Yet, only one-third of Millennials believe employees are using their skills well, and 42% say they are likely to leave because they are not learning fast enough. We must reinvent and modernise the existing model of human capital investment if we are to recruit, develop and retain 1/3  BIS central bankers' speeches  the very best of talent. Prioritising and channelling greater resources to the talent development function are important first steps. Currently, the average annual training expenditure for the banking industry is around 3% of employee payroll, in contrast with international comparisons of around 4% to 4.5%. The Malaysian banking industry’s allocation for training and development is still below global benchmarks. It is, however, not enough to solely focus on outright spending. Equally important is the quality of training investments. In my mind, this begins with transforming existing corporate learning systems to enable continuous lifelong learning and ongoing skill acquisition. The banking sector ought to have an “on demand, ever ready” learning system that empowers talent to take ownership of selfdevelopment. This means diversifying from the traditional form of structured learning that only takes place at rigid fixed intervals. Aspiring talent ought to be empowered to personalise learning content according to individual preference and pace. Indeed, knowledge should be accessible to all who seek learning. Learning should take place at any time. Learning should be democratised. The rise of innovative digital content providers such as Coursera, Codecademy and edX has further increased the viability and attractiveness of an “on demand, ever ready” learning system.

To bridge this information gap, the SME Credit Bureau would effectively consolidate the fragmented information. This convergence of data from various sources would be enhanced, resulting in a convenient, timely and efficient access to SME information and credit ratings to assist the potential lenders to make a more objective evaluation of loan applications. It is our ardent hope that the SME Credit Bureau will become an integral component towards enabling SMEs to gain access to financing. The SME Credit Bureau also aims at promoting greater transparency, professionalism and sound credit culture among SMEs. SMEs can be assured that their good track records would be captured and evaluated by an independent third party, which in turn, would assist them to increase their financing and business opportunities. The credit reports would serve as a convenient tool for SMEs to carry out a self evaluation in identifying areas that needs improvement. This strategic alliance represents a meeting of the common objective of CGC and D&B to bridge the gaps in the availability and access to SME credit information in the country. The SME Credit Bureau is a big step towards a more sophisticated and transparent financing environment for SMEs in Malaysia. Both CGC, which is in the business of providing credit enhancement to Malaysian SMEs; and D&B, a global operator and provider of credit bureau services, are well equipped to drive this initiative forward. On this note, I would like to congratulate CGC and D&B Malaysia Sdn. Bhd. in making this initiative possible.