To reach a wide spectrum of the population, various channels are being employed to disseminate information, including through media, road shows, information brochures and a dedicated web site. There is also a dedicated outreach programme aimed at specific target groups, which includes women in rural areas, low income earners and disadvantaged women such as single mothers. To date, the BankingInfo website has received an overwhelming response - about 14 million hits and more than 2.5 million booklets were taken up by the public. In the insurance sector, over 1.4 million hits have been received on the InsuranceInfo website, and more than 1.3 million insurance info-booklets have been disseminated by the insurers to the public. Ladies and Gentlemen, Similar to many other Asian economies, microenterprises in Malaysia are a substantial contributor to employment. Women are extensively involved in microenterprises, often operated as family run businesses. To support the growth of microenterprises, dedicated agencies and funding mechanisms have been established. In order to equip the microenterprises with proper knowledge, education materials were developed on the fundamentals of starting a business, specifically addressing issues of getting access to appropriate financing within the constraints faced by microenterprises. Dedicated agencies, including specialist development financial institutions, were identified to provide training and advisory services to complement these initiatives. In addition to the consumer education programmes, the Central Bank has put in place a consumer protection framework. In collaboration with the financial industry the Central Bank has established a Financial Mediation Bureau.

There are millions of women in Asia involved in a wide range of economic activities from the home, making handicraft, assembling parts for international brand names and working in the fields. They work for a small income, and generally in difficult circumstances. Deliberate actions to integrate the informal economy into the formal economy will give this segment of society increased opportunities. In many countries, the success of various national and international socio-economic reform programs have resulted in women becoming an increasing part of the formal economy. Through the concerted efforts of women’s rights movements, economic policy intervention and gradual shifts in cultural norms, women today have more opportunities for education, careers and political representation. However, in many instances the increase in participation in the formal economy has not come with a commensurate level of sophistication in financial literacy. As a result, women continue to face special challenges in their endeavour to be active participants in the economic system. Challenges women in Asia face in financial literacy Let me now turn to discuss some of the challenges faced by women in Asia in their endeavour to become more financially literate and financially independent. Firstly, with the socio-economic environment in Asia changing rapidly, there is greater uncertainty and volatility which represents a challenge even for financial experts. The financial system has also become more complex, with new risks emerging. This increased sophistication thus makes it increasingly difficult for those who are less financially literate to make sound decisions.