information to : • firstly, promoting financial soundness of financial institutions within respective jurisdiction ; • secondly, ensuring stability of the financial services sector in each jurisdictions ; and, bis central bankers ’ speeches • thirdly, promoting and enhancing the supervisory skills and knowledge through ongoing training and workshops such as this. in order to continue to obtain the benefits of this forum, we need to finalize the review of the memorandum of understanding ( mou ) for afspc to strengthen the regional cooperation between the regulators. i therefore encourage you to pay some attention to this matter. as central bankers and regulators in the region, we must always remind ourselves that we are part of the global community. on a regional basis, to be aware of the developments on the international scene and around us so that our best efforts to achieve financial stability and resilience in our region will stand the test of time. cross border banking cross border banking is an emerging area with financial institutions operating across our economic borders. we have seen over the last five ( 5 ) years or so that financial institutions registered in one economic boundary in the region are moving beyond their traditional comfort zones and moving into other markets. such moves come with it new risks and challenges, providing regulators both home and host with equal challenges to better understand institutions ’ cross - border risks. to better understand cross - border banking risks and the institutions ’ operational activities, i encourage the strengthening of our collaborative efforts through this forum and other specific initiatives such as the supervisory colleges and more interactions at technical levels. these collaborative efforts would ensure supervisors of both jurisdictions better understand the risks associated with institutions concerned in both home and host countries in order to adequately address them. risk - based supervision another issue that we should work towards addressing is in the area of risk - based supervision, and the need to look at risks at the systems level or on a macro - prudential policy basis. the recent global financial crisis has clearly demonstrated the crucial role of central banks in safeguarding financial stability and the importance and need for a macro - prudential approach, including risk based supervision. many countries have strengthened the institutional framework for financial stability in light of the experiences from the crisis, and have incorporated and undertaken a new approach ; in particular a macro - prudential dimension of monitoring interconnectedness in order to design policies to mitigate systemic risk. we as central bankers play a key role in the development of policies and regulations for the stability and soundness of the financial systems in our respective jurisdiction. i encourage

risk is shared by the facility and the participating financial institutions so that the institutions can be encouraged to make loans available to msmes. other components of the program include financial, business and market information advisory, innovation hub and strategic partnerships – all mostly to address and enhance demand - side of msme financial access. 1 / 2 bis central bankers'speeches b ) financial consumer protection – a project currently in the bank to improve financial market conduct, to provide financial consumer awareness and address the unregulated lending by loan sharks or money lenders, which is an area of serious concern because of what we observe as unintended consequences of debt traps by borrowers. also, the combating of money scams using various means of collecting money from the public with promises of high returns. 8 ) the bank of papua new guinea under the maya declaration ( which was announce at the alliance for financial inclusion or afi global policy forum ) continues to show its commitment to support the work of financial inclusion and to ensure individuals and businesses have access to financial products and services that meet their needs. the bank remains committed to working closely with cefi in advancing our vision of creating financial freedom for all. 9 ) i look forward to continuing this great working relationship we have with all key stakeholders and i assure you of our continued support to strengthen, diversify and consolidate png financial sector through inclusivity. i request other financial institutions to use this platform as a tool to promote their innovative sme lending products. 10 ) i feel this launching event is an excellent opportunity for the msme stakeholders to witness this innovative online tool and the products and services it showcases. 11 ) thank you once again and i look forward to more engagements, and encourage a more structural approach to advance financial inclusion and access to finance in the country. thank you and god bless you all. 2 / 2 bis central bankers'speeches