related to this is the need to reinforce socially responsible finance, and to ensure that financial systems serves the real economy and to address the new and growing risks of financial exclusion which can result in part of our community to be disenfranchised, particularly, but certainly not only, during periods of financial crises. in this environment, financial inclusion has gained greater prominence as a key priority for the reform and development agenda. the theme of the afi forum this year, “ driving policies for optimal impact ”, underlines the need for us to have a better understanding of the interactions between the objectives and effects of financial inclusion, financial stability and integrity, and consumer protection policies. this need has become more pronounced with the recent global developments. global prudential standards have been significantly strengthened and are increasingly applied to financial institutions in developing countries. this has heightened the practical challenges faced in implementing these standards in a socio - economic setting where promoting inclusive opportunity is an important objective. the same is also true with stronger standards to combat money laundering to safeguard the integrity of the financial system. in building a bis central bankers ’ speeches financial system that is resilient against crises and abuse, we cannot neglect the socioeconomic impact of policies pursued. our efforts to build a stronger and more stable financial system would also work to strengthen linkages between finance and development and not to weaken it. consumer protection regulation is also being significantly strengthened in many countries following the global financial crisis. this has been driven in large part by the recognition that an effective consumer protection framework serves not only to protect individuals from excessive risk ; it also has an important role in protecting the financial system from systemic risk. while this has positive spillovers for financial inclusion, more can and must be done to ensure that consumer protection policies are designed to adequately protect vulnerable groups, and ensure that financial innovation is pursued in a responsible manner. to address these issues, we are delighted this year to have the participation of the global standard setting bodies together with members of the afi at this forum. we share a common interest in seeking to lower the barriers to financial inclusion and to create a larger positive impact of policy measures on financial inclusion. an important starting point is for the global standards to reflect financial inclusion perspectives. the standards setters have pointed out that this is supported by the concept of proportionality which underpins the global standards. of great importance is how this is going to be translated into practice. by drawing on the diverse experience of afi members present at this forum, it is hoped that

that, i wish you all engaging and productive discussions over the next 4 days. mostly, i hope that the insights gained will inspire concrete plans for action in our respective countries, and contribute towards generating a clearer vision for raising financial inclusion to a new level across asean. 3 / 3 bis central bankers'speeches