We aim to be forward looking, developing both in developing the regulatory frameworks and in developing public systems and public money necessary so that safe innovation can flourish to the benefit of all. Thank you. I would like to thank the following for their input to and helpful comments on these remarks: Jyoti Shah, Louise Eggett, Laure Fauchet, Morgane Fouche, Adrian Hitchins, Jeremy Leake, Rajan Patel, Rachita Syal and Cormac Sullivan for their assistance preparing these remarks. I would like to thank Andrew Bailey, Charandeep Biling, Sarah Breeden, Emma Butterworth, Victoria Cleland, Philip Evans, John Jackson, Rebecca Maule, Tom Mutton, Sasha Mills and Matthew Osborne, for their helpful comments and suggestions. 1. Key public sector initiatives include the FCA’s regulatory sandbox, the development of Open Banking, the introduction of a mobilisation route for new banks, the forthcoming FMI Sandbox, HMT’s consultation on the regulation of cryptoassets and the provisions in the Government’s recent White Paper on AI Regulation. 2. As measured by investment (Innovate Finance  ). The significance of the UK Fintech Sector has been set out more  widely in detail as part of the Kalifa Review of UK Fintech  (2021). 3. See Bank of England: Quarterly Bulletin 2022Q3. While transactional cash use fell during the COVID-19 pandemic, the value of Bank of England notes in circulation increased as cash holdings were used as a precautionary store of value. 4.
That’s why the FSB is now developing new policies to address liquidity, leverage and securities financing risks in asset management activities. These measures will help ensure asset managers can provide sustainable and reliable financing to EMDEs. That’s why the FSB is working to ensure the central counterparties that support the plumbing of the new system are resilient and can be resolved without disruption to the flow of financing to the real economy. And that’s why FSB members are working to develop more effective macro prudential policies. These will dampen the impact of capital flows on domestic vulnerabilities and allow countries to be more open and connected to global trade and investment. The FSB’s work plan is highly complementary to other G20 priorities in infrastructure, inclusiveness and climate change. A FAIR system is essential if we are to move to a 2 degree world. A FAIR system is critical to achieving the economic and moral imperatives of the SDGs. I look forward to our discussion of how to build such a system to the benefit of all. 15  BIS International Debt Statistics, (all sectors, nationality basis). 16  IMF World Economic Outlook data show that average annual portfolio flows to EMDEs have more than tripled from their average in the decade prior to the crisis to an average of $ billion annually between 2009 and 2015. BIS central bankers’ speeches  5