Research Note Aug 19 Fintech gives Hong Kong banks a head start in race to innovate retail banking ... 6668
Case Study Jul 29 Enhancing operational efficiency and transforming mortgage experience through a cloud platform ... 3033
News Analysis Jan 01 Initial coin offerings – From “bubble” to the future of fundraising? Part 2 ... 79
Research Note Jan 01 The Future of Finance Summit - Leadership in the digital economy track round-up ... 2613
Research Note Jan 01 The future of wealth - how modern technology affected investing and entrepreneurship ... 2622
Research Note Jan 01 TAB FOF Frictionless Roundup - edit kd ( Without Standfirst and bullets) ... 2610
Research Note Jan 01 TAB - Markets are now disrupted - edit kd ( Without Standfirst and bullets) ... 2609
Interviews Aug 31 Barclays’ Rolfe: “I can create a ubiquitous ‘bankless’ banking experience – and that’s where the true value of IoT and connected devices lies” ... 9997
Interviews Sep 20 CBA’s Rajasingham: “IoT and AI will create self-sustaining market places with autonomous robotic agents as our clients” ... 4416
Proceedings Report Sep 18 Peer-to-peer in Southeast Asia: Must disruptors turn to collaborators? ... 3778
Interviews Oct 25 JD Finance’s Chen: “I serve financial institutions, not do financial services” ... 4972
Interviews Oct 23 Tencent’s Lai: “We build new applications to cure the ‘pain points’ of users” ... 4128
Sibos Round Up Nov 08 Banks explore and experiment with new technologies in building for the future ... 5074
Round Up Nov 21 Highlights from the Singapore Fintech Festival – Singapore’s role in the global financial technology community ... 3297
Round Up Nov 23 Highlights from the Singapore Fintech Festival – Financial inclusion to the fore ... 3110
Co-published Dec 07 CMB experiments with emerging technologies and social media channels to boost credit card business ... 4403
Co-published Jan 02 Mainstreaming small and medium enterprises into the Philippines’ formal financial system ... 52825
Co-published article Mar 12 China CITIC Bank International leverages new integrated treasury platform to drive expansion and compliance ... 8105
Round Up Jan 01 Highlights from Money 20/20 Asia – Technologies that are changing financial services ... 15115
Case Study Apr 18 How Funding Societies is leveraging on technology to create a sustainable P2P lending platform ... 7676
Opinions Oct 08 CEOs of Singapore’s three largest local banks topped bank CEO remuneration ranking Top ten highest-paid bank chief executives in 2017 included five bank CEOs from Australia, three from Singapore, one from Malaysia and one from Hong K... 8537
Speech Nov 12 Ravi Menon on the future of fintech: Innovation, inclusion, inspiration Ravi Menon, managing director of Monetary Authority of Singapore, spoke at the Singapore Fintech Festival on 12 November 2018, at the Singapore Expo ... 20924
Research Note Sep 14 UOB Singapore’s retail business yields strong performance as it expands digital customer engagement United Overseas Bank (UOB) increased retail banking income contribution by 15% as the financial industry grapples with digital advancement. The bank l... 21226
Current Account Mar 29 DBS Private Bank commits more than 50% of AUM to sustainability investments Joseph Poon, group head of DBS Private Bank, shared expansion plans for the bank’s sustainability portfolio and commitment towards long term impact ... 11702
Opinions Sep 01 Lawyers Ashhab and Chan: “Cryptocurrency-related fraud to rise by 75% in 2021” With the rise of cryptocurrency fraud, appropriate legal remedies are needed to mitigate risk and recover stolen assets. The ongoing pandemic has incr... 22558
Current Account Nov 27 DBS faces supervisory action after worst online outage DBS experienced outages to its online banking services from 23 to 24 November, the second extensive disruption to its digital services in over a decad... 6179
Sibos Round Up Jan 01 Decentralised finance and Web 3.0 shaping the future of financial services During the Singapore Fintech Festival 2021, industry leaders and experts discussed the emerging technology innovations in financial services, the deve... 132
Current Account Mar 07 DBS, OCBC and UOB achieved strong financial performance in 2021 DBS Bank (DBS), Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) gained strong financial results in financial year 2021 as th... 13030
