fehmi mehmeti : bank lending is continuing to contribute to economic growth speech by mr fehmi mehmeti, governor of the central bank of the republic of kosovo, at a press conference, 25 november 2021. * * * dear..., it is a special pleasure to be part of this ceremony that marks another step of the very important contribution that kfw has continuously given to the development of the kosovo credit guarantee fund and in general to the economic development of kosovo. the kosovo credit guarantee fund within a relatively short period of time has managed to become a very important institution for increasing and facilitating financing for the country ’ s economy. the important role of this institution has emerged especially during the period of pandemic crisis, in which case this institution has served as a very effective mechanism of transmission and multiplication of state aid for the private sector of the country. the grant that is being donated by kfw will enable the further increase of the guarantee potential of this institution, making possible the increase of the number of beneficiaries from the guarantees issued by this institution. in other words, a larger number of individuals or businesses with difficulty accessing credit financing will be able to secure access to this source of financing on favorable terms. bank lending continues to be a very important and sustainable source of private sector financing in kosovo. the value of bank loans by september 2021 has reached 3. 57 billion euros, marking a significant annual increase of 12. 2 %. however, despite the satisfactory trend of increasing bank lending, it is considered that the level of financial intermediation in kosovo continues to be below the average of the countries in the region, which shows that, in relation to the size of the economy, there is further room for expansion of the lending activity. an important role in filling this space has exactly the kosovo credit guarantee fund, which through its guarantee mechanism can enable the increase of lending and the facilitation of the conditions of access to credit for the sectors which without this service may find it difficult or even impossible to provide access to credit financing. in this context, we expect that in addition to supporting the growth of credit financing in general, the kcgf portfolio, more and more to reflect the increase of credit support for sectors with greater difficulties in accessing credit financing, but which have the potential to make a significant contribution to the economic development of the country. in the end, allow me to once again express my highest appreciation to kfw, which has consistently

indicates that nearly 60 % of insurance customers in malaysia are digitally active. this is not surprising given that 40 – 50 % of our workforce are made up of technology - savvy millennials. any industry player seriously looking to achieve long - term sustainability will need to master the integration of technology within their operating models beyond just setting up websites or establishing a social media presence. instead, consider the interesting reality that customers use multiple channels before deciding to purchase protection. in the united states, half of the insurance customers that responded to a survey2 preferred to purchase life insurance in person with agents or advisors, as compared to purchasing online. similarly, in the same bain & company study from earlier, it was found that inperson interactions still generate higher loyalty scores than other channels in most european countries. the fact is that customers employ a mix of on - and offline channels. many of us already do this in other parts of our lives. we search for something online, then make the purchase at a bricksand - mortar outlet. and sometimes the other way round. the key takeaway here is that often, customers use digital channels to complement, not replace, traditional channels3. this bodes well for agents going forward – but only if the right conditions are in place. agents and takaful operators need to work hand in hand to develop a comprehensive ecosystem catering to all segments of customers, whether online or off - line – or in marketing speak, an “ omnichannel ” approach. while it is imperative that takaful operators seek to provide as seamless an experience as possible in terms of online content for consumers, this does not have to lead to the substitution of agents. on the contrary. agents can in fact enrich the process by being trained and equipped with useful tools to guide and advise potential customers. agents should also work with aggregators as a means to develop an online presence, in the same way real estate agents are featured on property websites. it is important to note, however, that technology is only a platform, a tool. without strategy or purpose, the adoption of tech alone cannot spur change. what is needed to complement this is a fresh approach to business. this means broadening one ’ s horizons beyond given market conventions, and being courageous to compete in new, unexplored strategic areas. compete better – and more broadly to truly capture the market of the future, agents will need to sharpen their competitive edge. there are many ways to go about this,