s existing credit assessment procedures. such initiatives should also address the need for a clear and unambiguous legal documentation for a legal charge over ip. this promotes a cost effective and consistent approach in perfecting legal rights across the industry. in addition, processes to facilitate the continuous assessment and reporting of ip assets of borrower firms will also promote transparency on the performance of the assets and provide early signals of potential distress. through such efforts, ip can be further developed as an individual asset class that supports lending decisions. for this to become a reality, it will require a change in mindset and vision, coordination and investments by the industry today, to position itself for the future for a much bigger role in financing intangibles. the real economy is undergoing significant transformation and the financial sector has to keep pace. to remain relevant, just as financing looked to physical assets in the industrial age, it must look to intellectual assets in the information age. a first step needs to be taken. it needs to be taken expeditiously. bis central bankers ’ speeches

meaningful manner. without doubt, it is our collective duty, as an industry whether as regulators or industry players, to advance the welfare of society through a more inclusive economic development. the success or failure to achieve this will reflect on us all as a collective. in this respect, bank negara malaysia is proud to offer undergraduate scholarships to two deserving local students. this initiative to provide educational opportunities for deserving talents is very much needed and it exemplifies how one can contribute in a tangible manner to the local community. for the offshore industry in labuan, which has benefitted significantly from labuan since its inception, it is time to give back. 1 / 4 bis central bankers'speeches there are various ways in which the industry can assist the local population, such as innovative and creatively designed technical and industrial training that can assist in uplifting the job prospects of local talents. for example, fit - for - work programmes that leverage on online courses to complement industry supported training programmes and on - the - job training will improve the job fit of the workforce. needless to say, strong commitment by industry captains to grant similar opportunities, apprenticeship and fit - for - work schemes will surely hasten the upskilling of the locals. the industry ought to come together to devise a scheme that give opportunities to locals to get good jobs. as we move forward, we need to be more focused on the outcomes we want for labuan. we want a more balanced growth. a clear step forward is to formulate clear and measurable targets, and to review them consistently. the primary performance indicators that should be applied must cover aspects such as ; contribution towards malaysia ’ s and labuan ’ s gdp, quality of job creation, training and development for the local population, investment in infrastructure, access to financing by local smes. we must ensure that the benefits we obtain outweigh the incentives given by the government such as the revenues foregone from the notional tax incentives offered. the old adage – “ you can ’ t manage what you don ’ t measure ” – captures the essence of this idea. transforming the economic structure to become one that is more diversified, resilient and sustainable over the past few decades, the finance and oil and gas sectors have been the main economic contributors to the island ’ s economy, representing more than half ( 51 % ) of the economy. however, the decline of oil prices since 2015 have revealed the vulnerabilities of labuan