Interview Feb 18 How Singapore is shaping the future of digital money Singapore offers glimpses into the future of digital currencies and payment infrastructures that will enable instant, intelligent and more efficient r... 7801
Opinions Jan 26 Managing transnational divorce in Singapore: Child custody, relocation, and family well-being The complexities of a transnational divorce in Singapore cannot be understated, especially when child custody, relocation, and financial responsibilit... 5343
News Analysis Jan 31 SSFA aims to establish Singapore as global sustainable-finance hub Aimed at elevating Singapore to the status of the leading sustainable finance hub in the world, SSFA will be co-chaired by HSBC’s Wong Kee Joo and B... 5975
Opinions Feb 04 Cross-border divorce challenges, and Singapore’s unique approach In this article, we look at cross-border divorce challenges, focusing on Singapore’s unique approach to ancillary matters post-foreign divorces, and... 6774
TAB-Fintech Feb 06 Global financial institutions propel blockchain innovation under Project Guardian Banks aim to integrate blockchain into mainstream finance for digital assets, emphasising institutional-grade standards, interoperability, and collabo... 20230
Research Note Feb 07 AI and big data-based apps provide strong potential to drive hyper-personalisation The banking industry is using AI and data strategies to meet customer preferences, focusing on digital culture, secure operations, and partnerships to... 5651
Current Account Apr 23 MAS launches digital platform to fight money laundering and terrorism financing Singapore’s central bank has launched a platform that allows financial institutions to exchange customer information and flag suspicious activities ... 4483
Interviews Jul 07 Tanoto Foundation Medical Philanthropy bridges funding gaps in medical research The Tanoto Foundation held its inaugural Medical Philanthropy Forum to award the first recipients of its Medical Research Fund grants.The event unders... 3084
Interviews Aug 07 Farro Capital focuses on intergenerational wealth, legacy and global mobility Farro Capital claims its success lies in its comprehensive and personalised approach to wealth management. The firm offers services ranging from wealt... 2366
Interviews Aug 25 Art Outreach Singapore chairman Mae Anderson builds bridges between arts and community Mae Anderson, a lifelong advocate for the arts and visual literacy, has transformed Art Outreach Singapore into a pivotal force in the local arts scen... 2371
Feature Aug 22 Convergence of CeFi and DeFi set to revolutionise finance The fusion of centralised and decentralised finance offers unprecedented opportunities for efficiency, innovation, and inclusivity... 3010
News Analysis Sep 13 Project Nexus to transform global payments, going live in 2026 Project Nexus, led by Bank for International Settlements (BIS) and supported by major regulators including the BNM, BSP, MAS, Bank of Thailand and Res... 7137
News Analysis Sep 12 Quantum technology can revolutionise finance, but create new problems Quantum computing can transform financial services by improving computation, modelling, and risk management. However, it also poses cybersecurity risk... 3902
Interviews Sep 18 CTBC’s strategic approach to private banking growth through innovation and global expansion In an in-depth interview with John Yang, Executive Vice President and Head of Private Wealth Management, and Freddie Chen, Senior Vice President and H... 2593
News Analysis Jan 01 Unpublish Project Nexus to transform global payments, going live in 2026 Project Nexus, led by Bank for International Settlements (BIS) and supported by major regulators including the BNM, BSP, MAS, Bank of Thailand and Res... 2352
Interviews Oct 08 Standard Chartered navigates digital innovation, sustainability, and resilient transaction finance Standard Chartered’s transaction banking leadership shared insights on how the bank is managing the challenges and opportunities posed by digital tr... 6375
Analysis Nov 12 How instant payment systems are redefining correspondent banking in Asia Pacific The proliferation of instant payment systems, along with the rising demand for real-time, transparent cross-border payments, is compelling corresponde... 1635
Feature Dec 20 Scaling asset tokenisation and DLT in finance Asset tokenisation and distributed ledger technology are reshaping finance by bridging traditional and digital markets. From Europe, Hong Kong, Singap... 2129
