This could also potentially reduce the cost of trade finance of which according to W TO, has surged by 30% on average over the past year as well as eliminate fraud and increase transparency. The Bank, in recognising the potential of digitalisation in advancing the delivery of meaningful access to consumers, provides an enabling environment for financial institutions to foster innovation through the fintech regulatory sandbox and facilitation of pilot projects. Such avenues enable us to identify potential adjustments or responses to the existing regulatory framework, commensurate with the risk and scale of activities. One such initiative is the development of proof-of-concept for double invoicing detection carried out by selected financial institutions, which is now being enhanced by PayNet for commercial use. In closing, I would like to share an excerpt from the book of (Musnad) of Ibn Hanbal – The Prophet (peace and blessings be upon him) was once asked about the best kind of earnings, of which he replied, “That for which a man works with his hand. And honest trading. "6 Trade is held in such high regard in Islam, and hence we should always strive towards betterment in its execution. Thank you. 1 Source: MATRADE article, 29 July 2021, “Double-digit growth in exports in major markets” 2 Source: World Bank Islamic Trade Finance Report 2021. 3 3/4  BIS central bankers' speeches  3 Source: World Economic Forum article, April 2021, “Economists support ‘immediate and drastic action’ against  climate change” 4  Source: Standard Chartered (June 2021).
At the current rate of migration, we expect to see that rate to come down much further before the end of June. Closing remarks Driving and sustaining an inclusive transformation of Malaysia’s payment ecosystem is a collective effort. Bank Negara Malaysia will continue to foster a conducive payment ecosystem, with the National Payments Advisory Council (NPAC) playing a more active role in shaping priorities to enhance and future-proof the country’s payment systems. PayNet will serve as the key vehicle for collaboration at the infrastructure level, encouraging more open competition and greater innovation in payment solutions by both banks and non-banks in serving the public and economy. The remaining piece is the continuous education of businesses and consumers to encourage the desired change in payment behaviour that will deliver important efficiency and productivity gains for our economy. 4/5  BIS central bankers' speeches  Let me conclude by congratulating MyClear and the winners of today’s awards ceremony. I hope that today’s event will inspire greater achievements in accelerating Malaysia’s migration to epayments. 5/5  BIS central bankers' speeches