, consumers, and government. moreover, to allow us to regulate more effectively, we will also coordinate and cooperate with other regulators here and abroad. this is because fintech market players include non - financial firms that operate across borders. we are specifically exploring a possible information sharing and referral system specifically focused on fintechs. the bsp is also piloting regtech solutions to strengthen our own risk - based regulatory and supervisory activities. the bsp partnered with regtech for regulators accelerator ( r2a ), a pioneering project that provides technical assistance for financial sector regulators to develop and test the next generation of digital supervision tools and techniques. ladies and gentlemen, we, in the bangko sentral, encourage you, distinguished members of ecop, not only to adjust to financial technnology, but to leverage on its opportunities. our goal is not just to survive but to thrive. the democratization of technology enables efficiencies and scale in financial service delivery. mobile devices are cheaper and now within many ’ s reach. social media is pervasive. rather than a hindrance, digital technology is fast becoming a strategy enabler. moreover, with rapid digital innovation, new business models and market players will continue to emerge, changing the nature of competition. digital innovations may also be applied to organizational strategy to improve culture and human resource skills. the fourth industrial revolution has the potential to empower individuals and communities and bring about new opportunities for economic and social development. while leveraging on technology will involve financial and investment commitment, cost - effective approaches such as outsourcing and cloud - based services may be explored. to drive down the cost of it requirements, strategic industry partnerships, and market utility arrangements can also be considered. we in the bangko sentral assure that we shall remain committed to fostering an enabling macroeconomic environment, so that you, our stakeholders – industry players can make the first and necessary steps in our shared digital transformation journey so we will not only survive but thrive and enjoy sustained economic growth over the medium to long term. thank you and mabuhay ang pilipinas! 3 / 3 bis central bankers'speeches

nestor a espenilla, jr : thrive not just survive speech by mr nestor a espenilla, jr, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the 39th national conference of employers " the future is now : survive, compete and grow amidst radical changes in labor and employment policies ", manila, 18 april 2018. * * * atty. antonio h. abad jr., governor of the employers ’ confederation of the philippines, former director - general of national economic and development authority dr. dante canlas, distinguished guests, ladies and gentlemen, good afternoon. i am glad to be part of the 39th national conference of employers, especially given your theme which is quite compelling. it is bristling with a sense of urgency! yes indeed, “ the future ” as we envisioned it ( even as we could not then imagine it! ) — as it only existed in sci - fi movies — is happening. it arrived yesterday and the days, and the weeks, months and years before that! it keeps arriving and growing at an exponential rate. the swift, sweeping and continuously unfolding changes redefining how businesses are conducted and how we relate to each other are both precursors and products of the fourth industrial revolution. every day, technical advances, digital innovations and artificial intelligence redefine our needs and wants... our way of doing things... what was before considered as “ hi - tech ” are becoming mundane, ordinary, usual... disruptions to the economic and financial landscape are the new normal. and i refer not only to disruptions caused by digital technologies. there are also challenges presented by regionalization and globalization. we are faced with the increasing interconnectedness of markets. there are the demographic demands of a growing millennial population and other dynamics. and we – local industries, businesses and regulators — must constantly keep up. but is survival the goal? or shall we endeavour to thrive? concern is raised that these disruptions will aggrevate inequalities among nations. will we be able to cope? to compete? i believe we will. technological innovations and the finance industry significant technological innovations are currently shaping the philippine finance industry. these translate to improvements in speed, convenience, efficiency and accessibility of value transfers. technological innovations in the finance industry [ commonly referred to as financial technology ( fintech ) ], such as cloud - based solutions and application programming interfaces, are flexible