zeti akhtar aziz : consumer protection and financial education welcoming address by dr zeti akhtar aziz, governor of the central bank of malaysia, at the financial inclusion policymakers forum on “ consumer protection and financial education ”, kuala lumpur, 5 april 2011. * * * it is my great pleasure to welcome you to this financial inclusion policymakers forum on “ consumer protection and financial education ”. bank negara malaysia is most honoured to host this event that brings together senior officials from the regulatory community from this region and participants from agencies with an interest in developing more inclusive financial systems. financial inclusion has now emerged as an important global agenda in ensuring sustainable long - term economic growth. the g20 summit in 2010 recognised financial inclusion as one of the main pillars of the global development agenda. this is a significant development as it reflects the global recognition and importance being given to social and economic development and for such growth to be inclusive in its outreach. financial inclusion is an integral part of such an inclusive growth process. a high degree of financial inclusion will allow for the various segments of the economy, regardless of income levels, economic activity and regions to have access to financial services. at its most basic level, financial inclusion provides the means and opportunity for undertaking essential financial transactions for savings and the accumulations of financial buffers and having access to financing. promoting financial inclusion, however, remains a significant challenge. it is estimated that 2. 7 billion adults in the world economy are currently excluded from the financial system. in addition to the g20 initiative, there are other global institutions such as the consultative group to assist the poor ( cgap ), alliance for financial inclusion ( afi ) and the international finance corporation ( ifc ) that have assumed an increasingly active role at the international level in developing new research, setting standards and providing a platform for policymakers to share experiences. this improved visibility of financial inclusion on the global agenda has lent significant support to the initiatives at the national level to promote greater financial inclusion. in this recent decade there has also been a growing body of research in the area of financial inclusion. this has contributed towards enhancing our understanding of the different approaches and policies that have been adopted and their relative successes in achieving greater access to financial services. this has also allowed for an enhanced appreciation of the issues that need to be addressed and on how sustainable financial inclusion might be achieved in our own countries. while considerable progress has been made in improving the financial inclusion environment, the sheer numbers that remain excluded from the

- specific training to meet the industry requirements, and equip practitioners with the practical knowledge, skills and expertise that are important to their respective job functions. malaysia ’ s financial sector has continued to forge ahead. the contribution of the financial industry to the country ’ s gdp has increased from 9. 2 % in the year 2000 to 11. 7 % in 2009 and this figure is expected to grow further in time. likewise, the employment growth in the financial sector will continue to accelerate, with increasing demands for specialised skills and enhanced expertise in finance. in the fast changing and increasingly complex financial landscape, our workforce in the financial sector must not only rise above current challenges, but must be well equipped to excel in the significantly changed environment. in malaysia, we have prioritised talent development in the financial sector as a strategic priority and to approach this in a holistic manner, across the spectrum of the financial services industry. the goal is to develop a deep pool of financial sector talent with world class capabilities to drive responsible growth and development of the financial sector. as many of the initiatives supporting these strategies are multi - disciplinary and multi - layered, the approach is grounded in a shared commitment with the industry in a comprehensive, coordinated and collaborative manner. this is our best hope for rising confidently to the human capital challenge that lies before us. with the strong support of all the key stakeholders and practitioners in the industry, we can make a critical and lasting contribution towards creating a talented workforce for the industry. in this journey, the sharing of best practices and experiences will be extremely valuable. i therefore welcome and encourage your participation at this international symposium to discuss the important issues, challenges and the way forward in talent development for the financial services industry. on this note, i wish you a successful and productive session. bis central bankers ’ speeches