financial exclusion – can we get long - lasting and meaningful commitment from all. we therefore follow with great interest the outcomes of cop28. we will continue to actively participate in the global conversation and represent emerging market perspectives on sustainable finance developments and challenges, to support a more inclusive global approach to fighting climate change. lastly, i believe that amid all the buzz here at dubai this week, we must be reminded that in whatever we do, our efforts must be rooted in our shared duty and responsibility to preserve, protect and care for our planet earth that we call home. not just for the eight billion of us here today, but also for generations to come. on that note, i look forward to engaging sessions ahead. thank you. 1 in 2022, mckinsey estimated that capital spending on physical assets for energy and land - use systems in the net - zero transition between 2021 and 2050 would amount to about usd275 trillion, or usd9. 2 trillion per year on average. " the net - zero transition : what it would cost, what it could bring ", mckinsey & company, january 2022. 4 / 4 bis - central bankers'speeches

the success of these new business models will depend on the industry players ’ ability to harness customer data to develop value - added services while ensuring compliance with data protection laws and regulations. this is key to enable greater customisation and offering of new services. for example, industry players that understand their clients ’ cash flow, turnover and supply chain can potentially identify new growth areas. these may include the provision of shortterm credit, insurance and wealth management services to customers and businesses. in harnessing customer data, there are clear synergies between existing and new players. incumbents have vast amounts of data, but legacy systems and culture can pose challenges to turn such data into insights. on the contrary, new players could face the opposite challenge – with more agile technological capabilities built from the ground - up, but having little or no data to work with. it is thus no surprise that more strategic partnerships between traditional and new players are emerging, in malaysia and abroad. such initiatives could foster vibrant ecosystems that could penetrate market segments that were previously underserved or unserved. similar opportunities are also possible on the cross - border payments sector amid increasing migration flows, global e - commerce and internationalisation of value chains. concerted industry efforts are imperative to bring the cross - border payment experience up to par with that for domestic payments. likewise, a customer - centric approach that goes beyond just payments can potentially be transformational. in an increasingly globalised economy, malaysian smes stand to gain significantly from crossborder payment innovation. better integration of payment services with regional or global ecommerce networks could expand market access. value - added features could also be embedded to eliminate existing frictions for cross - border trade. this may include digitising trade finance documentation and streamlining back - end processes of financial institutions and corporates to drive greater efficiency and expedite compliance process. future - proofing the payments landscape will be key moving forward finally, let me turn to the third key priority for payment infrastructures to be future - proofed. payment systems of the future must be inclusive and able to accommodate the speed of change for implementing new solutions at scale. in this regard, we have achieved a key milestone with the launch of the real - time retail payments platform ( rpp ) last year. it is designed to be more scalable, flexible and open to support new use cases such as proxy payments, request - to - pay, e - mandates and services to support more seamless customer onboarding processes.