and individuals, we see a greater need and significant prospects for new forms of blended finance to support the recovery process and meet transition challenges. to this end, the bank is engaging with the financial industry, including dfis, and other key stakeholders on strategies to combine commercial lending with alternative funding sources such as philanthropic funds and social finance instruments. this includes upscaling existing pilot programmes. such blended finance solutions will be important to reduce debt levels and future risks to growth and financial stability. during this period, the bank has also established concessionary financing facilities dedicated to help smes automate and digitalise their operations. this will enable them to take advantage of new technologies to enhance income streams and build greater resilience. thirdly, we believe collaborative partnerships will play a larger and more critical role in shaping financial policy going forward. the world around us is changing so rapidly, and the challenges we face so multi - faceted, that our best hope for creating sensible financial policy and effective conditions for sustainable development must lie in working together. this has certainly been our experience in malaysia, particularly in recent periods. let me just mention three of these partnerships. in islamic and sustainable finance, the value - based intermediation community of practitioners or vbi cop has played a key role in driving the industry - wide implementation of vbi principles. the cop has been instrumental in developing practical frameworks, tools and guidance that have 2 / 3 bis central bankers'speeches been widely adopted by the industry in supporting the offering value - based financial solutions that are aligned with the sdgs. as an example, for green finance, the islamic banking industry is supporting approximately 4, 500 renewable energy and green projects worth more than usd2. 2 billion. on climate, the bank and securities commission malaysia have established the joint committee on climate change or jc3 to pursue collective climate actions. the committee brings regulators and the financial industry together to promote alignment and drive climate actions in five areas – risk management, governance and disclosures, green finance and innovation, data and capacity building. finally, sustainable finance would ring hollow without ensuring that our communities – especially our most vulnerable communities – have the means and ability to make good financial decisions. to this end, the bank, together with securities commission malaysia and various government ministries and agencies, collaborate through the financial education network to increase the level of financial literacy and access to information and resources on financial matters. the financial education network also serves as a focal point to drive the implementation of malaysia ’ s

their resources, systems and reported performance. a second, more comprehensive quantitative testing exercise has also been planned for the third quarter of this year. going forward, the bank will be intensifying our monitoring and engagements with insurers and takaful operators on their preparations in the run up to 2021. conclusion looking ahead, a more optimistic outlook for the global economy will support favourable conditions for a smooth transition to ifrs 17. but the work must start now, and it must start right by taking a broader and integrated approach to implementation. today ’ s workshop aims to bring some of the most important issues in implementation to light, and provide you with valuable insights from our distinguished speakers and subject matter experts. with greater clarity and knowledge to inform careful preparations, insurers can be confident of not just achieving a smooth transition to ifrs 17, but of laying strong foundations for long term growth and success. 4 / 5 bis central bankers'speeches that is the ultimate goal. 5 / 5 bis central bankers'speeches