This is done by making use of innovation and information technology, specifically through the simplification of know your customer, while maintaining its reliability in the implementation of the know your customer principles. To further promote non cash payment system we will explore cooperation with the Government for the possibility of providing fiscal incentive for non cash transactions.
Second, to avoid having to choose in the future between bailing out a failing, systemically critical firm or allowing its disorderly bankruptcy, we need a new resolution regime, analogous to that already established for failing banks. Such a regime would both protect our economy and improve market discipline by ensuring that the failing firm’s shareholders and creditors take losses and its management is replaced.