These include the issuance of several guidance documents such as VBI implementation guide, VBI Scorecard and Value-based Impact Assessment Framework (VBIAF). More recently, the Bank and the VBI community of practitioners (COP) have embarked on efforts to develop sector-specific guide on value-based impact assessment alongside sectoral experts. As a start, the focus is on renewable energy, efficient energy and primary commodity (palm oil). As the industry began to operationalise the VBI, the market has observed efforts to infuse key elements of VBI in the offerings and practices. These include the launch of the first working capital financing for women entrepreneurs this year. This collateral-free facility embeds financial literacy sessions and focus group discussions to help entrepreneurs in managing and growing their businesses more efficiently. Other examples include the launch of an Islamic Index-based investment scheme embedding with environmental, social and governance (ESG) principles, as well as a financing programme via matching fund platform between financial institution and public contributions, which aims to empower communities through entrepreneurship. The takaful industry is also taking steps to implement VBI. The industry has formed a VBI Takaful Task Force to formulate the strategic roadmap for the takaful industry. Several takaful operators, on their own, have also undertaken a comprehensive review of business strategies. This review has begun to shape changes in the corporate value intent and strategic direction of these takaful operators to be more aligned with VBI. Additionally, some of these takaful operators are beginning to formulate more value-based protection solutions.

It serves as a networking effort while creating opportunities to exchange views, explore mutually beneficial opportunities, and most importantly, implement positive changes in the financial systems. It is not too far-fetched to envisage the generation of breakthrough thinking for future collaboration that is solution-driven; practical; and innovative. Collective effort is also key to success and the industry should aim to work closely with other key stakeholders. These include government agencies, civil societies and the public to increase awareness and encourage more active participation in supporting further development and offerings of sustainable financial solutions in the market. Strong technical know-how in dealing with the changing dynamics of the financial landscape and the arising risks is also essential for industry players to navigate itself in this journey. To end, I wish to reiterate that “sustainability is indeed a journey, and one that is best navigated collectively”. Sustainable development can be best served by re-connecting finance and element of value creation that is reinforced by bringing benefit to society, environment and prosperity. On that note, I wish all of you a beneficial and productive session today. 1 Around 30 least developed and other vulnerable countries are exposed to debt distress – limiting their ability to  invest in the sustainable development goals (SDGs). 2 Countries home to most people in the world and global growth in real wages is only 1.8% – the lowest since  2008 (Source: United Nation (2019).