##r for greater spending and consumption in the economy, encourage the migration of the informal economy to the formal space, and support businesses to grow by digitalising its operation, thus contributing towards overall economic growth. ensuring safe and resilient payment services the rapid expansion of services has invited new risks and complexities to the payment landscape. in this digital age, it is rare for us to go for more than a day without hearing of a case of fraud or cyber - attack. cognisant to this, in 2022, the bank introduced five key measures to enhance online banking security, including by requiring banks to tighten fraud detection rules and raise the bar in terms of payment authentication methods. this was complemented by the establishment of the national scam response centre, or nsrc, in october last year to coordinate an industry - wide rapid response to combat financial fraud. the bank is currently actively supporting efforts in developing a national fraud portal to digitalise and further strengthen the nsrc's operations. 3 / 6 bis - central bankers'speeches all these initiatives are coming hand - in - hand with the ongoing efforts by the bank to strengthen our prudential framework to promote sound risk management and business practices as well as to preserve the integrity and professionalism of payment service providers in malaysia. apart from driving product innovation and strong business growth, it remains critical that the payment industry uphold its responsibility to safeguard users'safety and security. frictions induced by additional security safeguards could add yet another hurdle to user experience and affect access to payment services. however, these are key steps in preventing financial losses when all other guardrails have been breached. thus, helping to preserve public trust and confidence in the payment system. from this, we learn that only by having a healthy balance of the three ingredients – efficiency, inclusivity, and security, could we support sustainable e - payment adoption in malaysia. ladies and gentlemen, in order to chart our path forward, the key question we ask is how do we harness innovation along the e - payment value chain without jeopardising the safety and soundness of our payment services? exploration : what lies ahead for innovation? to answer this, let's revisit the question which i posed at the beginning of this speech – " what does success in innovation look like? ". to me, three key indicators of successful innovation stand out. these are the three cs – customer - centric, close collaboration and continuous learning. allow me to briefly touch on these

zeti akhtar aziz : central banking – using leadership energy to build resilience speech by dr zeti akhtar aziz, governor of the central bank of malaysia ( bank negara malaysia ), at the iclif leadership energy asia summit 2015, kuala lumpur, 1 december 2015. * * * welcome to this year ’ s leadership energy summit asia organised by our iclif leadership and governance centre. this is our third summit in the series on leadership energy. the focus on leadership energy reflects its importance in today ’ s leadership. the contemporary environment we are living in has become increasingly more challenging – characterised by highly destabilising and tumultuous events. not only are we living in a world that has become highly unpredictable and unstable but a world that is being more frequently subject to extreme conditions in which we are tested to the limit. how do we survive against the odds manifested in this environment? it is all about having the ability to endure and prevail. it is also about being able to succeed and thrive in such an environment. it is about being resilient. resilience is key to surviving in this environment. today we are privileged to hear and be inspired from the experience of personalities who not only survived against such great odds but who have also achieved great success. let me take this opportunity to express our gratitude to our distinguished speakers who have come from different parts of the world to share their knowledge and experience on this subject. it is all about their perseverance and resilience and how they have defied all expectations. the issue before us is the source of their energy to persevere and their courage to stay the course when it all appears to be hopeless. in the business of central banking we are increasingly being confronted by such extreme conditions. building resilience is therefore key. i have described central banking as being an unfinished business because there are always new challenges on the horizon, endless demands emerging from an ever changing and more complex environment and great expectations that the central bank will provide the solutions to resolve the financial and economic problems that confront us. the central bank is also at the forefront in the management of any financial and economic crisis – a phenomenon that continues to plague the world with increasing frequency. the central bank can be described as a high impact organisation. its decisions or indecisions, its action or inaction will have major and far reaching repercussions and consequences on the economic well being of the public at large and