improving access to financial services. within a short span of three years, afi has been instrumental in galvanising commitments from member countries to enhance financial inclusion policies, resulting in 20 million of the unbanked to gain access to financial services. yet we wish to achieve more than just access. the nature and quality of the financial services and the nature of the participation in the financial system is equally important. the poor are confronted with challenging circumstances, such as low and irregular income that makes monthly debtservicing difficult, or living in remote rural areas which have no financial services access points, or long working hours that prevent visiting bank branches within the conventional operational hours. as a result, many of the marginalised may have financial services made available to them, but it may not be at the needed conditions or quality that can provide the real promise of upward economic mobility. access, therefore needs to be complemented by the quality of the financial services. of importance is the innovation and design of consumer products which have characteristics bis central bankers ’ speeches that are linked to the goal of welfare improvements for the underserved. there is a greater need for features that are responsive to the constraints faced by those that have been marginalised. flexible microfinance for the agricultural sector for example, addresses the cash flow mismatches between fixed repayments to banks and the irregular income flow of the farmers due to the seasonality of crops. a further innovation has also involved the creation of platforms for matching savers with those that need financing. in malaysia, the introduction of investment accounts as opposed to deposit accounts in the islamic financial system is an example, where savings are matched with the funding required by small and medium scale enterprises for financing of specific projects – has resulted in an investment intermediation function by the banking institutions. in addition to innovation, technology is also an agent to deliver quality financial services. technology can lower cost, increase outreach and expand the range of financial services. the kenyan mobile payment services, m - pesa, leverages on mobile technology to provide the poor with high frequency, small value transactions and affordable financial services. priority 2 : building on the sasana accord for measurable goals the second area relates to the identification and adoption of the measureable and timebound targets as included under the sasana accord. clear and measurable outcomes provide a shared understanding that will align the different stakeholders towards the common goal of delivering results to the financially excluded segments of society. a key aspect of realising the sasana accord is

about financial markets? i put this challenge to you ~ think about how your industry could change with these developments, how you should adapt and change, and what needs to be done. tell us what you think and you can reach out to the fmc to share your thoughts and ideas. another area of focus that has captured wide attention is that of climate change and sustainability. many of our banks have embraced sustainability goals while our islamic banks are striving actively to adopt value - based intermediation ; banking and financing based on principles of shariah that encompass not just sustainability but also the wider goals of maqasid shariah and social economic well - being. financial markets should not be left behind. we should strive to work towards adopting sustainable and ethical practices where we can in the malaysian financial markets. extra support can be given to market activities that nudge the economy towards sustainable development, inclusivity and social welfare. again, the industry can think of ways and means of how you can play a role in this. lastly, having experienced heightened uncertainties in recent years, we continue to need to improve the financial market environment to ensure that markets are resilient against any form of shock. a part of this is that market players themselves need to be agile. this has become a necessity in the landscape of the financial world today which has shorter visibility on what we can expect due to the ever changing nature of the financial markets. the ability to adapt and react immediately is a must to thrive in future years. data science analytics and greater expertise will increase the agility of financial institutions to acclimatise to not only new demand but also new regulations or developments. alongside that, the development of talent with forwardthinking capabilities would be instrumental in elevating the quality of financial services. this will contribute to the elevation of our job market as a whole and pave the way for an industry that will thrive. much could happen in the next five years. technology, the environment, the economic and political landscape could change greatly. thus, we must plan well. the financial sector will transform regardless but with proper planning and execution, we stand a chance to influence and 3 / 4 bis central bankers'speeches improve the outcomes. financial market development will be a journey within this framework which requires effort and collaboration by both regulators and financial market participants. the spirit of teamwork and cooperation which has been developed over the years has paved the way for successful endeavours and should be nurtured