muhammad bin ibrahim : the money services business industry in malaysia keynote address by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the malaysian association of money services business ( msb ) annual dinner 2015, kuala lumpur, 25 april 2015. * * * terima kasih kerana menjemput saya pada malam ini untuk bersama meraikan majlis makan malam persatuan perniagaan perkhidmatan wang malaysia yang diadakan buat julung kalinya. saya amat berbesar hati dengan kehadiran tuan - tuan dan puan - puan sekalian yang mewakili hampir keseluruhan penggiat industri pada malam yang bermakna ini. ia jelas menunjukkan sokongan padu dan komitmen daripada saudara dan saudari untuk terus merealisasikan aspirasi untuk membina sebuah industri yang moden, progresif dan berdaya saing. i feel only a short time ago that i had officiated the official launch of the association. since then the industry has made significant progress on many fronts. standards have been raised, business conduct modernised and the structure of the industry has changed significantly. in many ways the achievements by the industry had exceeded our expectations. i would like to believe that the regulatory reform instituted over the last few years was the catalyst that had transformed the money services business industry. we have seen very encouraging results. but these transformations would not be possible without the vision and shared commitments provided by the association and the industry players. as a collective effort, the regulator and the industry had instituted various measures to establish new norms and values that were designed to enhance the integrity and professionalism of the industry. the measures that were prescribed made good business sense. an industry that inspires confidence, trusts and exudes high degree of professionalism would instil credence among the general public, a prized virtue that would expand business opportunities. from the regulator perspectives, a highly organised and disciplined money services business industry will easily withstand the higher level of scrutiny of regulatory requirements by both domestic and international bodies. i would like to commend the association in the strong leadership it has demonstrated in leading a number of key initiatives

8 / 15 / 2019 risks to the outlook | speeches | rba speech risks to the outlook guy debelle [ * ] deputy governor keynote address at the 14th annual risk australia conference sydney – 15 august 2019 today i am going to talk about some of the key risks around the outlook for the australian economy. statement on monetary policy i will draw on the material published last week in the august. on the global side, i will discuss some of the implications of the trade and technology disputes between the us and china. on the domestic side, the key risk for some time has been the outlook for consumption. i will highlight some of the main uncertainties that are likely to affect that outlook. beyond the near - term risks for the economy, climate poses a material risk for the economy and financial markets over a longer horizon. finally, given the audience, i will remind you of an actuality, not a risk, that you need to be prepared for ; namely the cessation of libor, the key interest rate benchmark in financial markets. trade and technology dispute the trade dispute between the us and china has been with us in its current form for almost two years now. the direct effect of the tariffs that have been imposed to date on global growth has not been all that large, though the impact on particular businesses has been significant. rather, the larger impact has been the uncertainty generated by the dispute. that uncertainty takes two forms : uncertainty about the size and incidence of the tariffs and uncertainty about how, and even if, the technology dispute will be resolved. on the tariff side, the prospect of a 25 per cent tariff is a firstorder consideration in determining whether to invest in a new factory or new machinery and where to locate that investment. it is plausible that the effect of the technology dispute will be larger than that of the tariffs. the technology dispute raises the possibility that any business involved in the technology production chain will have to choose between east and west rather than selling into a global market. https : / / www. rba. gov. au / speeches / 2019 / sp - dg - 2019 - 08 - 15. html 1 / 10 8 / 15 / 2019 risks to the outlook | speeches | rba the uncertainty as to how the dispute will play out on both the trade and technology fronts means businesses are waiting to see how the uncertainty resolves rather than invest. it is too risky to commit to a multi - year project or buy a large piece of plant if the economics