Among others, the finance industry is one with many untapped opportunities. Currently, a wide group of people in our countries still needs a better access to finance and there are still lots of demand for financial services to be met – be they savings, loans, insurance products, or payment services for both domestic and crossborder transactions. By applying the airline industry’ experiences for policymakers, let me lay out five key conditions necessary to developing domestic financial systems and nurturing financial connectivity in the CLMVT in the periods ahead. Analogous to the “Open Sky Policy”, the first factor is to promote domestic financial liberalization policy and a well-integrated regional financial system. The financial liberalization policy should aim to lessen the degree of domestic financial repression, thereby strengthening financial institutions’ performance, and broadening their offer of financial  2  BIS central bankers’ speeches  products and services. This can be done along with the policy to enhance financial connectivity by promoting the presence of capable players with regional focus. Under our mandate, the Bank of Thailand aims to promote financial connectivity through more connected banking networks and more integrated payment systems. Under the ASEAN Banking Integration Framework, countries in the CLMVT should gear up efforts to strengthen regional banking networks, which will serve a diverse range of businesses and local people to gain more access to high quality banking services at fair prices.
Ultimately, being open means pitting oneself against the very best, irrespective of the region they belong to, since only if we compete against the best, will we be one of the best in the future. Consequently, it would be wrong for Switzerland to limit its openness to a given geographic region. Openness must be the fundamental principle governing all of its economic policies. Even in the changing global environment of intensive competition, Switzerland can increase its prosperity if it rethinks its economic policy direction and embraces former tried and tested virtues such as openness, freedom and personal responsibility.