Opinions Jan 04 Bridging two worlds: Why stablecoins can be the missing link Stablecoins bridge traditional banking and digital assets, enhancing cross-border payments, financial inclusion, and global trade while requiring robu... 1523
Interviews Jan 15 Deutsche Bank targets Asia Pacific’s growing e-commerce payments market Rachel Whelan, head of corporate cash management for APAC and MEA, and global head of payments and transactional foreign exchange, and Oliver von Quad... 2097
Interviews Nov 30 Shaping the future of finance through technology and innovation At Sibos 2024, discussions within the financial technology solution community focused on the adoption of ISO 20022, the growing integration of AI and ... 358
Roundtable Jan 01 Navigating economic headwinds and accelerating transformation in 2025 As the global banking industry braces for a challenging 2025, it faces economic headwinds, geopolitical tensions, trade realignments, and the push for... 112
AB500 Aug 31 Digital Banking Transformation: Key Trends and Insights from Excellence in Retail Financial Services and Bank Technology Innovation Programmes ... 2576
TABLive Nov 30 Memoirs of a Citibank technology warrior: "Banks should tolerate a bit of diversity" ... 6020
TABLive Dec 28 Life.SREDA's Solodkiy: "Attention is the most expensive thing today, not money" ... 3324
TABLive Nov 22 (Sponsored Content) DBS enhances digital banking experience with Video Teller Machines DBS has improved its digital customer experience by making most branch banking transactions digital though it s Video Teller Machines... 17681
Interview Sep 01 Mizuho Bank’s Das: “Digitalisation is transformation” Devashis Das, deputy head of Global Transaction Banking, Asia Oceania at Mizuho Bank discusses the latest financial technologies and the opportunities... 9483
Sibos Round Up Sep 10 Standard Chartered Bank’s Mathew: “This is the perfect time to find more efficiencies” Samuel John Mathew, global head of documentary trade and products at Standard Chartered Bank, explains how technologies, such as optical character rec... 8924
Research Note Sep 14 UOB Singapore’s retail business yields strong performance as it expands digital customer engagement United Overseas Bank (UOB) increased retail banking income contribution by 15% as the financial industry grapples with digital advancement. The bank l... 15606
TABLive Mar 23 OCBC’s Tsien: “Is OCBC an underperforming stock?” OCBC’s Tsien: “Is OCBC an underperforming stock?”... 6089
Interview Jul 06 Security Bank’s Dinn: “Technology doesn’t deliver by itself” In this Leadership Perspective series, Colin Dinn, executive vice president and segment head of Enterprise Technology and Operations at Security Bank ... 6399
Interview Aug 04 Techcombank’s Lottner: “The challenge is the abundance of opportunities” In this Leadership Perspective Series, Jens Lottner – chief executive officer (CEO) of Vietnam Technological and Commercial Joint Stock Bank (Techco... 8383
Sibos Round Up Nov 30 In conversation with DBS’ Tan Su Shan on recharging global finance Tan Su Shan, group head of institutional banking at DBS, discusses DBS’ digital transformation story, the evolution of its financial ecosystem to ad... 31742
Sibos Round Up Dec 02 In conversation with StanChart's David Whiteing on technology, innovation, regulatory compliance and operational resilience David Whiteing, chief operating officer at Standard Chartered, discusses the bank’s digital transformation, its various digital platforms and partne... 25590
Sibos Round Up Dec 16 SmartStream’s Pillay: “Banks have a strong use case to embed AI to automate operations” Radha Pillay, regional sales director for Asia Pacific at SmartStream, shared his views on the evolving technology requirement of financial institutio... 3089
Interview Dec 31 CIMB's Samir Gupta: "Digital now accounts for 48% of total product sales" In this Leadership Perspective Series, Samir Gupta, CEO, consumer banking at CIMB Group, discussed the strategy and opportunities that drive digital t... 19811
Interviews Mar 29 Ukraine’s ambassador Zelenko: “Financial services community can contribute to stopping Russia's war” Ukrainian ambassador Kateryna Zelenko, in an exclusive conversation with The Asian Banker's Emmanuel Daniel and Mathew Welch discussed the implication... 33458
Interviews May 23 Signature Bank shutdown explained Author Emmanuel Daniel, founder of The Asian Banker, ignited a lively discussion with former US congressman Barney Frank and SC Ventures head Alex Man... 9438
