should enable companies to appoint compliance officers who have the necessary skills and knowledge of regulatory requirements to perform their role effectively. expectation on the association i have attempted to describe the industry ’ s operating landscape sometime in the near future. this is the future full of opportunities and can be realised through collective efforts of the bis central bankers ’ speeches industry players, with the effective leadership of the association. the industry, together with the association, should set its sights beyond the domestic agenda. the association should continue to drive efforts to further elevate the reputation of the industry as a regional benchmark for best practices in money services business. the successful organisation of the regional conference on money services business by the association last year effectively showcased the remarkable progress that has been achieved in the industry and generated a lot of interest in malaysia ’ s experience. building on this interest, the association can take a lead in the establishment of a regional network of money services business associations among asean countries to forge cooperation among industry players in the region. this would contribute towards raising standards more broadly across the region and unlocking the business potential in the money services sector within the region. the bank stands solidly behind the association to achieve this operation. conclusion in closing, let me congratulate the council of the association on the significant achievements over the past year which would not have been possible without your commitment in time and resources, and the strength of your conviction to overcome obstacles along the way. the association has built a strong foundation for its important role in bringing the industry to new heights with the full support of the industry players to realise the shared vision under the industry ’ s five - year strategic blueprint. we have made tremendous strides in setting a clear path for the future. i am confident that the best for this industry is yet to come. well done to the association on a great first year. bis central bankers ’ speeches

, the aspiration is for the creation of a pool of domestically strong and vibrant businesses that are able to compete with the best and expand beyond the malaysian shores. such businesses would be characterised by the ability to deliver a strong value proposition ; and are committed to offer excellent service to their customers. to achieve this goal, i would like to focus on 3 immediate priorities for the industry : • firstly, continuing to nurture a mindset change within individual companies to spur and sustain the progress of the industry ; • secondly, putting in place a comprehensive human capital development plan to support strategies for the further advancement ; and • thirdly, creating the right incentives and a strong reputation for the constant delivery of high quality and innovative money services. mindset change we are seeing many positive changes now taking place in the industry. sustaining this transformation will call for businesses to have a long - term strategic view, the perseverance, willingness and be agile enough to adjust to changes in the operating environment. companies should think carefully where they wish to position themselves in the long term and have a clear plan on how to get there. there might be companies that may aspire to grow and be major providers in their own lines of business. there might also be companies that want to position themselves as a complete solution providers or becoming principals with large agent networks. and then, there are companies that have been very successful as agents, building strong partnerships with their principals while keeping operating costs low. in fact, our engagements with the industry reveal that many agents are doing better than before in terms of business flows and profits. the regulatory framework in malaysia is specifically tailored to accommodate all these options, supported by operating guidelines that is efficient and proportionate to risk. a company that takes on more risk and business responsibility must be prepared to meet the higher requirements that reflect the scope and levels of complexity of the business, including bis central bankers ’ speeches the kind of management team that needs to be in place, the board ’ s profile and level of engagement and their ability to provide strategic leadership to the company. companies also need to consider changes to processes as well, as investments in critical systems is important to support operations over the long term. most importantly, there must be a clear strategy of execution and an honest assessment of the company ’ s ability to implement such a plan. it would be a strategic error to defer these deliberations and plans because the costs to be paid would be higher if companies fail to comply with regulatory requirements. with time,