##uances. but it can be overcome if we look at the issue from a fresh perspective. another area is the underdeveloped repo markets and hold - to - maturity behaviours of asian investors that reduce liquidity, an important investment criteria for many investors. in addition, the non - uniform regulatory environment across regional markets pose significant resource and capacity challenges that prevent asean fixed income market to function as a single large market. these shortcomings add to the complexities and cost in investing in the region, thus making it less attractive to potential investors. collectively, there is much more that can be done. the capacity and capability of the domestic players need to be elevated and to enable them to efficiently facilitate regional investment by providing to would be investors up - to - date and comprehensive information and advice on credit, regulatory requirements and tax implication. equally important, they should be able to effectively offer ancillary services such as fx and interest rate hedging and securities custody services. more should also be done to promote the participation of domestic long - term investors such as insurance companies and pension fund into the region. through these measures the intention to recycle asian savings and surplus funds for the productive use of the region would be realised. malaysia has taken several steps to develop its market to facilitate cross border investment activities. over the years, we have liberalized foreign exchange administration rules to make it easier for domestic investors to invest abroad and for foreign investors to invest in ringgit assets. with this progressive liberalization, asean investors can now buy ringgit assets from the region or any part of the world. together with the malaysian securities commission, we have introduced a transparent and facilitative framework for the issuance and subscription of ringgit and foreign - currency denominated sukuk and bonds in malaysia. our efforts have resulted in a growing trend of regional issuers participating in our domestic market. a leading indonesian oil palm plantation company was the most recent issuer in malaysian domestic bond market, issuing myr500 million islamic securities, its second securities issuances. other asian issuers that have tapped the malaysian domestic bond market include two other indonesia ’ s palm oil plantation companies, a hong kong based global supply chain company, korean banks and corporations. as at september 2014, the total issuances by non - residents, including asean issuers, amounted to 58 issuances. this accounts to a total of myr20. 5 billion ( usd6. 5 billion equivalent ).

. ladies and gentlemen, sso, at first sight, seems very much the domain of large global players – where opportunities for significant cost arbitrage involved in, say, the relocation of call centres from the uk to malaysia seem to be very compelling and obvious options. understandably, the issue of sso is tread very cautiously by the smaller and boutique players in the industry. where bottom lines are concerned, an institution's board may find little appeal in the proposition of outsourcing where the cost - savings involved may seem minimal. however, there are many rewards to be reaped by an institution's successful execution and maintenance of sso arrangements and a reduction in operating costs may only form part of the picture. the outsourcing of back office operations, say, allows institutions to accord greater focus on their core competencies and core businesses such as the execution of growth strategies or capturing market share. back office operations, important as they are, can prove distracting in managing a financial institution, where the focus should firmly be on the heart of the institution's business. outsourcing arrangements can lighten the load of such a burden and these operations can often be performed more effectively and efficiently by skilled outsourcing providers than if performed in - house. ladies and gentlemen, the essence of a successful outsourcing arrangement rests on the institution's overall strategy. in executing a successful outsourcing strategy, the various risks involved have to be recognised and mitigated. controls and effective oversight on the external parties have to be put in place to ensure that there is no over - reliance or loss of an institution's control. clarity on roles and responsibilities is paramount. outsourcing strategies which maximise rewards and minimise risks can prove invaluable to an institution in enhancing its competitiveness. therefore, a key to this is to conceptualise the outsourcing approach and early identification of the gains and pains that may arise. bank negara malaysia, in our efforts towards facilitating the development of stronger and more focussed institutions in the financial sector, will endeavour to reconsider any regulatory barriers deemed to be impeding the outsourcing arrangements of banking institutions and insurance companies in the future. our only wish is that the outsourcing arrangements should not in any way affect stability in the financial system. on that note, i wish you a productive and successful forum. thank you.