Interviews Jul 17 BCS leverages AWS cloud solution for cross-border real-time payments Cloud-based infrastructure plays a crucial role in enabling digital cross-border instant payment systems between Singapore and India... 9704
Interviews Dec 14 Winston Quek, SBI Digital Markets: “Let’s not tokenise for the sake of tokenising” SBI has completed a technical pilot as part of MAS's Project Guardian, diving into asset tokenisation and DeFi, highlighting the importance of regulat... 3691
Interviews Sep 22 Shaping ASEAN’s financial landscape: A conversation with Wee Ee Cheong, CEO of UOB In this interview, Wee Ee Cheong, deputy chairman and CEO of United Overseas Bank, a leading Singapore bank with a major presence in ASEAN, shares ins... 14338
Interviews Oct 26 Techcombank’s Jens Lottner: “Our two new buildings merge traditions with a digital future” CEO Jens Lottner shared Techcombank’s innovative approach and vision following the opening of its headquarters in Hanoi and Ho Chi Minh City in Viet... 6045
Interviews Dec 13 Adyen and TabSquare introduce integrated payments for quick-service restaurants in Singapore Priyanka Gargav of Adyen and Anshul Gupta from TabSquare discussed how the latter uses Adyen’s platform for an all-in-one payment ... 3525
Interviews Jan 24 Circle’s Yam Ki Chan: “Stablecoins can reduce transaction time and cost for Asian businesses” Yam Ki Chan, vice president of strategy and policy at Circle, discussed the stablecoin landscape, and how Singapore is taking the lead on the fintech ... 2632
Interviews Jan 29 Paymentology’s Abe Smith: “We enable customers to go live in weeks” Cloud-based payments outperform legacy processors in terms of agility, enabling customers to launch new products in weeks. Paymentology co-founder Abe... 2290
Interviews Feb 21 SBI’s Krishnan: “We prioritise high availability, scalability and security” Vidya Krishnan discusses YONO’s global expansion and its integrated super app strategy, catering to diverse customer needs with over 60 million regi... 2276
Interviews Nov 21 iPiD’s Damien Dugauquier and Alain Raes: “We act as an orchestrator from a technological perspective” Damien Dugauquier, co-founder and CEO of iPiD, and Alain Raes, founding partner and chief commercial officer, explained iPiD's pioneering role in scal... 1202
Interviews Feb 28 Chairman of Korea Federation of Banks emphasises industry ethics and innovation Under chairman Cho Yong-byoung, the Korea Federation of Banks will focus on enhancing industry ethics and innovation, aiming to combat misrepresentati... 12242
Interviews Jan 01 GitHub’s Thomas Dohmke: “We have a zero-trust strategy” Thomas Dohmke, GitHub’s CEO, discusses the platform's adoption of modern software practices, stressing cultural shifts within developer teams. GitH... 742
Interviews Dec 01 GXS Bank’s Ramaswami: “We are on track to profitability in 3-5 years” GXS Bank, backed by Grab Holdings and Singtel, operates in Singapore and Malaysia. Group CEO Muthukrishnan Ramaswami discussed how the digital bank mo... 2720
Interviews Feb 24 Saxo’s Chang: “Bespoke services or impactful investing will emerge as winners” Ivan Chang, head of institutional at Saxo emphasises digitalisation's growing importance, shifting client demographics, fintechs' impact on wealt... 7420
Interviews Nov 22 Austrade’s Betty Sun-Lucas and SFA’s Shadab Taiyabi: “The Australia-Singapore connection offers numerous partnership and cross-selling opportunities” Betty Sun-Lucas of Austrade and Shadab Taiyabi of the Singapore FinTech Association delved into Project Lorikeet, explaining how this collaborative in... 1168
Interviews Nov 29 Citigroup’s Shobit Maini: “We’re trying to deliver the benefits of the blockchain technology without the complexity’’ Shobhit Maini, co-head of digital assets for global markets at Citigroup, unveils a groundbreaking FX trading app that uses blockchain to execute real... 1058
sponsored Apr 24 AWS Leadership Conversations: Spotlight on Singapore The financial services industry (FSI) is a cornerstone of ASEAN’s economy and in this FSI Leadership Conversation Series, we speak to the region’s... 5337
Interviews Apr 30 From banker to insurer - Dennis Tan’s transition to impacting lives at Prudential Singapore Dennis Tan, CEO of Prudential Singapore, discussed the shifting concerns of customers post-pandemic towards personal well-being and financial security... 5094
