 And good evening. It is really an honour to be at the Central Bank of the Future conference sharing the stage with so many prominent speakers and panellists. I would like to thank the organiser, the University of Michigan Centre on Finance, Law and Policy and the Federal Reserve Bank of San Francisco for inviting me to this conference and allowing me to share my view on evolving role of Central Bank from a developing country perspective. Since the global financial crisis 2008, the world has never been the same. The damage left by the crisis goes beyond financial aspect, reaching far deeper to the fundamental of our regulatory framework, economic models as well as our society. In the pursuit of profit and advantage, imbalances and inequalities were largely ignored. Exponential growth of people would think they will be worse off than their parents, widening disparity between growth, between metropolis and regions, educated and uneducated. This year COVID-19 pandemic has further deepened this divide with the most severe impact seen on daily wage earner, low-income families and small and medium businesses in developed countries and to a stronger extent developing economies. As society has become polarized, anger, frustration, trust deficit in the regulator, public institutions and the media become common scene. In this regard, it is not surprising that a trust protocol like blockchain technology that allowed the transfer and storage of assets of value independently from these institutions was popularized in 2008. So in the midst of this development, what has the National Bank of Cambodia learned? There are many, but two are particularly striking to me and that is inclusiveness and restoring trust and confidence. As a central bank, we can do our part in building an inclusive and trustworthy financial system. As part of the Association of Southeast Asian Nation, Cambodia's economy enjoys significant growth in the past two decades, averaging around 8%. As of 2019, the size of our economy is around 25 billion US dollars, driven largely by five major sectors such as tourism, textile like sports, construction, agriculture and banking sector. In 2020, due to the pandemic, the economic protection is bleak as in everywhere else and expected to contract by minus 1.9%. Cambodia achieved significant progress in reducing poverty rate from 53% in 2004 to around 13% in 2019. The UNDP warned, however, with this year pandemic, Cambodia could see its poverty rate double. The banking sector has also been developing rapidly, with credit growing around 25% on average in the past five years in 2019. A financial sector in Cambodia has grown very interconnected domestically and internationally. This was in the case 10 years ago. As such, it is now more exposed to external shock. A shift in the policy rate by the Federal Reserve System, for instance, can affect the liquidity markets in the region and therefore in Cambodia. And this situation is made even worse when more than 90% of the economy is dollarized. Rebuilding the trust and confidence of the people on the national currency, the real, is therefore our priority. Without the use of local currency, our monetary policy tools are limited and could put us in a vulnerable position in case of a financial crisis. In terms of inclusiveness, only 50% of the Indian adult population have access to formal financial services, leaving the other half lacking basic financial services or exposed to a usury practice of the informal sector. Now, obviously, maintain price stability and financial stability is the national bank of Cambodia's main objective, but financial stability is better maintained when the system is inclusive and well diversified. Here, one should also be cautioned that too fast financial inclusion could have negative impact on financial stability. This is a lesson learned from the last GFC. Too easy, too fast access to credit can be counterproductive. Nevertheless, financial inclusion holds the promise of boosting growth and rigidity and inequality, notably by mobilizing, saving and providing household and firms with greater access to resources. In the inclusive financial system is understood to provide better opportunities for economic agent to better manage its cash flow, smooth spending over time and potentially grow existing business and eventually graduating from a small enterprises to a large enterprise. For low income segment, access to financial services can improve their living standards, lift them out of poverty and provide better education and healthcare for their family. Nonetheless, according to the World Bank financial inclusion remain a challenge in many countries due to regulatory barriers, limited financial literacy and inefficient banking system. Research and policy debate on how countries should promote financial inclusion remain essential. It is true that for some country financial inclusion is considered as an important tool to reduce poverty by the United Nations. It's considered a developmental task and not a financial stability task. But as a central bank, we don't exist in silo. Our price stability and financial stability should be maintained in order to contribute to economic growth. But economic growth without improving the life of the people at large is meaningless. In this regard, the National Bank of Cambodia made financial inclusion its missions. In 2019, the National Financial Inclusion Strategy was endorsed by the Royal Government in line with its poverty reduction objective. Financial inclusion should be addressed from both the supply side and the demand side with the later one to often neglected. Financial literacy and consumer protection should be prioritized or at least be providing equally important as other measures such as access to quality, affordable and transparent financial products. In Cambodia, beside the various financial literacy campaigns, our central bank and ministry of education are working to embed financial literacy into the general education program for students from grade 1 to grade 12. And prior to COVID-19, we were expecting to roll out this program in 2021 and now there's going to be a bit of a delay for that. The National Bank of Cambodia has also set up helpline to address public questions and complaints regarding financial services. These helplines are intended to better understand challenges to financial inclusion's effort but also to build trust and a relationship between the central bank and the public. In the pursuit of bringing the remaining 50% of the population into the formal banking sector, the National Bank of Cambodia embarked on a project called Bacong, a name after the first Highland temple built in the 7th century. The temple for many Cambodians is a symbol of independence and sovereignty. Access to credit, insurance or deposit requires certain precondition from the users. Credit worthiness, regular income and spare savings. But payment transaction happened every day for low and high income people. Therefore, bringing the excluded population to access payment services would be a good beginning. Indeed, access to digital payment would create a cash flow