This leads me to my second policy area which I often refer to as the “totality of the client experience”. As far as financial consumers are concerned, we live in a digital age and financial services are expected to be delivered and are in the form defined by financial technology. The digitization of financial services, more popularly labeled as fintech, requires innovation and support.
Some of the key measures are: the lowering of the policy rate and the Cash Reserve Ratio in line with the accommodative monetary policy stance; the introduction of a Special Relief Amount through banks to allow businesses, including SMEs, to meet cash flow and working capital requirements; a one-off exceptional contribution to Government for economic stabilisation purpose; the introduction of moratoriums to alleviate financial strains on individuals, households and businesses; and a panoply of other regulatory forbearance measures.