It is my great pleasure to speak at the 9th Asia Banking CEO Round Table. Today’s theme is “Operating in a New World: Digitisation and Disruptions in Banking.” Initially, I was somewhat puzzled by the word “disruptions,” but soon realized that disruption is only a prerequisite to creation. Banks can generate new value-added by discarding old business models and embarking on innovative challenges.
In addition, the pledge to reinvest the proceeds from the principal payments that accrue from the maturing securities in our portfolio should be seen as a necessary complement to the net asset purchases. Forward guidance on both policy rates and the APP plays a key role in determining our monetary policy stance. Its function has evolved significantly over time.