Interviews Jan 01 SBI’s Krishnan: “We prioritise high availability, scalability and security” Vidya Krishnan discusses YONO’s global expansion and its integrated super app strategy, catering to diverse customer needs with over 60 million regi... 898
Interviews Jan 01 SBI’s Krishnan: “We prioritise high availability, scalability and security” Vidya Krishnan discusses YONO’s global expansion and its integrated super app strategy, catering to diverse customer needs with over 60 million regi... 882
Interviews Apr 29 Sean Kiernan on blockchain: “Crypto bridges real-world capital needs” Banking innovator Sean Kiernan from Greengage discussed how they use crypto-collateralised loans to help SMEs, stressing the importance of partnership... 2985
Interviews Jun 25 Cathay United Bank’s Singapore nexus fuels regional ambitions As Southeast Asia’s economic clout continues its inexorable rise, Cathay United Bank (CUB) is turbocharging its Singapore operations, establishing t... 3336
Co-published Jun 06 Cathay United Bank boosts ASEAN presence, strengthening global supply chains and regional integration Expanding beyond Taiwan, the bank will focus on ASEAN markets to bolster global supply chain resilience and regional economic integration, according t... 4136
Interviews Jun 12 HSBC Singapore to grow share of international wealth management customers HSBC Singapore is intensifying its focus on international wealth management, aiming to attract more affluent and ultra-high-net-worth clients. The ban... 3521
Speeches and Presentations Jun 12 What the industry can learn from Swiftonomics In his opening address at The Asian Banker Summit, Emmanuel Daniel urged the financial services industry to embrace transformative changes, drawing pa... 2453
Panel Discussion Jul 03 Balancing innovation and financial regulations in AI At the BIS Innovation Summit 2024 in May, HKMA’s Eddie Yue and Chia Der Jiun from MAS highlighted the balance between AI innovation and regulatory f... 2233
Co-published Jan 01 UnPublsihed-OCBC enhances corporate cash management through competitive features By addressing key pain points and prioritising customer experience, OCBC sets new standards for convenience, functionality, and safety with enhanced p... 105
Interviews Aug 09 NETS’ Lawrence Chan wants to empower merchants and grow cross-border payments Lawrence Chan, Group CEO of NETS discussed the company's new merchant solutions such as Soft Point-of-Sale (SoftPOS) and outlined key initiatives plan... 3492
Co-published Aug 20 UOB integrates Citigroup in ASEAN’s largest data merger UOB’s acquisition of Citigroup’s ASEAN banking franchise, encompassing 2.4 million customers, marked a major expansion. Leveraging innovation and ... 4152
Co-published Jan 01 UOB integrates Citigroup in ASEAN’s largest data merger UOB’s acquisition of Citigroup’s ASEAN banking franchise, encompassing 2.4 million customers, marked a major expansion. Leveraging innovation, UO... 45
Interviews Aug 27 Chocolate Finance to simplify money management Walter de Oude, founder of Singlife, has launched Chocolate Finance, a platform aimed at optimising spare cash with competitive returns, user-friendly... 3926
Panel Discussion Aug 29 Strategies for success: Insights from ASEAN’s financial leaders at the Temenos Regional Forum 2024 Banking experts from across ASEAN discussed the critical role of technology and regulation in modernising financial systems, strengthening consumer pr... 2127
Interviews Sep 06 How will BNY’s innovations drive the future of cross-border payments in Asia Pacific Jennifer Barker, global head of treasury services and depositary receipts at BNY, discussed the rapid evolution of cross-border payments in Asia Pacif... 5280
Co-published Sep 26 Cathay United Bank leads decarbonisation efforts in Asia Pacific CUB headlines the climate change imperatives in sustainable finance, driving green initiatives and net-zero targets aligned with global standards ... 2629
Interviews Jan 01 Unpub Chocolate Finance to simplify money management Walter de Oude, founder of Singlife, has launched Chocolate Finance, a platform aimed at optimising spare cash with competitive returns, user-friendly... 1684
Interviews Sep 30 Marketnode’s ambition to transform capital markets through blockchain Rehan Ahmed, CEO of Marketnode, is driving the transformation of capital markets using blockchain technology, with a focus on overcoming regulatory c... 2855
