Third, the foundation of growth must be based on good governance and provides economic opportunity for people across all segments of the society. Social stability cannot be sustained with only selected few enjoying the 2  benefits. Having said all this, one necessary foundation in support of achieving these goals is to have a wellfunctioning legal framework that promotes governance, productivity, sustainability and equal opportunity. For Thailand, there is much room to improve on our legal framework. In a fast changing world, specifically with technology and liberalization, laws can quickly become outdated, stalling business progress and creating high costs of compliance, especially for SMEs. At the same time, new risks may not be properly regulated as dynamic technological and social progress has created the needs for regulation in areas once not deemed necessary. Therefore, it is the responsibility of the policymakers to continue to improve the legal framework to support their policies and goals. For these reasons, I want to highlight a set of laws – mainly laws relevant to businesses that will support and shape Thailand’s future business landscape. Some of the laws that I will discuss are already in effect; some are being reviewed at the National Legislative Assembly; and some are being considered at the Council of the State after having been endorsed by the cabinet.
This would include not just decisions to purchase products, but also in their day-to-day actions such as in their spending and saving habits. It should also include understanding how we can help consumers avoid making mistakes, such as to fall into scams – not just investment scams and get-rich-  2/3  BIS - Central bankers' speeches  quick-schemes, but also scams that use social engineering to trick customers into divulging their banking and payment security credentials. As all of us here would know too well, scams have been gaining significant momentum since the pandemic, and continues to be a sinister threat not just in Malaysia but also in other countries. Recognising this threat, BNM has instructed banks to step up security measures to protect their customers, and is working closely with law enforcement agencies to ensure swift action against perpetrators. But while these measures are necessary, they will not be sufficient without the first line of defence – that is, for consumers to remain vigilant, knowing how to avoid getting duped. This is ultimately a matter of financial and digital literacy. For this, the evidence-backed approach that today's Symposium is committed to in educating financial consumers will be a crucial part of the whole-of-nation approach needed to combat scams. Before I end my speech, I would like to reiterate that financial education is more relevant than ever in the post-pandemic era.