on the activities of non - banks as a basis to inform more targeted policy measures. the question of how to evolve the role of non - bank financial institutions to continue to contribute in sustainable way to financial inclusion is a complex one. while we can agree that a different approach to regulation from that applied to banks is justified, it cannot be at the expense of protection for financial consumers, and risks to financial stability. this middle ground is what is needed, taking into account the specific context of our own economies. the role of financial education another important strategy for financial inclusion is the enhanced role of financial education. this is not only to encourage greater participation in the mainstream financial system, but also to keep individuals already in the mainstream from being financially excluded in future as a result of changes in the financial landscape. in a recent report by the oecd, a lack of awareness of different types of financial products, low level of confidence and poor knowledge of how products work were identified as barriers to financial inclusion. these factors will become more acute in an increasingly more complex and technology - driven financial system. effective financial education will however, require more innovative approaches, broader partnerships involving the government, educators, and non - governmental organisations collaborating with regulators and the financial industry. the afi network provides an important platform to examine these and other issues. conclusion through the afi platform, we have a unique opportunity to work together to improve lives through financial inclusion and to have an enduring impact on global issues and developments. in this connection, a specific outcome of this forum will be the commitment of afi members to an accord. this accord will build on maya declaration of 2009 to extend the commitment of afi members to take the financial inclusion agenda a step further forward towards achieving the vision of a truly inclusive financial system. let me conclude by expressing on behalf of bank negara malaysia our deep gratitude to her majesty queen maxima for gracing this event. i would also like to thank the distinguished speakers and resource persons who have travelled from various parts of the world to share with us your valuable insights. to all participants, i hope this will be a memorable event, and one that will generate new knowledge and new ideas to spur your own country ’ s journey to deeper financial inclusion. once again, “ selamat datang ” to kuala lumpur and thank you for being here. bis central bankers ’ speeches

related to this is the need to reinforce socially responsible finance, and to ensure that financial systems serves the real economy and to address the new and growing risks of financial exclusion which can result in part of our community to be disenfranchised, particularly, but certainly not only, during periods of financial crises. in this environment, financial inclusion has gained greater prominence as a key priority for the reform and development agenda. the theme of the afi forum this year, “ driving policies for optimal impact ”, underlines the need for us to have a better understanding of the interactions between the objectives and effects of financial inclusion, financial stability and integrity, and consumer protection policies. this need has become more pronounced with the recent global developments. global prudential standards have been significantly strengthened and are increasingly applied to financial institutions in developing countries. this has heightened the practical challenges faced in implementing these standards in a socio - economic setting where promoting inclusive opportunity is an important objective. the same is also true with stronger standards to combat money laundering to safeguard the integrity of the financial system. in building a bis central bankers ’ speeches financial system that is resilient against crises and abuse, we cannot neglect the socioeconomic impact of policies pursued. our efforts to build a stronger and more stable financial system would also work to strengthen linkages between finance and development and not to weaken it. consumer protection regulation is also being significantly strengthened in many countries following the global financial crisis. this has been driven in large part by the recognition that an effective consumer protection framework serves not only to protect individuals from excessive risk ; it also has an important role in protecting the financial system from systemic risk. while this has positive spillovers for financial inclusion, more can and must be done to ensure that consumer protection policies are designed to adequately protect vulnerable groups, and ensure that financial innovation is pursued in a responsible manner. to address these issues, we are delighted this year to have the participation of the global standard setting bodies together with members of the afi at this forum. we share a common interest in seeking to lower the barriers to financial inclusion and to create a larger positive impact of policy measures on financial inclusion. an important starting point is for the global standards to reflect financial inclusion perspectives. the standards setters have pointed out that this is supported by the concept of proportionality which underpins the global standards. of great importance is how this is going to be translated into practice. by drawing on the diverse experience of afi members present at this forum, it is hoped that