A single failure of a high magnitude eliminates massive and hard-earned gains made over many years. That is why performance is so vital and important. It is therefore timely that the Management Accountants are focusing on the re-positioning of the profession. It is wise that you are talking about how to project yourselves and promote yourselves in the future. It is refreshing that you are talking with your stakeholders and then planning your repositioning, because the relevance of your position is of paramount importance, if you are to survive and thrive. My learning as a Chartered Accountant as well as a Management Accountant helped me a great deal in my activities and in my performance over the years. I believe my own successes can be traced to the roots of such learning, education, and training. Like me, I am sure we have all benefited immensely by the initial training and guidance we have received from our respective institutes. Let us now build on those foundations and strengths and move forward with confidence and certainty even in the midst of tremendous challenges and competition. I am sure our profession, notwithstanding the numerous changes that are taking place, would remain relevant to the business and commercial world. We owe it to our respective economies to keep it that way. I congratulate all of you for the interest you are taking and the contribution you are making. I wish you all success and prosperity. BIS Review 10/2008  3

These efforts to reverse financial exclusion from the global system from termination of correspondent banking relationships can be complemented by greater use of financial technology to promote inclusion. Over the past decade, mobile and web-based payment providers have dramatically expanded access to payment services, particularly in developing countries. Consider Vodafone’s M-PESA since its launch in 2007. It has reached 23.4m customers across 11 countries, many of whom do not have bank accounts. 13 Meanwhile alternative lending models have opened up access to credit and investment. Examples include Faircent in India, which aims to provide credit on demand for all Indians, and Biva in Brazil which seeks to operate in regions traditionally underserved by banks. 14  12  In responding to a recent World Bank survey, whose results are summarised in its October 2015 ‘Report on the G20 survey on de-risking activities in the remittance market’, half of banking authorities, three quarters of large banks and a majority of local and regional respondent banks reported a decline in correspondent banking relations. 13  Data from M-PESA, http://www.vodafone.com/content/index/media/vodafone-group-releases/2015/mpesaghana.html  14  Data from Peer & Social Lending, http://peersociallending.com/investing/peer-to-peer-lending-sites-16-of-theworlds-best/  4  BIS central bankers’ speeches  If fully realised, recent developments – including expanded use of legal entity identifiers, know-your-customer utilities and even potentially distributed ledger technology – have the potential to restore correspondent banking services and remittance flows. Financial technologies can redraw the parameters of the financial system and promote inclusivity and growth.