24  The relationship is estimated using a split sample before and after 2005 where the housing market and housing equity withdrawal was near its peak. The parameter on income and housing fell by 32 percent and 50 percent respectively since 2005, while the parameter on financial wealth increased 25.
Both PESONET and INSTAPAY are inter-operable payment systems that enable safe, efficient and affordable account-to-account payments transactions between and among businesses, consumers, and government. Moreover, to allow us to regulate more effectively, we will also coordinate and cooperate with other regulators here and abroad. This is because fintech market players include non-financial firms that operate across borders.