1  1 [8]  need a broad discussion of what it means when central government’s presence on the payment market’s supply side risks disappearing along with cash. Introducing an e-krona would entail taking a new step and the consequences of this must be analysed carefully. But accepting a situation in which the general public no longer has access to any form of central bank money would also be a step into the unknown. Issuing digital Riksbank money, an e-krona, as a complement to cash would be one way of avoiding this situation. The alternative to an e-krona would be for central government to intervene with more detailed regulation of the market to ensure society’s different interests are met. But this too would have its problems, as I shall discuss in more detail. The largest and smallest payments: the Riksbank’s role today and in the future Traditionally, the Riksbank has been responsible for the underlying system in which all payments in Swedish kronor are settled, the RIX system. This system was created to manage large-value payments in a highly secure manner. In addition, the Riksbank’s banknotes and coins have been used for the very smallest payments. The payment market is currently undergoing a large number of major changes that are affecting both of these ‘systems’. As cash usage declines, almost all consumer payments in shops are now made by card. This market is completely dominated by Visa and Mastercard and much of the infrastructure is located outside Sweden’s borders.
Given these challenges and potential shocks to the economy, it is important that as a nation we build resilience and fortify the foundation of the economy. Towards this end, it is critical for us to be able to transform our economy. Less than 50 years ago, the Malaysian economy was primarily based on agriculture and commodities such as tin and rubber. Today, we are a well-diversified nation, with the services, manufacturing, and mining sectors as key growth engines. Most notable, Malaysia has established itself as a key hub for the electrical and electronics (E&E) manufacturing industry, playing an important role in the global supply chain. Looking to the future, we aspire to become an innovation-based and high valueadded economy by leveraging on technology and high skilled talent. Similarly, at individual level, Malaysians must build financial resilience by equipping themselves with the necessary knowledge and tools to manage their finances. This is where you, as practitioners, play a vital role by professionally advising, educating and guiding your clients to ensure they are on the right track to secure a better future for themselves and their loved ones. 1/4  BIS - Central bankers' speeches  A comprehensive and effective financial plan is crucial to help an individual or a family build financial resilience. Financial resilience is critical in a time of economic uncertainty and in a shock-prone world. It provides households with the ability to withstand the negative financial impact in periods of shocks.