Heightening collaboration is no longer a choice but a necessity to achieve the industry’s common goal in a more competitive market environment. One way in which the industry can collaborate, is in the area of digitalization. Digitalization is a costly exercise and global survey findings forecasted an average growth in annualized spending on Big Data Analytics of approximately 25%. Therefore, it makes sense for the industry to collaborate and share resources in this endeavour. Drawing from the industry’s effort to develop the Fraud Intelligence System is a very good step. I envisage seeing more collaborative digital propositions from the industry in the near future. The industry must be committed to the expectation set by the Government for the nation to achieve a penetration rate of 75% by 2020. The current penetration rate of 56% indicates concerted and urgent actions are required. We have less than 5 years and every member of the industry must do its part. In meeting up to this challenge, there must be collaboration with synergistic partners, even with the non-traditional partners. But the overwhelming requirement for all of us in the industry today is TRUST. On behalf of the Bank, it gives me great pleasure to congratulate the distinguished partners and individuals of today’s awards. Thank you and have a pleasant evening. BIS central bankers’ speeches  5
On top of these, there are the restrictions in the mobility of factors of production, notably labour and capital, with the asymmetry in capital mobility between the Mainland and Hong Kong presenting the most obvious obstacle. These restrictions may well be there for good reasons, but they do not mean that the development of a working relationship that is beneficial to both financial systems and to the country as a whole can just be left to market forces. There is a clear case for the involvement of the authorities responsible for these policy areas. To be sure, there have been notable co-operative efforts between the two financial systems, both between the authorities and between the private sectors of the two financial systems, and these have been quite obvious since the resumption of the exercise of sovereignty. These efforts have arisen simply out of need, particularly where the free play of market forces has been possible, and through the initiatives of the authorities concerned, where a common understanding can be arrived at concerning the common benefits that could flow from the removal of restrictions. But I think it is fair to say that the process has not always been a smooth one. Neither has the outcome been as productive as it could be, at least when assessed, narrowly some say, against the fundamental objective of making the two financial systems work together for their mutual benefits and in the best interests of the one country.