In spite of the island-wide CIT system introduced by the Central Bank and LankaClear, some banks prefer to send physical cheques through courier services to Colombo from outstation areas, where LankaClear regional offices operate. We are not certain yet whether bank customers get the T+1 facility for which the system was intended. 4  BIS Review 13/2008  Although the main purpose of the CIT system is to clear outstation cheque transactions, it is noted that the full benefits of this technology are not passed on to customers by way of speedy cheque clearing due to reluctance by some banks to upgrade their cheque imaging technologies partly because of the cost of acquiring new machines or for reasons known only to banks themselves. What is clear is that sophisticated and modern IT development has not been customer centric, aiming at reducing their transaction costs or enhancing service. The situation has improved after much persuasion by the Central Bank, but not through initiatives taken by banks. 8. Staying ahead  8.1 The banking sector is being driven by globalization, consolidation and convergence across the world with the pressure focused on achieving increased shareholder value through measurable investments in technology, cost reduction and performance management. Customers today require easily accessible services operating on a global platform, while investors strive for optimizing and maximizing returns. Successful banking institutions stay ahead and set the trends by adapting to market shifts, being proactive, keeping up with customer demands, and implementing change.
It also seeks to enhance regional connectivity by reducing behind-the-border non-tariff trade barriers and promoting consistency in regulation across all the member countries. Singapore views the TPP, along with the RCEP, as complementary tracks that will lead towards increased regional integration, and eventually, to a Free Trade Agreement of the Asia Pacific. The recent decision by Japan to join the TPP will further reinforce the TPP as a platform for broader economic integration across the Pacific. With Japan’s inclusion, the TPP’s membership has now expanded to 12 countries. This represents nearly 40 per cent of the global economy and one-third of world trade. As you all know, joining the TPP is a key element of the three-arrow strategy embodied in Abenomics. The prognosis for Japan has improved considerably compared to six months ago. After stagnating for much of last year, the Japanese economy rebounded strongly in the first quarter of this year, with GDP growth of 3.5 per cent on a pick-up in consumer spending. Growth forecast for the whole of this year has been progressively raised, with room for further upward revision. Sentiments have improved strongly since the announcements of aggressive monetary and fiscal policy measures to revive the Japanese economy. The sharp depreciation of the Yen has also helped to boost expectations for GDP growth and corporate profits. One example of this is Toyota Motor. It has reported consolidated operating profit of 1.3 trillion yen for the 2012 business year, about 3.7 times that of the previous year.