will require commensurate attention to it - related risks, which include strategic, compliance and business continuity risks. conclusion the austrian economist joseph schumpeter described “ creative destruction ” as “ process … that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one ” 19. as asia transforms and replaces old social and economic structures with new ones, so must the insurance industry revolutionise its business models and paradigms. the challenges for insurers are significant, yet great rewards await those who seize the opportunities presented by the new environment. in so doing, not only will the industry benefit from growth but the public, who are the ultimate stakeholders, will continue to enjoy rising standards of living and protection from adversity. with many in asia still not adequately insured, the imperative is clear – insurers must rise to the challenge and chart new pathways towards success. with that, i congratulate asia insurance review for organising this most timely and relevant asia conference on bancassurance & alternative distribution channels. to all the speakers and participants, i wish you all a productive conference and thank you for your kind attention. capitalism, socialism, and democracy ( 1942 ) by joseph schumpeter. bis central bankers ’ speeches

what we have seen in other economies. after reaching its peak in the second half of 2022, core inflation has continued to ease to 2. 5 % in august this year. this is in line with the lower 1 / 5 bis - central bankers'speeches global commodity prices and improving supply and demand conditions. we expect inflation to continue to trend lower in line with slowing momentum of price increases. we will continue to monitor potential risks to its outlook, arising mainly from changes to domestic policy on fuel subsidies. as the malaysian economy emerged from the pandemic, the bank's monetary policy committee ( mpc ) has been gradually adjusting monetary policy since may 2022, taking into consideration the outlook on domestic inflation and growth. today, the overnight policy rate is at its pre - pandemic level of 3 %, and monetary policy remains supportive of the economy. the mpc remains vigilant to the evolving conditions and their impact on domestic inflation and also growth prospects. beyond the immediate term, we should aim towards sustaining our long - term growth, while improving the quality of life for all malaysians. structural reforms play a critical role in achieving this and the government has recently set this in motion, with the release of the madani economy framework, the new industrial master plan 2030, and the national energy transition roadmap. in addition to articulating the nation's economic objectives in the madani economy framework, it also emphasises governance as a key element in steering the necessary reforms – encompassing integrity, transparency, and also accountability. scams in the financial crime landscape, and what we are doing to tackle the challenge ladies and gentlemen, as our economy continues to grow, we must remain vigilant against evolving threats. the five high risk crimes – corruption ; fraud ; drug trafficking ; smuggling ; and organised crimes – identified in the national risk assessment ( nra ) 2020 continue to be our focus. but given the evolving landscape, we have also commenced a renewed risk assessment and will share our findings in the first half of 2024. one crime that has dominated the headlines, both in malaysia as well as globally, are financial scams. the challenges we face stem from several factors. no doubt, criminals are becoming increasingly sophisticated, riding the wave of technology. while the world comes to grips with tools such as chatgpt, cybercriminals have created their own tools such as fraudgpt. criminal activities are also becoming increasingly complex, as criminals exploit vuln