Effective collaboration among financial authorities Globalization is creating new business opportunities, opening new markets, increasing efficiency, decreasing the cost of capital, and enabling well-managed companies to deliver expanded services and greater shareholder value. However, these forces are also prompting financial companies to develop far-flung business operations, which make group management and risk aggregation more challenging.
I welcome such innovation as it will increase both efficiency and competitiveness, and this will ultimately benefit society. We are seeing the emergence of new players, new channels to access payment services and new means of payment, all of which will significantly change the payments market. These developments are largely driven by digitalisation and the opportunities it brings.