of payment systems technology, principally the use of mobile phone as a banking channel and payment device. the pervasive availability and use of mobile phone around the globe and familiarity amongst its users makes it a very cost - effective distribution channel to improve accessibility to financial services to the unbanked and underserved segment of the population. this is further complemented by the proliferation of payment cards, particularly electronic money, which enables banking and payment services to be conducted without a bank account or visits to traditional bank branches. according to data from the consultative group to assist the poor, or cgap, there will be more than 120 mobile money schemes in developing countries by the end of 2009, more than double the number in 2008. cgap estimates that by 2012 some 1. 7 billion people will have mobile phones but no bank account, and 20 percent will be using mobile money. a key challenge, to implement a commercially viable and workable mobile banking solution, especially where population density is low, is to achieve a critical mass of users required to reap economies of scale to keep transaction cost low. this is even more relevant if the aim is also to promote financial inclusion as financial services would have to be offered at affordable costs. thus, a requirement for an open and interoperable mobile platform that facilitates the participation of many service providers and that offers a broad range of services is critical in developing a sustainable and efficient solution for both providers and users. the other type of branchless banking is the use of non - bank financial service providers, also referred to as business correspondents in certain jurisdictions. this approach combines mobile banking solutions with person - to - person contact, except that the customer is not engaging with a bank, but rather with a supermarket counter staff, grocery shop owner, post office or village headman. the elements of trust, know your customer and value - added advisory services can be more effectively met using this approach, without the corresponding high investment cost of establishing physical banking branches. today's forum provides an excellent opportunity for all of us here to exchange ideas and experiences in these areas. policy and regulatory concerns pertaining to branchless banking let me now turn to my second point, which is about the policy concerns of regulators in relation to branchless banking services. the first concern is related to the need to continuously balance between prudential controls and allowing innovation to flourish within the financial sector. to site a recent well known example, the events in the us sub - prime markets and derivative products

marzunisham omar : future of work in east asia - jobs and technology opening speech by mr marzunisham omar, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the " future of work in east asia : jobs and technology " workshop, organised by the asian institute of chartered bankers, kuala lumpur, 11 november 2024. * * * when we talk about ai, machine learning, and automation, it is natural to focus on what these innovations can offer. yet, many policymakers face a delicate challenge in managing the impact of technological advancements on jobs, and therefore, livelihoods. on this, let me touch on three points. first, technological advancement is a constant feature of our modern economy, and the pace of technological change will, in my opinion, accelerate. it took around 20 years for the internet to reach more than 80 % household adoption in the united states. 1 but it only took 8 years for smartphone usage to achieve the same. now, improvements in large language models are felt annually, if not sooner. while each new wave of technological advancement brought major shifts in the types of jobs available, the net impact has been more and better jobs. our living standards have also improved dramatically. deloitte's 2014 study of occupational census data in england and wales dating back to 1871 found that technological advancement led to the decline of'muscle power jobs '. but it also found an increase in'caring professionals'jobs such as health and teaching professionals. however, there are valid concerns that today's technological progress is different. ai and quantum computing are allowing for unprecedented innovations in fields from communications to cybersecurity. while past innovations displaced jobs defined by routine tasks such as assembly line work, today's potential disruptions extend to cognitive and non - routine tasks. the imf estimates that almost 40 % of global employment is exposed to ai. 2 it suggests that even'skilled'jobs will need to adapt to new technologies. we cannot even rule out that one day genai might take over the jobs of many of us in this room. this brings me to my second point : in the face of such rapid change, we can choose how we respond to it. at this stage of our economic development, malaysia has so much more to achieve. as such, we can neither afford to be fearful of technological progress, nor can we be passive by - standers in face of the technology revolution. malaysia's has historically experienced