One of the main components of this strategy is to landscape the Fintech ecosystem in the country and to identify the emerging financial services business models and the key barriers to entry for newcomers. A very important component of this strategy will be an analysis of the current national regulatory framework, trying to identify and consider whether it is sufficiently certain and flexible to apply in the modern digital context. A legal framework that is consistent, clear, and predictable is key to fintech innovation. More broadly, i.e. country wise, the fintech agenda has been put on the front foot, as well. In this 2/3  BIS central bankers' speeches  regard I will briefly mention that we are in the process of finalizing the new Law on Payment Services and Payment Systems which transposes the PSD2 as well as other relevant European Union regulations in the payment area. The very broad and ambitious scope of the new Law makes it one of the most significant and comprehensive pieces of financial services legislation. It embodies objectives that seek to make payments safer, increase consumer protection and foster innovation while ensuring a level playing field for all players, thus increasing competition. Also in the first half of this year, a set of new laws intended to foster the development of digital services was adopted.
Muhammad bin Ibrahim: Local currency trade settlement between Indonesia, Malaysia and Thailand Opening remarks by Mr Muhammad bin Ibrahim, Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the Launching of Local Currency Trade Settlement between Bank Indonesia and Bank Negara Malaysia and Bank Indonesia and the Bank of Thailand, Jakarta, 11 December 2017. * * * I am pleased to join Governor Agus and Governor Veerathai at this momentous occasion to mark the launching of the Bank Indonesia – Bank Negara Malaysia and Bank Indonesia – Bank of Thailand Local Currency Trade Settlement Frameworks (Framework) and expansion of the Bank Negara Malaysia – Bank of Thailand Framework, here in Jakarta. This is an important point of our collaboration as we operationalise the Memorandum of Understanding signed between Bank Negara Malaysia with Bank of Thailand in 2015 and Bank Indonesia in 2016 – a testament of mutual cooperation and trust to further promote cross-border settlement for bilateral trade and direct investments. Intra-ASEAN partnership is critical for regional integration in support of our economies and financial systems. Having celebrated ASEAN’s golden jubilee in August 2017, we have certainly come a long way as a collective to achieve greater regional closeness and attainment of mutual benefits. Today, we have reached a new pinnacle of regional initiatives where cross-border settlements using local currencies to settle trade and direct investments had taken shape. We expect this to be strengthened further, supported by the strong growth of intra-ASEAN trade. The data look very promising.