history for the customer that would later allow the natural institution to better assess the credit worthiness of the consumer and establish a relationship with that customer. Use of data here is crucial for low income segment and of the market and the farmers in developing countries who lack basic official documentation. Capitalizing on the high mobile phone penetration with 20 million mobile phone subscription for a population of 16 and a half. And thanks to a inclusive regulatory framework, mobile money transfer and mobile payment were rapidly developing during the past seven, eight years in Cambodia. As the central bank enabling private innovation through issuance of enabling regulation is critical, but depending on the specific specific contact central bank should also provide basic infrastructure for the private sector to strive. In the absence of an RTGS system, the National Bank of Cambodia provide basic infrastructure such as the national clearing system, fast system, which is a real time account to account fund transfer. The Cambodian share switch is standardization of chip standard that allow ATM and POS interoperability. A call project is the latest adoption that allow interoperability between e-wallets and bank account holders. The effort is intended to bring convenience and affordability to end users. It is also intended to breach the urban population who mostly hold bank accounts and the rural population who mostly have e-wallets account. E-Payment enables small microfinance institution to reduce its operational costs on repayment collection where somebody will go on a motorcycle and collect payment from the villagers and allow any neighborhood shop acting as banking agent to get on their behalf. Furthermore, the increased usage of digital payment is expected to help the use of local currency where despite its relative stability against the US dollars usage remain low and most often due to the loss of the national value of the currency inconvenience cited as there's too many zero or there's too many bank note to carry. An efficient and interoperable payment system is also expected to contribute to better tax collection eliminating leakages that cash transaction could pose. And in particular during the period of pandemic, it could help reduce the spread of the COVID through cash handling and facilitate government cash assistance to the poor. But how does that go on work exactly? No contrary to what has been raised by the media Cambodia is not issuing a central bank digital currency. Although technology features have some similarities legal and accounting treatment. However, are somewhat different back on is intended as a backbone payment system. The National Bank of Cambodia does not issue new money through back home but merely exchanges fiat money against the digital version of it. Anyone in Cambodia with a local mobile phone number and a smartphone can download the application and register oneself with participating financial institutions. And once registered at the person become the customer of that of the bank. Then the bank will have the full visibility of the transactional data of this customer and has responsibility to do the unnecessary KYC on this person. Now with great power comes great responsibility and the central bank has opted out from getting personal data from the users. And so the information solely lay with the commercial banks or the payment service providers. Customers of participating financial institutions banks and payment service provider can now send money to each other to each other back home wallet free of charge using a telephone number as an identifier. In addition, users can also transfer fund from their back home wallet into other participating members bank account or wallets account free of charge. We are now taking a face approach integration so with full integration expected next year and users may not even have to use back home wallet as a manual transition. Cross institution fund transfer would be a trade straight through processing through the back home engine itself. And also many have questions about the choice of the technology use in our case and back home uses the Iroha hyperledger that allow a peer to peer transfer. And that was code. And so the technology was co developed with a Japanese company Suramisu. I personally was not very interested in the DLTO blockchain technology, but the peer to peer functionality was the main requirement. And this is because we needed to integrate two different industries together for the banking industry it was already integrated through the fast system cleared by our national clearinghouse. And to be able to participate in the clearinghouse banks must open a settlement account and have a standby liquidity line with the central bank and maintain a certain standard of liquidity management. However, if we were to include payment service provider in the national clearinghouse, the same level of due diligence must apply. And this could be difficult as payment service providers are technology companies, and we can't expect them to reach that same standard of liquidity management as banks. And in fact, it would be counterproductive as regulatory compliant cost will be passed on to the end users. So in this regard, a peer to peer solution made sense for our in our context, the absence of a central clearinghouse and the immediate finality of the transaction allowed by the technology means that payment service provider don't have to worry about liquidity management at the clearinghouse level. Here, I would like to stress that the choice technology would serve should serve the problem that once want to solve and not adding more problem. And furthermore, it is critical that the central bank have the internal human resources to understand the technology used. There is no point buying your two status Ferrari when you don't have a driving license. And I was often asked why choosing a small company for such a national project, and perhaps naively I responded. And that's because my team understand that particular language of this technology better than others, and therefore allow more control over it. As my time is limited, I would like to conclude my remark by emphasizing the role of the central bank has evolved from pure price stability, but also price, but also financial stability and financial inclusion. Central Bank should build an inclusive financial system and aspire it for trust and confidence from the public. Enabling regulations and provision of basic infrastructure are critical to stimulate competition in innovation. As a central bank from a developing country, the National Bank of Cambodia has been very pragmatic on its approach to financial inclusion and trust building. And there is no one size fit all each central bank must understand its own challenges and opportunity, bear in mind that technology can help small countries to leapfrogs many developmental steps. And as far as the National Bank of Cambodia is concerned, a central bank is still currency is a long way ahead, but we want to exclude the possibility should the need arise eventually. Thank you for your attention.