We are already seeing, for example, an expansion of partnership models with non-traditional intermediaries such as e-commerce and e-hailing platforms, which has enabled the offering of 'sachet insurance' or bite-sized insurance covers to consumers at 'point-of-sale'. I am intrigued at how consumer wearables with glucose monitoring technology are being used as data points to overcome traditional pricing barriers for specialised medical cover to diabetic patients. There can be no mistake – innovation is occurring across multiple dimensions, spanning beyond the product level towards the whole business operations, even birthing entirely new digital-only institutions. At our end, Bank Negara Malaysia is doing our part to ensure a progressive and dynamic market – one that is welcoming of these novel business models and new entrants. The Digital Insurance and Takaful Operator Framework Discussion Paper published earlier this year emphasises inclusion alongside competition and efficiency as  2/6  BIS - Central bankers' speeches  value propositions that we look for in assessing prospective applicants. As we work towards issuing the Exposure Draft by the midyear point, I encourage applicants who can demonstrate strong capabilities in these three areas and meaningfully close critical protection gaps in Malaysia to come forward to be part of the journey. Beyond new entrants, we also envision data sharing platforms to be a key enabler in making critical protection solutions affordable, through better cost control management and price transparency. Highlighted in our recently launched Financial Sector Blueprint, the cost of private medical care in Malaysia is among the highest in Southeast Asia.

Revisions to our outsourcing and risk management in technology policies in recent years encourage various forms of digital partnerships to be explored, with a focus on understanding the nature of risks, having in place effective controls and being facilitative of the innovation. We continue to review the relevance and applicability of these policies to ensure they remain fit for purpose. For the industry, it is important for traditional players to continuously explore partnerships with various institutions such as startups, corporates and behavioural research centres, to create innovative products that incentivise prevention, healthier living and greater quality of life. At the same time, traditional intermediaries will also have to consider how the evolving nature of partnerships would affect their business practices and pivot accordingly to remain competitive. Closing So, let me now conclude. Much like how boundary spanning individuals became a focal point for innovation shaping the post-WWII era, the insurance and takaful industry is well positioned and empowered to lead today's innovation forward. In fact, the impact of boundary spanning individuals expands beyond just innovation benefits. An entry in the Stanford Science Social Innovation Review last year highlighted how boundary spanning individuals are also powerful change makers in engendering trust and promoting equity, particularly among underserved communities, given the expertise and understanding of the communities they serve. In the same way, I believe that all here today will carry the role of innovators not just with commercial interest in mind but also in pursuit to benefit the communities we serve.