These efforts can complement initiatives at a national level such as the National Employment Portal, MyFutureJobs, which facilitates ease of job matching based on skills and competencies. With a strong foundational strategy in place, workers will not only be able to survive, but also thrive in a future-ready workforce. Strengthening business-education partnerships through publicprivate collaboration  3/4  BIS - Central bankers' speeches  Ladies and gentlemen, An interesting insight from the last few decades is how quickly skills become obsolete. We know this will be true going forward. Time horizons for reskilling will continuously shorten, as will the shelf-life of new skills. Just-in-time learning may become the dominant pedagogy, with much shorter training focused on task-specific skills, flexible time commitment and agile curricula. Reviews of existing curriculum can no longer have a fixed lifecycle and must keep pace with future skills needs through periodic reviews. This leads me to my final point. More effective collaboration between the private and public sector is invaluable to enhance talent development at all stages. Partnerships among the education sector and employers can address this by enabling better workforce planning across disciplines, improved academic program design and relevant graduate skillsets. For Malaysia, this results in lower employer training costs, improved productivity and more industry-ready graduates. I'm aware some here have existing tie ups along these lines. Your insights on the success, challenges and way forward today can be invaluable for others in the sessions ahead. Another avenue is through reformation of the technical and vocational education and training (TVET) system.

Recognising the importance of equipping talents with relevant skillsets, the Bank and the financial industry are pursuing several initiatives on this front. They include: The development of an industry-driven framework that serves as a single point of reference on future skills and career development pathways, for those working or aspiring to work in financial services. We hope this can be a starting point for a holistic future skills framework at the national level to unlock greater benefits and synergies for cross-sector talent mobility; and Continuous efforts are being made to raise the professionalism of the workforce through higher standards of professional programmes and qualifications for various career pathways. These range from risk specialists in banking to loss adjusters for insurance. Nonetheless, some job losses may be inevitable due to a shift in the division of labour between humans and machines. 2/4  BIS - Central bankers' speeches  Therefore, a whole-of-industry approach is crucial: First, we want to ensure appropriate supporting mechanisms are in place; Second, we want to minimise the impact of job displacement on livelihoods; And third, we want to support an orderly transition of the affected workforce to jobs in other organisations or economic sectors. Such support may include, among others, appropriate compensation, reskilling opportunities and outplacement assistance. Employing a 'good jobs strategy' to unlock the value of human potential My next point focuses on employing a 'good jobs strategy' to unlock the value of human potential in our workforce.