operating process, as well as in governance, finance and accounting practices. the financial industry should also address any negative perceptions by having an effective communication strategy and ensuring swift response time to sme customers, as these are vital in maintaining the integrity and public image of financial institutions. moving forward, it is imperative and almost inevitable for financial industry to undertake measures to advance financial literacy and capabilities of sme customers. the commitment to better serve the sme segment would reinforce the critical role of the financial industry in supporting the government ’ s development agenda in a well - functioning financial system. cgc has demonstrated that efforts to assist underserved smes can be achieved in a financially sustainable manner through its suite of innovative financial products and services. financial institutions should also explore strategic partnerships with adjacent industries such as telcos and fintechs to reduce market gaps and reliance on government subsidies for the smes. importantly, the financing ecosystem needs to be complemented with a comprehensive sme development ecosystem to nurture and elevate our smes towards greater size and competition. i hope today ’ s recognition and appreciation of fis and cgc customers would spur both parties to become more innovative, resilient and progressive. my heartfelt congratulations to all the winners and may you continue to inspire and set benchmarks on sme financing landscape. 3 / 3 bis central bankers'speeches

only be resolved when different stakeholders, each with different spans of authority and oversight, work together in a coordinated and cohesive manner. it will need to involve the cumulative efforts of the government, regulators, market agents, the financial industry and the consumers. at the national level, improving inter - agency cooperation is vital to ensure that the respective strategies are aligned to achieving the common goals of financial inclusion. this may call for institutional arrangements to bring authorities together to secure a joint commitment towards clearly defined and measurable financial inclusion goals, with well - defined lines of accountability. brazil, mexico, tanzania, indonesia and fiji have also established national bis central bankers ’ speeches co - ordination frameworks, which offer afi members diverse examples of such national collaboration. while we focus on financial inclusion initiatives at the national level, equally important is that adequate attention be accorded at the global level. in this regard, afi assumes a unique role because it is the only global network that comprises of practising financial inclusion policy makers. therefore, afi has an important role in leading the way in gathering examples of best practices based on specific country experience, in the area of financial inclusion and its relation to financial stability and consumer protection objectives. afi is therefore also a key platform that brings together policymakers, financial service providers, telecommunication and technology industries to have greater awareness on the trends that can support the advancement of financial inclusion. additionally, afi ’ s engagement with international organisations is also key given the implications of their initiatives on financial inclusion. conclusion let me conclude. there is now greater appreciation that the level and quality of financial inclusion will have a significant impact on the prospect for balanced and sustainable growth. afi has demonstrated its important role in leading the way for greater financial inclusion in the world economy. afi is unique because its membership covers practitioners from developing and emerging economies, who can share approaches that can be customised to a respective country ’ s unique circumstances. we begin this two day global policy forum, with our vision firmly focussed on our long - term goal of universal access to quality financial services which will provide our communities with the chance to change. this global forum and afi provides an unparalleled opportunity that brings together strategy, knowledge, expertise and best practices from across the afi membership. this provides us with the real potential to make a difference in financial and economic inclusion and thus with the potential to transform lives. thank you. bis central bankers ’ speeches