The result of which was the remarkable speed of adoption of QR code for payment; in less than one year since its launch, QR code payment is accepted by over 2 million merchants all over Thailand. More importantly, financial institutions within the region have already taken advantage of the interoperability of the QR code by applying the common standard in their applications for cross-border transactions with their partners. We are certain there will be many similar partnerships in the future. Second, we must establish basic and open digital financial infrastructure so that further innovation can emerge to serve a wider range of consumers. Open infrastructure enables service providers to build value-added services on top at low cost. For instance, e-payment services were created based on our PromptPay infrastructure, such as bill payment and request-to-pay features. These, in turn, have helped facilitate e-payments for merchants and consumers and improved the overall e-commerce business landscape. Even charitable organizations are able to take advantage of the open-platform with e-donation. Meanwhile, the adoption of electronic payment through a common infrastructure can further create the data essential for information-based lending or for banks to improve on their risk models. Third, we must facilitate greater convergence of rules and regulations within our region to make sure that existing regulations do not impede advancement of financial connectivity. Efforts are being made in this area. ASEAN central banks are working on initiatives under the ASEAN Banking Integration Framework to make banking regulations more cohesive, aiming at achieving greater consistency with international best practice.
1/5  Ladies and gentlemen, Policymakers must take on the challenges of developing our financial systems with a great sense of urgency. Thus far we have seen integration of the ACMECS economies on various fronts—through economic connectivity in trade and investment and through people-to-people connectivity in migration of labor and tourism. Yet, financial connectivity in our region lags behind developments in other sectors and should be prioritized so that it does not hinder further economic integration. Fortunately, today we have the opportunity to leapfrog development in our financial systems and regional financial connectivity because of rapid advancement in technology. Not at any point in history have powerful technologies been so affordable and accessible. For instance, the costs of industrial robots and smartphones are now 30 times and 50 times cheaper than those with similar features just ten years ago. Moreover, there are a diverse and extensive number of software applications as well as know-hows available to satisfy businesses and consumers; many of which can be accessed online and obtained free-of-charge. All of these have allowed for greater adoption of mobile devices as well as emergence of new financial technology platforms. Looking around our region, there are many exciting developments taking place that can enhance our financial systems and strengthen their productivity, inclusivity, and immunity. For instance: a.