One of the main axis of the strategy aims at facilitating the use of cards for proximity payments through the modernization of card terminals and infrastructures which will boost the development of contactless payments, as a secure and efficient alternative to cash for everyday transactions. The National Payments Committee, which will take over from the National SEPA Committee shortly, will, similarly to the ERPB at the European level, involve all stakeholders under the aegis of Banque de France to foster the necessary dialogue for an effective implementation of the national strategy and feed the ERPB with input from the French community. 2) In addition to their catalyst role, central banks through their oversight function should aim at ensuring that competition between market participants does not translate into a race to the bottom, but rather translate into a race to the top in terms of security, by setting high level objectives and by overseeing that they are complied with. Indeed, while innovation is a promise  2  BIS central bankers’ speeches  and a vector for economic growth, it is also a door open to new threats for the very security of payments and public confidence in those. Changes in the customers’ usages generate new risks that may not be fully and comprehensively mitigated at the present time. I will only recall that Card-not-present payments, though accounting for “only” a little less than 12% of the overall value of card-based transactions in France, represent more than two-third of the overall value of fraudulent card-based transactions.
Norman T L Chan: A fascinating train journey Speech by Mr Norman T L Chan, Chief Executive of the Hong Kong Monetary Authority, at the CUHK (The Chinese University of Hong Kong) Business School Master Degree Graduation Ceremony 2015, Hong Kong, 21 November 2015. *  *  *  Professor Michael Hui, Professor Kalok Chan, parents, graduates, ladies and gentlemen: 1. It is a great honour to be invited to attend today’s graduation ceremony. It is also a great pleasure to be back to CUHK, where I spent the most beautiful part of my life as a student. There were so many fond memories and I cannot tell you how much I have missed my campus life even though I have graduated for nearly 40 years. 2. My fellow graduates, today is a memorable and joyful occasion not only for you, but also for your parents, your family, your loved ones and your friends. You have all worked very hard and gone through many rounds of examinations and challenges before you can be here today on this occasion. You must feel very proud and wish to tell everybody that “I have made it”. My heartfelt congratulations to you all: you have made it. You have received a master degree that provides you with the knowledge and skills that are badly needed and sought after in the modern era of business and finance.