Such collaborative industry effort in infrastructure sharing would allow the industry to compete directly on product offerings and the quality of services provided, thus providing better value to both consumers and merchants. In this regard, the recent industry-wide initiatives to enhance the payment card infrastructure and to modernise the online bill payments market via JomPAY are commendable and should be sustained. In this respect, I would also like to call upon MyClear and MEPS to jointly embark on payment infrastructure projects and initiatives that would benefit both the industry and the country. Role of MyClear and the industry moving forward Achieving the critical mass in terms of usage and acceptance remains a key priority. In this regard, banks in collaboration with MyClear should take concerted efforts to expand the number of businesses accepting JomPAY, especially among the underpenetrated sectors of SMEs and the federal and state government agencies. This can be done through coordinated media campaigns, workshops, roadshows and other outreach programs. MyClear and the participating banks should target to register 5,000 merchants onto JomPAY by 2020. To educate the public, especially those who are not IT savvy to use JomPAY, MyClear and the banks should also come up with instructional videos and pamphlets to provide the  BIS central bankers’ speeches  3  necessary guidance and assistance.
As part of the global collaborative efforts to enhance the efficiency of Islamic financial institutions in managing liquidity at both national and across borders, a Liquidity Management Task Force has been established by the IFSB and the IDB early this year. This work is being further supplemented by ongoing market initiatives by the International Islamic Financial Market (IIFM) which focus in the advancement and the standardisation for Islamic financial instruments for the Islamic capital and money markets. More recently, Malaysia established the Bursa Suq Al-Sila' under the concept of commodity murabahah. This multi-currency and multi-commodity is an electronic exchange traded platform to facilitate the trading and settlement of commodity using crude palm oil (CPO) for liquidity management between Islamic financial centres. Although Malaysia already has a well functioning Islamic inter-bank money market, this platform provides a further alternative for liquidity management, through which global interlinkages in the international Islamic financial system can also be further enhanced. Integral to the efforts in the development of Islamic finance has been the strengthening of the regulatory and supervisory framework for Islamic finance. In the area of international prudential standards for Islamic finance, the IFSB that was established in 2002 has developed a number of standards ranging from capital adequacy requirements to governance and risk management to assist the Islamic financial institutions in adopting international best practices and standards.