Helping students, couples, retirees, to go about their financial decisions carefully and not just taking life as it comes, can really help improve your quality of life, not just for ourselves, but for our families and loved ones. 22. I encourage everyone who is here, to spend a little bit of time going through the exhibitions, which has been very well put together. So once again, thank you to everyone who has been a partner of MoneySENSE in helping Singaporeans, and let’s do more in future to help everyone have the basic lifeskills of financial management. Thank you very much. 4  BIS central bankers’ speeches
6/8  BIS central bankers' speeches  • Digital bonds have many advantages: - they can be issued in smaller denominations; - primary issuance settlement times can be shortened; and - coupon and redemption payments can be automated. Decentralised Finance Web 3.0 can potentially disrupt the world of Finance. This is the phenomenon of decentralised finance or DeFi, where end-users perform financial transactions directly with one another using smart contracts, without the need for financial intermediaries. It is a fundamentally different approach to financial infrastructure, compared to the centralised systems of today. DeFi is already a growing reality, albeit nascent. Crypto tokens are bought and sold on decentralised exchanges, without the need for intermediaries to clear and record the trade. Another example is borrowing and lending, where anyone can lend and borrow directly to others via a liquidity pool managed by a smart contract. DeFi has the potential to yield significant economic and social benefits. By replacing intermediaries and central counterparties, these open crypto networks can potentially reduce the cost of finance. When firms of all sizes, and even individuals, can directly access financial infrastructure, it could mean more competition and inclusion. But DeFi is not without risks and vulnerabilities. These open crypto networks are not at the stage where they can meet the high standards of governance, security, and resilience that are required of critical infrastructure by central banks and regulators.