reputation has been diligently built over the decades. we owe it to the public and future generations to preserve the integrity and credibility of the bank. thus, we have zero tolerance for unethical behaviour leading to fraud, including corruption. staff must be mindful that their conduct must not give rise to any perception of corrupt practices. the bank ’ s management will take stern action against those who perpetrate, facilitate or are complicit in such acts. we will not protect such wrongdoers and will cooperate with the relevant authorities to ensure that the appropriate punishments are meted out. in the last few years, the bank has expanded its activities into project management. our scope of responsibilities and stakeholder groups have also expanded in tandem. in order to ensure continuous integrity safeguards, the bank has refreshed its framework and guidelines to include the procurement process, project management and whistle blowing to mitigate current and emerging project risks. third parties which are engaged by the bank must adhere to ethical practices as outlined in the vendor code of conduct, to be made publicly available soon. in closing, i would like to express my deep appreciation to assistant commissioner tuan mohan and his colleagues from macc. we are very privileged to have had the opportunity to benefit 1 / 2 bis central bankers'speeches from their insight and experience and it will help us do our part in combating corruption. may this occasion foster an even closer cooperation between the bank and macc, and herald many more joint events to come. 2 / 2 bis central bankers'speeches

) ; effective collaboration that breaks away from working in silos ; and an appropriate level of risk - taking that is compatible with a more agile and responsive organisation. and so we have taken pains to be specific and deliberate in our approach to building a digital culture within the bank. this starts with being clear across the organisation on our tolerance for higher risks associated with disruptive innovations – through the development and communication of our digital risk appetite. we are shifting conversations on new digital initiatives away from the technical solutions themselves, to a greater focus on the business process transformations that they are intended to serve, and that is what we measure and track. we are also investing heavily in equipping our people with the knowledge, skills and confidence to make sound judgment calls in an environment where the pace of change is occurring at a dizzying speed, and our ability to anticipate risks is likely to be more constrained. at a practical level, this means being more precise about escalation, decision and communication protocols, while allowing more flexibility in internal policies to allow business lines to respond swiftly to emerging situations. it also means allowing more dynamic structures to evolve within the organisation to support specific strategic business use cases, such as our cloud centre of excellence. in an era of disruption, efforts to reduce the complexity of financial products and services to the average person could become more challenging. a key reason for this is the dramatically increased access to financial solutions for people from every walk of life, whether they are suited for them or not. to reap the promise that such access brings of opportunities to reduce inequality and improve standards of living, it is imperative that individuals are sufficiently confident and capable of making wise financial decisions. this brings me to the fourth strategic priority of the bank – which is building financial capability among the malaysian public to navigate opportunities and risks in the changing financial landscape. it has long been our conviction that encouraging a population that is both financially and digitally literate is a necessary and vital condition to harness the full potential of fintech and contain its risks. to that end, the government recently launched malaysia ’ s national strategy for financial literacy which includes a specific focus on helping consumers protect themselves against fraud and exploitation, and embrace innovation more confidently in the digital era. in the area of remittances, our work to improve conditions for the use of formal remittance channels by leveraging on technology, particularly by workers and small businesses across the country, has led to substantial reductions in the cost of remittances.