As we sit down to deliberate upon the consequences of new international supervisory framework today, the milieu is strikingly similar to what existed more than two centuries ago. Even today, the global economy continues its struggle out of retrenchment in output suffered during the financial crisis, proving right the adage “more the things change, more they remain the same”.
[Second,] our award-winning Cash Service Alliance was something new but was also quite effective and could be applied on a greater scale. It enables banks to draw from their own holdings and not be dependent completely on the BSP. Now, technology is just one component of our broad-based digital transformation.