Banks should also explore the offering of real-time payment facilities for bill payments where there is demand for such services. Conclusion Ladies and gentlemen, the introduction of JomPAY will complement the existing measures to accelerate the country’s migration to e-payments. Moving forward, MyClear, MEPS and the banks should continuously collaborate to explore new and innovative ways to achieve greater payment efficiency. Both consumers and businesses should capitalize on the benefits and opportunities derived from the adoption of e-payments to enhance competitiveness in this rapidly evolving world. Let me conclude by congratulating MyClear and the banks on the successful establishment of the national bill payment scheme, JomPAY. I hope such a collaborative spirit will be enhanced to drive the country towards a successful migration to e-payments. 4  BIS central bankers’ speeches
This year, the squeeze on real income growth is likely to mean that both house prices and consumer spending weaken together. The housing market leads me to the second recent development – the reassessment and repricing of risk in the financial sector. It is clear that the housing market is being severely affected by the reluctance of the banking system to expand its balance sheet further. Banks are adjusting to the fact that many asset markets are unlikely to re-open in their old form and, as they do so, the supply of mortgage finance is being restricted. Once the adjustment in the financial sector is complete, banks will be able to resume lending. But the era of cheap mortgage finance that underpinned the housing market in 2006 and the first half of 2007 is over and, as a result, it is reasonable to expect the ratio of house prices to incomes to fall back, though with real interest rates still low by the standards of the past fifty years, not to previous averages. 2  BIS Review 79/2008  These changes to our spending power and to the housing market are “real” shifts that, although not easy to accept, we cannot side-step. Lord Mayor, we face the most difficult economic challenge for two decades. But I am confident that we can meet it. Inflation will fall back and growth will recover. But the cost of the necessary adjustment will depend on the credibility of the framework for monetary stability.