The UK went even further in April 2018, with the Bank of England allowing a non-bank to access both clearing and settlement facilities in the RTGS system. Enhanced transparency expectations can also play an important role in ensuring that infrastructure suppliers and payment service providers continue to maintain high service levels and deliver services that create value for endusers. Slowly but surely, initiatives like these are rewriting the rules of the game in the payments industry towards heightened competition through lower barriers to entry. This is further reinforced by a gradual move towards greater sharing of customer data, such as through the EU’s Payment Services Directive (PSD2), the UK and Australia’s respective open banking initiatives. Malaysia too welcomes greater openness in its payments ecosystem and the broader financial services sector. Conclusion To conclude, allow me to reiterate that regulators should uphold a commitment to support payments innovation. The focus would be to lay the foundations for market-led innovation, by focusing on the elements of trust, connectivity, efficiency and innovation of the payment system. This will ensure that the power of digital payments is harnessed towards value creation for the real economy, while navigating the emerging risks and challenges on the horizon. Looking ahead, the pace of change in payments is only set to intensify. Payment system regulators will have to be agile in considering new ideas, while remaining steadfast in 5/6  BIS central bankers' speeches  safeguarding the public interest.
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