to do. first, we are enhancing our tools to strengthen market intermediation and integrity. among others, the usage of islamic fx swap as an additional liquidity management tool, which will help us to manage interbank liquidity more effectively. also, operating frameworks are already undergoing studies to address market fragmentation in the interbank market. similarly, efforts are underway to align our markets with global standards. the transition from klibor to myor is a notable example. a discussion paper published last quarter outlines the roadmap for this transition, with enhancements to myor expected in 2025 and the cessation of klibor by 2028. these changes will undoubtedly improve the integrity of our markets, while aligning them with international best practices. second, next year is a significant year for malaysia as we assume the asean chairmanship. this is a unique opportunity to advance regional collaboration, including 4 / 6 bis - central bankers'speeches for the financial sector and position malaysia accordingly. for example, malaysia currently accounts for 25 % of the total issuance of asean green, social and sustainability debt securities. as we pursue catalytic projects under the national energy transition roadmap, green sukuk will play a crucial role in meeting funding requirements with estimated rm1. 85 trillion by 2050. leveraging our global leadership position in islamic finance, with the presence of the mifc leadership council ( mlc ) and islamic financial market committee ( ifmc ), we aim to scale up green sukuk adoption, grow islamic assets and position malaysia as the gateway to asean. finally, i might add, this also provides malaysia with a unique opportunity to offer ourselves as a centre for regional currency trading and liquidity management. for example, one key area where we have made considerable progress is in promoting the settlement of cross - border transactions in local currencies. settling transactions in local currencies reduces the additional costs of dual - leg currency conversions and lowers reliance on the us dollar. our local currency settlement frameworks with countries like thailand and indonesia provide harmonised rules that make bilateral transactions in local currencies more accessible. local currency settlements also figure significantly in our trade and investment with china and singapore, where accessibility to rmb and sgd has long been facilitated. this allows businesses to better manage their foreign exchange risk while promoting the resilience of regional currencies and trade against external shocks. building on this foundation, malaysia has the potential to further expand its role by lever

systems. these developments have also seen the growing presence of asian financial institutions in the region. in 2011, central banks in the asean region have endorsed an asean financial integration framework which will pave the way for greater market access and operational flexibility for qualifying financial institutions. this represents the collective commitment of the region in the efforts to strengthen the region ’ s capacity to intermediate regional and international financial resources to productive activity in the region. a third imperative is the alignment of the financial sector to asia ’ s demographic trends. demographic profiles vary widely across asia and have a significant impact on economic potential of the region. for many parts of asia, demographic developments foreshadow significant changes in consumption, health and educational patterns. these changes have reinforced the significance of domestic sources of growth. asia ’ s rising domestic demand has been supported by the development of a much broader range of financing options. going forward, the access to financing for healthcare, education and retirement will reduce the need for high levels of precautionary savings, and thus strengthen further domestic demand in the economy. the fourth imperative relates to ongoing efforts to expand financial inclusion. financial inclusion has been, and must continue to be, a key component of asia ’ s overall strategy to achieve balanced and equitable growth. indeed, in the advanced economies, there is a now greater focus and attention on expanding financial inclusion to support the strength of recovery. emerging asia has achieved remarkable progress on this front. the period of higher growth has been accompanied by lifting millions out of poverty. asia however still remains the home of two - thirds of the world ’ s poor. therefore, much still remains to be done. the imperative is to arrest the widening income disparities and in inequality through providing more households and small businesses with meaningful access to financial products and services, thus bringing them into the economic mainstream. another is ensuring that as asia develops, households, particularly in the lower income groups, do not become financially excluded because financial products and services become increasingly unaffordable or complex, or due to practices of financial institutions which increase barriers to access. finally, asia is now building on the progress that has been made in strengthening the resilience of our financial systems. authorities in asia are at various stages of translating the global financial reform measures into local standards. in a number of countries in asia, the global financial crisis has also sharpened the focus on risks in financial institutions which are more systemically important. this includes having the regulatory reach that extends to institutions outside the formally regulated