The MyInfo platform allows banks to more effectively and efficiently obtain authenticated and updated information for account opening and other applications, doing away with the tedium of manual physical authentication and resulting in time saving of as much as 80% for banks and their customers. 25. Second, we are reviewing our regulatory framework to balance the tension between encouraging innovation and managing risk. The Payments Services Act is a forward looking and flexible framework for the regulation of payment systems and payment service providers in Singapore. It gives regulatory certainty to new players to pursue innovation and growth, while at the same time providing sufficient safeguards for consumers. 26. Third, we are creating more channels to promote the exchange of ideas and collaboration among financial and technology firms. Since 2016, MAS has partnered industry players to bring together financial and technology players from all over the world in the week-long Singapore FinTech Festivals. Turnout has more than quadrupled over the past three years with 45,000 participants from 130 countries in 2018. It is early days yet, but the results of our efforts are encouraging. Singapore is widely regarded as one of the leading FinTech hubs in the world. A report by Ernst & Young finds that nearly 7 out of 10 Singaporeans have made use of FinTech solutions in 2019, making us a leader in the Asia-Pacific region. 27. Another important development has been among our local banks themselves. They have been expanding their digital platforms to better cater to customers’ needs, and grow markets abroad.
In addition, they would amplify the effects of the Financing Union: such a Union would foster firms’ ability to invest and national reforms would foster firms’ willingness to invest. The third lever is a euro area policy-mix based on a better coordination of macroeconomic policies. This requires a collective economic strategy whereby Member States seal a deal: if we combine more structural reforms where they are needed – in France and Italy for instance –, and more fiscal or wage support in countries with room for manoeuvre – for example, Germany and the Netherlands – growth and employment will undoubtedly be stronger everywhere in Europe. If we seize this opportunity, Europe’s time will come. Thank you for your attention.