an exercise to transform rentas into a multi - currency system that adopts the swift messaging standard. the adoption of swift as an alternative access channel, which caters for multiple messaging standards including the iso 20022, will facilitate the integration of rentas with other regional large value payment systems to facilitate seamless, safe and efficient cross - border financial transactions. the interconnectivity with other economies within the region will further enhance the integration of our trade and financial transactions. development and modernization of the payment system in any country will not be possible without the banking system. therefore, banks should lead the way in facilitating straight through processing ( stp ) to enhance operational efficiency by promoting standardisation and interoperability. this can be achieved through the adoption of common standards such as the iso 20022, for corporate and cross - border payments. in this regard, banks should leverage on the momentum created by the ongoing transformation of rentas to reach out to their customers by offering holistic, end - to - end, stp solutions. this would contribute towards enhanced safety and efficiency and facilitate economic growth through greater connection with global supply chains, as well as, enhance greater integration with regional markets. importance of keeping pace with innovation let me now turn to the importance of keeping pace with innovation. over the past five years, significant efforts have been undertaken to modernise malaysia ’ s retail payment infrastructure and migrate away from inefficient paper based payment instruments such as cash and cheques. good progress has since been made, especially in the displacement of cheques. the annual decline rate had accelerated from an average of – 1. 6 % in 2011 to 2013 to – 10. 1 % in 2014 and – 16. 5 % in 2015. concurrently, there is also an increase in the uptake of electronic fund transfer services. the annual growth rate for the interbank giro ( ibg ) had increased from an average of 18. 8 % prior to 2013 to 34. 1 % in 2014 and 2015. the instant interbank funds transfer ( ibft ) service had also recorded encouraging growth where its annual growth rate of over 60 % since 2011 had further increased from 67. 8 % in 2014 to 76. 7 % in 2015, signifying greater confidence in the use of e - payments. however, we must not be complacent. as we move forward, there are two technology trends that hold immense promise to revolutionize the payments market. the first is the proliferation of mobile technology and ubiquitous

commendable. but, we must not forget the long road ahead and work still to be done to achieve 2050 in an orderly and just manner. the bank's experience in engaging with multiple stakeholders offers some insights as to the additional elements needed to further propel our transition. allow me to share these insights to cap off our discourse today – that is c for communication, a for alignment, and p for proactivity. 1 / 2 bis - central bankers'speeches communication. the economy's transition doesn't just happen in high powered boardrooms and government offices. it happens in the everyday decisions made by households and small business owners. 97. 4 % of all businesses in malaysia are smes, contributing 37. 4 % of gdp. our engagements reveal that these significant contributors often have low levels of knowledge on sustainability. communication is thus key. banks and industry leaders, those seated in this room, have the responsibility to communicate and create the awareness and acceptance of your clients on the importance, risks and opportunities related to the impacts of climate change. alignment. 2050 is the goal for malaysia. but, it is not one that can be achieved if we each march to the beat of our own drums. our collective effort is key if we are to achieve a just and orderly transition. aside from alignment between institutions, even more critical is the need for alignment within institutions. climate objectives decided at the board and management level must be cascaded to the frontlines and across branches to ensure that clients have the support needed regardless of where they are situated. in combination, this alignment will ensure that efforts by each institution are complementary and achieve the maximum impact. proactiveness. the sixth assessment report by the intergovernmental panel on climate change states irrevocably that the window of opportunity to reach the paris agreement goal of limiting global warming to 1. 5 degrees celsius above pre - industrial levels is rapidly closing. decisions of today already have a profound impact on tomorrow's future. financial institutions must be proactive in ensuring that your own institutions and your clients are prepared in the face of a changing climate and economy. financial institutions must both be innovative in developing relevant and effective financing solutions, and facilitate innovation by supporting green technologies or nature - based solutions that may be the key to unlocking a green future for malaysia. adequately addressing the needs of your clients requires addressing the needs of the future industries that your clients will be operating in. the bank is working actively to enhance