multifold through better risk management, increased business efficiencies and better customer choices. economies that embrace data sharing for finance alone could see gdp gains of between 1 - 5 % by 2030 with benefits flowing to customers and financial institutions2. however, incentivising adoption by ecosystem actors remains challenging. i see the capital market industry having a major role in plugging this gap. in particular, capital, with its industry - wide vantage point, can influence stakeholders to invest in the necessary infrastructures to support an open data ecosystem, which in return benefits investors in the long run. this could help overcome individual inertia and align towards ecosystem - wide benefits, or a win - win for all. in advancing the development of an open data ecosystem, industry players need sufficient space to test and innovate. we are fully supportive of a market - led development approach in this. eventually, convergence on standards could emerge that are fit for purpose. to this end, the bank is fully supportive of industry collaboration in leading this front, which will also enable more use cases and fintech innovation. the bank will still facilitate efforts to develop common standards for high - impact use cases identified by the industry, as well as key building blocks for data sharing in the financial sector. the key building blocks include consumer consent mechanisms, ethical use of data, liability management framework and dispute resolution mechanisms, as well as oversight arrangement for non - banks. examples of high - impact use cases that stand to benefit from wider industry collaboration include promoting greater financial inclusion via the development of alternative credit scoring models, as well as consumer empowerment via more efficient financial planning. on the part of the authorities, having regulatory clarity is important to dispel any adverse perception or fear of investing in innovation. to this end, we will work with other financial regulators to streamline and refresh approaches to ensure continuously effective, relevant and proportionate regulations. some key examples already underway include recalibrated regimes for digital bank and digital insurers as well as our collaboration with the securities commission on digital assets. we have also collaborated with malaysia digital economy corporation on ‘ fintech booster ’, a programme that aims to provide capacity building resources for companies to develop fintech solutions, including legal and compliance support. these initiatives are in line with our regulatory efforts to remove undue barriers to competition and innovation, as well as address market failures. third, alternate forms of capital will be key in supporting the holistic and broader growth of businesses, including

we can start to build a common understanding of “ proportionality in practice ”. this is important not only to support the financial inclusion agenda, but also achieve the outcomes of financial stability and consumer protection that were intended by the global standards. this would also promote the wider adoption of these global standards. increasing risks of financial exclusion financial inclusion has now progressed from access to financial services, to also being concerned with whether the financial services are appropriate to individual circumstances, and are being used effectively to improve individual welfare. in addition, it needs to be concerned with whether vulnerable groups face increased risks of financial exclusion. this is particularly important in a rapidly changing financial and social landscape. sophisticated risk - profiling methods employed by financial institutions can make it more difficult for deserving individuals and small businesses to qualify for financial services. aggressive marketing practices by financial institutions and more complex financial products can also lead to poor financial decisions. the way in which financial services is delivered to consumers is also moving towards more cost - efficient channels that reduce the need for face - to - face contact, except for high net worth customers. enquiries and complaints are handled largely by phone or e - mail, and usually in a fragmented manner by different parts of a financial institution. this can mean less effective advisory support for vulnerable groups of financial consumers. while the wider adoption of electronic channels has enormous potential to increase financial inclusion, also needed is to ensure access to the relevant technology, in order to avoid being disadvantaged from using alternative channels that will become relatively more costly. a delicate balance therefore needs to be achieved in developing solutions that will allow the financial system to grow and innovate in support of the economy, but without widening the divide in our economy. the role of non - bank financial institutions in many of our countries, non - bank financial institutions are being envisaged for a greater role in increasing financial inclusion and thus to contribute to sustainable economic and social development. for some time now, particularly after the global financial crisis, stronger regulation and balance sheet constraints of the banking sector have also led to the rapid expansion of non - bank credit. for the most part, however, this expansion has not been bis central bankers ’ speeches well - managed, resulting in growing concerns with over - indebtedness in many parts of the world. one response has been to strengthen the regulation of such institutions, and reduce the inconsistencies in prudential and conduct standards that apply between banks and non - banks. another has been to capture better information