ravi menon : financial inclusion and innovation - retaining the customer opening remarks by mr ravi menon, managing director of the monetary authority of singapore, at the bis - world bank roundtable on impact of technology on financial inclusion and financial stability, at sff x switch 2019, singapore, 13 november 2019. * * * let me first thank mr agustin carstens, general manager of the bank for international settlements ( bis ) and mr alfonso garcia mora of the world bank group for hosting this roundtable. and also her majesty queen maxima for her presence, inspiration and for tirelessly championing the cause of financial inclusion globally over the last ten years. i am delighted to welcome the bis, the world bank, the un secretary general ’ s special advocate for inclusive finance for development ( unsgsa ), and fellow central bankers and regulators to the singapore fintech festival. • i hope you had time to soak in the fintech festival, feel its spirit and energy, spilling over 60, 000 attendees, six halls, and 1, 000 exhibitors. i want to focus my remarks on the important evolution taking place in financial inclusion : from financial inclusion 1. 0 to financial inclusion 2. 0. • financial inclusion 1. 0 was about improving access to bank accounts. financial inclusion 2. 0 focuses on usage of bank accounts. • financial inclusion 1. 0 was about developing nimble innovative financial solutions for the unbanked. financial inclusion 2. 0 is about facilitating collaboration among financial institutions and fintechs, to promote integrated solutions. the need to move the goal from merely access to well - informed usage is increasingly recognised in the development community. • the world bank ’ s global findex database reports that 20 % of bank account owners have not used their accounts in the past 12 months. as any entrepreneur joining us at the festival would know, user acquisition is easy. it is simply a matter of good price and good marketing. user retention is the true test of the utility that a product provides. this is where the focus needs to shift. in other words, policy, infrastructure, and services aimed at improving financial inclusion need to genuinely make a difference in people ’ s lives so that inclusion is meaningful and sustained. • products need to be designed with the end - user in mind, to delight rather than to perplex with technology. what is the role of central banks and regulators in ensuring that financial inclusion initiatives stick, while safeguarding that innovation delivers responsible, stable and inclusive outcomes for those most in

systematic cooperation between business lines and markets across the group to deliver profitable growth. likewise, singapore ’ s insurance market must continue to be underpinned by the strong partnership between industry, academia, and government. research, talent development and market infrastructure are areas where active collaboration is a critical success factor. conclusion the commitment of key industry players such as allianz has been instrumental in establishing singapore as a leading insurance market. on this happy occasion, we are also pleased to announce that singapore has been chosen to host the geneva association general assembly in 2015. the general assembly will bring together global ceos and other stakeholders in the insurance industry over a two - day conference to discuss industry trends. this is only the second time it will be hosted in asia, after japan in 2009. in closing, i thank allianz for growing with singapore. i am confident your strong presence in singapore will serve you well as you continue to extend your asian footprint. once again, congratulations, and a very good evening to all of you. thank you. bis central bankers ’ speeches