productive. to assist sme businesses in this environment, the government has recently established a special committee to recommend potential measures to reduce the impact of rising costs on smes. the measures to be announced later this month are aimed at enhancing efficiency and productivity of smes, reducing the cost of doing business and ensuring that smes have sustainable access to financing. the sme development agenda in view of the important role of smes in the economy, the government has accorded significant emphasis on the development and strengthening the sme sector. culminating from the recommendations of the national sme steering committee, the government took a landmark decision in june 2004 to establish the national sme development council. the council, chaired by the prime minister and supported by bank negara malaysia as the secretariat, provides policy direction for the programmes to support the development of smes, and to ensure the effective coordination and implementation of these programmes. currently, members of the council comprise of the prime minister, 15 ministers and four heads of agencies, that are involved in sme development. since the establishment of the council in 2004, the national sme strategy has focused on the development of high performing and resilient smes by capacity building and providing an enabling environment for the smes. the measures undertaken have been clustered under three broad strategic thrusts, namely, strengthening the enabling infrastructure ; enhancing the capacity and capability of smes ; and enhancing access to financing. the basic principle adopted has been to help smes to help themselves. an annual sme blueprint management framework has been implemented to ensure more focused, holistic and effective sme development programmes with greater collaboration between the ministries and agencies involved. in 2007, more than 286, 000 smes received assistance through the implementation of 189 key development programmes, involving expenditure of rm4. 9 billion. for 2008, 198 key programmes are being implemented, involving an expenditure of rm3. 2 billion. with the foundations now in place, on 2 june 2008 the council announced the formation of the sme central coordinating agency to further build on the successes that have been achieved and to take the sme sector to the next stage of development. this dedicated sme agency represents a major structural enhancement in the sme development agenda and marks another milestone for sme development in malaysia. the small and medium industries development corporation or smidec, will be transformed and repositioned to undertake this role. this new entity, that will be known as the sme corporation malaysia or sme corp, will be

foster trust and confidence among financial consumers, thereby promoting growth and strengthening the overall financial system. ladies and gentlemen, as we look ahead, it is clear that there are opportunities for further enhancement within the afa. one key area is increasing afa's visibility in the financial ecosystem and among industry peers. strategically positioning afa as a thought leader allows financial advisers to build greater credibility and influence within the industry. one effective strategy involves proactively writing and producing articles on relevant financial topics for publication on afa's website. these insights not only showcase the expertise of financial advisers but also contribute valuable perspectives to ongoing industry discussions. additionally, enhancing afa's website and bolstering financial representatives'presence on social media can amplify the reach of these insights. this approach fosters meaningful connections and dialogue within the financial ecosystem, strengthening afa's role as a central hub for industry insights and collaboration. while it is crucial to empower consumers to seek knowledge and make informed decisions, there is also a need for afa to play its part by proactively going on the ground and engaging the local communities. one possibility of doing this is by having afa to partner up with the financial education network ( fen ) 4, an inter - agency platform comprising of institutions and agencies committed to improving financial literacy of malaysians. by leveraging fen's initiatives, afa can participate in 3 / 5 bis - central bankers'speeches roadshows and community events to further extend afa's reach and impact. these initiatives would not only educate the public but also demonstrate afa's commitment in promoting financial literacy. by being present and active in such engagements, afa can foster deeper connections and trust within the broader financial community. now, let me share some emerging trends shaping financial behaviour in malaysia. the widespread adoption of technology and the increased number of financial influencers or'finfluencers'are now significantly influencing how malaysians make financial decisions. globally and in malaysia, the rise of'finfluencers'signals a notable trend, particularly among generation z, who are increasingly turning to social media for financial advice. according to the world economic forum, this demographic is nearly five times more likely to seek financial guidance from platforms like social media compared to older generations aged 41 and above. 5 however, it is crucial to note that not all advice from'finfluencers'should be taken at face value. some may promote risky practices like pump