pleased to inform that the jc3 is one of the collaborators with cgm, together with the institute of corporate directors malaysia ( icdm ) and islamic markets in organising today ’ s forum. the bank envisions that financial industry players and others from the private sector will play more proactive roles in increasing funding pathways for green and sustainability related projects. by stepping up such efforts, there would be more innovative financial instruments or alternative financing, sustainable or green bonds or sukuk that would support the government ’ s climate change agenda. ladies and gentlemen, the severity and abruptness of the current health crisis do not make climate crisis any less pressing. the resilience of our future economy and financial system will depend on the actions we take now in building climate and societal resilience. this is a sobering reality, one we must take full accountability of, and pledge strong commitment to. this pandemic has not only provided valuable lessons to us on the grave consequences of being ill - prepared when facing a crisis. it is also a strong reminder that sustainability must play a crucial role in our economic recovery and reset. as a central banker, it is not often that i talk about global health – but the current pandemic has challenged me to be more conversant of such issues. the same applies to the topic of climate change which was not in the central banks ’ dictionary until recently. but that is the reality of development – we will continuously be called upon to respond to new and unfamiliar challenges and to effectuate changes wherever we can. i am optimistic that we can all contribute to do our part to make the change that is required. global awareness on climate change and its risks being showcased today and during this climate week is reflective of a world that is determined to rise to the immense challenges before us. thank you again to the organiser of this event and to all participants. i look forward to more meaningful engagements on this issue as we continue this onward march for a better life and a better future for our children and for mankind. thank you. 3 / 3 bis central bankers'speeches

. it is conceivable that banks cease to exist as integrated multi - product businesses. they become instead product specialists in a rather fragmented landscape, finding it tough to earn more than commodity profits even in areas where, in the case of the longer established banks, they used to enjoy niche advantages. the other scenario emanates from the same starting point of intense competition. but in this case the new entrants do not have the resources to continue with their generous initial terms for long enough to secure a firm business foundation. the established banks reluctantly but necessarily take on the newcomers aggressively, utilising their financial strength and making extra efforts to build robust relationships across a broad range of services and to exploit the underlying inertia that customers may exhibit. in other words, they use the internet to consolidate their relationships and to see off the competition. customers are persuaded that it's not worth sacrificing the relationship for the sake of a few basis points. some customers may be lost, but some of these may anyway be ones which the banks can afford to say goodbye to. as a variant to this model, the banks may adopt different brands for their internet services, exploiting any opportunities available from product differentiation and market segmentation, but retaining the capacity from their standpoint to manage multiple relationships with any individual customer as one. one can envisage many other outcomes besides these examples. i know of no sure way of predicting what will happen, but my personal view is that the internet is likely to emerge more as a channel to build on existing relationships and to increase the efficiency of basic services than as something which changes the landscape of the banking industry. but perhaps i am guilty of thinking that everyone else possesses the same inertia as i do when it comes to changing one's habits. concluding remarks i have skimmed over a few issues which can rather loosely be said to fall under the heading of banking and development. there are many experts attending this symposium who will, i am sure, offer much deeper and more provocative insights into the economic outlook in general, and the relationship between financial development and growth in particular. i wish you all a fruitful and enjoyable couple of days.