Virtual Opening Remarks: Third-Country Training Program E-Payments Workshop

Virtual Opening Remarks by Acting Deputy Chief of Mission Daniel Bischof
Third-Country Training Program (TCTP) E-Payments Workshop

 

January 20, 2021

It is my pleasure to welcome you to the Third-Country Training Program E-Payments Workshop.

Thank you to the Monetary Authority of Singapore and Ministry of Foreign Affairs organizers for putting on yet another successful engagement.

I would also like to recognize the fantastic speakers and all of our enthusiastic participants for volunteering your time and expertise.

Did you know that many of the electronic payments systems we use today were derived from regulations and technology established decades ago?

For example, in the United States, the Electronic Fund Transfer Act created protections for electronic transfers in 1978. Since then, this policy has been used to help shape the formation and regulatory structures of microlending platforms, wearable devices, cryptocurrencies, and remote check deposits, among other e-payment initiatives.

We are often so consumed by new technologies and emerging challenges that we forget how much progress we have already made in expanding economic market resilience globally.

Having spent the majority of my career in Southeast Asia, I can personally attest to the e-services and products that we now have within short reach have made international commerce so much easier for us all.

One additional aspect of digital payments that we should note is the ability of technology to significantly reduce corruption, bribery, and graft in countries where cash-based systems have been for years the means of exchange.

These technologies have already vastly improved fiscal transparency and will continue to make it harder for individuals and organizations to cut corners or short-change their employees.

We are happy to kick off the new year – and a new round of TCTP. You will exchange best practices on putting these life-changing technologies into action. And as you engage with global leaders in governance, finance, and innovation, we hope this workshop helps you to develop ways in your own countries to improve both economic and human capital for billions on both sides of the Pacific Ocean.

The United States, Singapore, and ASEAN are heavily invested in strengthening technical capacity for the future, working together to make impactful changes in our communities, our countries, our region, and the world.

Your participation in TCTP is a major part of achieving this goal. Please continue to stay in touch, share your experiences, and continue to work across sectors and regions.

Welcome and enjoy the E-Payments Workshop!