the relevant standard - setting bodies, regulatory and supervisory issues and approaches to address risks stemming from the so - called “ unbacked ” crypto - assets. and we will analyse the financial stability implications of decentralized finance, in order to understand the need for policy action in that area. another feature of digital innovation is the ever - greater use by financial institutions of outsourcing to third - party service providers. while outsourcing may have provided additional resilience during the pandemic, it has also reinforced the importance of effective policies for the oversight of financial institutions ’ reliance on critical service providers. to this can be added the greater exposure to cyber risk. greater interconnections in the financial system increase the surface for cyberattacks, which have escalated during the covid pandemic. enhancing operational and cyber resilience will therefore remain important items on the fsb agenda. next to digitalization, we face the ever - growing threat of climate change. while emanating outside the financial sector, climate change may severely affect financial stability. the financial risks of climate change reflect its particular nature : it is global in its causes and its implications, and it is pervasive, affecting all kinds of financial assets and contracts. for safeguarding financial stability and ensuring the financing needed for the transition to net zero, it is key that climate related financial risk is adequately priced in financial contracts. this is crucial