There are two main approaches to reform: •  First, protect the banks from the economic cycle; in other words, make each bank, individually, more resilient. •  Second, protect the cycle from the banks; that is, make the system as a whole more resilient. Both are necessary.
It has become a hotbed for innovation and technological prowess. As an international financial centre of repute, our jurisdiction has to follow the latest developments and customize them to its requirements. In that regard, the Bank is supportive of new ideas and recognises that those changes can drive improvements in how the industry meets customers' needs.