the groundwork that myanmar laid during their chairmanship was key to the announcement by the finance ministers and central bank governors in march 2015 that financial inclusion will be elevated to be an important policy priority for asean. this has resulted in the establishment of a dedicated working committee in asean to deliberate policy options, engage stakeholders and coordinate collective actions to advance financial inclusion. malaysia also places a big priority on financial inclusion. in particular, we have found it useful to be a member of the alliance for financial inclusion ( afi ), a network of policymakers from developing countries, where we are able to work alongside other policymakers to advance financial inclusion globally. bis central bankers ’ speeches additionally, afi is a platform where members could share experiences and learn about policies that have been successfully implemented by others. asean member countries, such as myanmar, who are not a member of afi, may wish to consider becoming a member to stay connected and expand the network of financial inclusion collaboration. financial integration as the building block to unlock growth finance is an important component of any economy. its development and greater financial integration will be the catalyst and foundation upon which an economy will progress and grow. central to this, is a well - developed financial infrastructure that can appropriately serve effectively at every stage of an economy ’ s development. myanmar is on the cusp of a remarkable period. it is blessed with a strategic location in the greater mekong region with a young, productive and rising demographic base, as well as the beginnings of an emerging and rapid development process. this economic transformation of myanmar will most likely require investment at a rapid pace. mckinsey global institute estimates that around usd650 billion worth of investments are needed for this transformation over the next 15 years, of which usd320 billion is solely for infrastructure building. asean has one of the highest saving rate in the world at approximately 30 % of gdp, or usd750 billion. part of these savings could be recycled within the region and used to meet the investment needs of myanmar. this includes the provision of sufficient housing, efficient public transportation and access to clean water and electricity. central to this premise, is allowing the region ’ s financial resources to move more freely across borders. this is where financial integration will play a critical role, by opening new opportunities for trade and financial linkages and for our banking institutions to enhance their presence. similar to the experiences of malaysian banks in other asean countries, it is our expectation that maybank will play its part in the development and modernisation of myanmar

to market demands, particularly in the area of asset management. in the future, swiss financial firms will have to rise to new challenges to secure the position of switzerland as a leading global financial center. one such opportunity might be to provide a wide range of trust - related services to its global wealth management clients. regulators have an important and difficult role to play. their primary responsibility is to safeguard the integrity of switzerland as a financial center, thus bolstering its global standing. at the same time, they must not become an obstacle to innovation by impeding competitive swiss financial firms to respond to rapidly evolving market developments in a vibrant global financial industry.