free - of - charge for the first two years and this arrangement will be reviewed in due time, as we monitor the effectiveness of the registry. ( iii ) economic reform disguised as a legal reform the online registry we are launching today is only a part of the broader economic reform plan underlying the commencement of the ppsa. collectively, the legal framework and the online registry is intended to stimulate the development of new credit products and services and build confidence among lenders in accepting valuable new forms of collateral. conclusion 2 / 3 bis central bankers'speeches i wish to end with an important call - out to those who may have been sceptical about this whole initiative and its expected benefits. we question the basis of such unconvinced sentiments when similar initiatives with regards to the ppsa and the secured transaction reform agenda have been adopted by many countries in the region, in many parts of africa, asia and middle east and also by advanced economies, and have proven to significantly contribute to inclusive growth. as a student of economics, i was reminded of what adam smith, the father of economics had said, " money makes money. when you have got a little, it is often easy to get more. the great difficulty is to get that little ". there is enough literature and evidence available from many of these country experiences that confirm that secured transaction reform assists with getting that little money. furthermore, we strongly believe that this project will have a positive impact on fiji ’ s ease of doing business ranking, and should be supported by all those who are motivated to continue to make fiji, a preferred place of doing business. to the adb and the psdi team and the australian and new zealand high commissions, the government of fiji and the reserve bank of fiji are very appreciative of your vital role as technical advisors, and funders of this reform. vinaka to you. i also acknowledge the work of our secured transactions reform taskforce that was instrumental in guiding the drafting of the act, and our financial service providers and other stakeholders for their collaboration. let me also take this opportunity to thank christina and her team for their hard work and effort in working with all our stakeholders. we can now only look forward to realising the benefits of this very important initiative in the years to come as this will provide our people with an opportunity economic empowerment. thank you very much and vinaka. 3 / 3 bis central bankers'speeches

of policies for commercial banks : which included the setup of microfinance units to extend financial services to the poor and low income households and to micro and small enterprises ; and branchless banking guidelines for reliable and sustainable delivery of financial services to communities where there is no bank presence ; • continuous public awareness, financial literacy and community outreach through the national microfinance awards and financial inclusion expositions around the country ; and the • establishment of financial inclusion indicators and geo - spatial mapping of financial access points for monitoring of coverage and financial inclusion initiatives. notwithstanding the success of our journey to date, we recognise that there is still more to be done to ensure the ongoing effectiveness of the initiatives that we have put in place. in this regard, we have embarked on the development of our second financial inclusion strategy which we hope will not only bring more of the underserved population into the formal sector and improve access to, and usage of, financial products and services, but will also progress bis central bankers ’ speeches into achieving the important outcomes of poverty reduction, improved quality of life and enabling the sme sector to be an engine of growth in our developing economy. our second financial inclusion strategy, to be launched shortly, will also place special emphasis on insurance and we hope that this workshop will provide our participants with insights into how we can further develop relevant strategies in this area. inclusive insurance ladies and gentlemen, i observe from the workshop agenda the expectation for the fijian participants to talk about our experiences to date in regard to inclusive insurance initiatives and also a particularly exciting mixed policy cover which is in its final planning stages. i shall therefore leave this task to my colleagues. i have also been told about the exciting bima product currently available in png, which we will all be looking at closely, and which our bpng colleagues can share with us. however, before we get ahead of ourselves, please allow me to make a few statements on the importance of inclusive insurance. the objective of this workshop is to help our piri members build an enabling environment for inclusive insurance. inclusive insurance markets, as a contributing element to overall financial inclusion, are characterised by affordable, sustainable, convenient, and responsible delivery by licensed and supervised insurers and intermediaries, of insurance products and services. inclusive insurance therefore refers to the provision of insurance products to the low income and vulnerable sectors of our respective populations, with other financial services such as microfinance and savings. a 2012 micro - insurance study undertaken by the pacific financial inclusion programme concluded