, as well as its corresponding vbiaf sectoral guide, which is currently being developed. in addition, the bank will increase its engagements with individual financial institutions to better understand how they consider climate risks in their risk management approaches and practices. fourth, we need to strengthen the use of disclosures more broadly, to provide greater transparency on how climate risk considerations are integrated into business decisions. such disclosures, by both financial institutions and non - financial firms, will help drive action towards more effective risk mitigation and better adaptation to climate change. to this end, the bank will work with the industry to implement the recommendations of the fsb task force on climaterelated financial disclosures ( tcfd ) in malaysia. fifth, the financial industry will need to step forward and facilitate an orderly transition for households, businesses and governments to adapt to the physical and transition risks of climate change. this involves different players in the financial ecosystem – including banks, insurers and takaful operators, venture capital and private equity firms – to ideate and innovate solutions that would help the economy face the imminent climate - related risks. there is an urgent and critical need to develop sustainable financial solutions, including funding and investment structures with appropriate incentives and support mechanisms, to catalyse greater climate resilience for firms and households. building climate resilience is no small feat. there is much work to be done with a window to accomplish this work that is rapidly closing. clear policy at the national level will be critical to enable the financial industry to size up the physical and transition risks, and implement strategies to manage these risks. sector - specific approaches will also need to converge to limit risks of a disorderly transition. this is a shared responsibility that requires us to come together to support joint and coordinated responses to a clear and present threat to growth and financial stability. to this end, i am pleased to announce that the bank and the securities commission malaysia are establishing a joint committee on climate change with industry representation to pursue collaborative actions for building climate resilience in the malaysian financial sector. the key mandates of the joint committee are to : build capacity through the sharing of knowledge, expertise and best practices in assessing and managing climate - related risk ; identify issues, challenges and priorities facing the financial sector in managing the transition towards a low carbon economy ; and facilitate collaboration between stakeholders in advancing coordinated solutions to address arising challenges and issues. beyond resilience as we intensify our efforts to increase climate resili

and history have shown us that, these preconditions made business sense and over the long run ensure the sustainability of the industry. the theme of this conference, “ scaling up excellence – creating opportunities while mitigating risks ” appropriately sums up the challenges we face today in the msb industry. rapid change is the new normal in today ’ s dynamic world. the global interconnectivity, the impact of regulatory changes and new technologies are all combining to transform the landscape of the msb industry, not just within the region, but also internationally. success for money services businesses in today ’ s challenging environment will hinge on the ability to adapt to new demands, while making the most of new growth opportunities that come with change. i take recognisance that among the countries represented here today, we all face somewhat different challenges and we are likely at different stages of action. i know with certainty, however that we all agree inaction is not an option as the world changes around us. i hope bis central bankers ’ speeches that this conference will encourage us to move forward with greater confidence and determination, equipped with deeper knowledge and a better appreciation of the priorities that we need to manage and the paths that we can take to achieve our shared objectives for the industry. on that note, it gives me great pleasure to open the “ regional conference on money services business ”. i wish you productive discussions over the next 2 and the half days. to our overseas guests, let me welcome you once again to kuala lumpur and i hope you will bring home pleasant memories of your brief stay here. bis central bankers ’ speeches