Interviews Jan 01 unpublish How will BNY’s innovations drive the future of cross-border payments in Asia Pacific Jennifer Barker, global head of treasury services and depositary receipts at BNY, discussed the rapid evolution of cross-border payments in Asia Pacif... 3253
Interviews Nov 08 Singapore’s central bank establishes network to drive global fintech innovation The Global Finance & Technology Network was unveiled by chairman Ravi Menon at the Singapore FinTech Festival 2024. The network promotes collaboration... 1728
Interviews Nov 08 ANEXT Bank’s journey to innovate for MSMEs In an exclusive interview, ANEXT Bank CEO Toh Su Mei discussed the bank's mission to reshape financial services for MSMEs in Singapore and beyond. ... 2649
Interviews Nov 29 Paxos drives institutional stablecoin adoption with scalable solutions and ecosystems Ronak Daya, head of product at Paxos, explained how its latest stablecoin, the Global Dollar, and the Global Dollar Network aim to drive institutional... 2169
Interviews Nov 11 Euroclear investment poised to drive Marketnode’s expansion in digital asset distribution Rehan Ahmed, CEO of Marketnode, shares insights into Euroclear’s strategic investment, MAS’s support for asset tokenisation, and how Marketnode’... 1956
Interviews Nov 12 Mastercard combats rising fraud with AI and global collaboration At the Singapore Fintech Festival 2024, Matthew Driver, executive vice president, head of services at Mastercard Asia Pacific, highlighted that as acc... 1305
Interviews Nov 13 HSBC and Dandelion partnership elevates speed, transparency and cost-efficiency in cross-border payments In an interview at the Singapore Fintech Festival 2024, HSBC’s Nadeesha Senaratne and Dandelion’s Deepan Dagur, discussed their partnership’s ro... 15165
Interviews Nov 12 GitHub on responsible AI, bridging innovation and regulation As AI regulation intensifies globally, GitHub’s chief legal officer, Shelley McKinley, shares her insights on balancing innovation with regulatory f... 1624
Interviews Nov 13 SBI partners with APIX to drive innovation and inclusion in India’s financial ecosystem The State Bank of India (SBI) has joined forces with Singapore’s APIX Platform, led by CEO Umang Moondra, to create the SBI Innovation Hub. ... 2339
Interviews Nov 13 EMURGO’s Nikhil Joshi on institutional adoption, asset tokenisation, and Asia’s digital asset leadership Nikhil Joshi, COO of EMURGO, shares insights on how digital assets are evolving into mainstream finance, the pivotal role of asset tokenisation, and A... 1559
Interviews Nov 14 Libeara on democratising access to asset tokenisation Aaron Gwak, founder and CEO of Libeara, discussed how his SC Ventures-backed platform is advancing asset tokenisation, sharing its approach to bridgin... 1678
Interviews Nov 15 Digital Asset scales commercialisation of asset tokenisation and DLT Yuval Rooz, co-founder and CEO of Digital Asset, discussed the company’s innovative approach to asset tokenisation and distributed ledger technology... 1628
Interviews Nov 16 JP Morgan’s Kinexys scales blockchain for the future of finance Following the rebranding of Onyx to Kinexys, JP Morgan is accelerating its blockchain strategy to enhance asset tokenisation and distributed ledger te... 2331
Interviews Nov 18 How Temenos helps financial institutions integrate ESG standards and technology Kalliopi Chioti, Chief ESG Officer, and Frankie Wai, Business Solutions Director at Temenos, discussed the pivotal role of technology in helping banks... 1653
Interviews Nov 20 StraitsX partners with Alipay+ and Grab to drive stablecoin payment adoption Liu Tianwei, co-founder and chief executive officer of StraitsX, and Kenny Chan, head of StraitsX, discuss how the company is advancing stablecoin ado... 2237
Interviews Nov 26 Sygnum sees acceleration in institutional digital asset adoption amid regulatory and infrastructural advancements Mathias Imbach, co-founder and Group CEO of Sygnum, outlines the company’s mission to become the most trusted digital asset institution, and the nex... 1766
Speeches and Presentations Dec 18 The future of financial centres In his keynote at FinanceMalta Annual Conference 2024, Emmanuel Daniel, founder of The Asian Banker, discussed how global financial centres can shape ... 1317
Interviews Jan 14 Circle drives stablecoin adoption through interoperability and regulatory compliance Chan Yam Ki, vice president of strategy and policy at Circle, the issuer of the world’s second-largest stablecoin, emphasised how proactive regulato... 1909
