financial requirements are becoming increasingly more sophisticated. this has resulted in a major reorientation of the banking industry to become consumer driven and to become more focussed on consumer needs. this has brought new financial products and services for consumers. the rise of consumerism demands that products and services can no longer be just generic but must now be tailored to meet consumers'evolving needs. with the rise of consumerism, the need to create informed consumers is even more important. as the financial sector continues to rapidly evolve, offering sophisticated products and services to cater for greater and more diverse needs, consumers need to become even more financially savvy. while the consumer has an important responsibility to become more informed, financial service providers, the regulators and the authorities have an important role to provide the enabling and conducive environment that nurtures consumer empowerment. indeed, consumer empowerment begins with financial awareness and consumer education. this in part can be achieved through greater disclosure and by increasing the education outreach to consumers thereby enhancing their ability to make informed financial decisions. ladies and gentlemen, this exhibition aims to provide an enabling platform for consumer empowerment. myfex2007 is a conscious effort to raise financial awareness by bringing together the various entities in the financial system that includes the industry, regulators and other agencies that provide information, the avenues for redress and financial advice with the aim of creating financially informed consumers. in essence, this one stop centre creates a comprehensive opportunity for consumers to improve their financial literacy and for the financial players to engage the consumers. an important thrust of our policies at the central bank is financial inclusion. this is to ensure that every economic activity, geographical region and segments of society have access to financial services thereby promoting a more balanced growth. financial inclusion is supported through a number of strategies amongst which includes increased access to financial services, access to financial information and advisory services and consumer education. currently, 98 % of the adult population in malaysia have a savings account. given this greater financial inclusion, banks need to recognise their role and their special relationship with their customers. customers expect banks to provide relevant financial information to them to ensure that they will be able make informed judgments. avenues for the public to seek redress is also an important part of the financial safety net. the financial mediation bureau provides an alternative redress mechanism between the service providers and consumers on financial disputes. in addition, with the objective of promoting prudent financial management, the credit counselling and debt management agency offers free advisory services. this is to ensure the

zeti akhtar aziz : transforming the east asian insurers – time for action now keynote speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 26th east asian insurance congress “ transforming the east asian insurers – time for action now ”, kuala lumpur, 30 october 2012. * * * it is my great pleasure to join you this morning at this 26th east asian insurance congress. it was almost 24 years ago in 1988 that malaysia hosted this event. since that time, the global and regional financial and economic landscape has been dramatically transformed. during this period the world has also experienced more than a hundred financial crises, with the recent global financial crisis being the most severe. this has prompted wide ranging financial reforms by the international community to strengthen the resilience of the financial sector. the enhancements to the regulatory and supervisory frameworks have also had a far reaching and fundamental impact on how insurers manage risks in their businesses. in this highly dynamic and more challenging global environment, the insurance industry has continued to evolve and develop with the broadening of the product range and greater diversification of the distribution system. in malaysia, the insurance industry, including the takaful sector has also progressed significantly during this period, both in terms of growth and development. in this more recent decade, the penetration rate, as measured by the number of life policies to total population, increased significantly to 55 percent, from 31 percent in 2000. total premiums to gdp increased from 4. 1 percent to 4. 5 percent over the same period. structural reforms undertaken has also transitioned the industry towards more market - based pricing mechanisms in key market segments, improved efficiencies in the insurance eco - system, and a strengthened framework for consumer protection. these trends have also been reinforced by liberalisation measures which aim to support and catalyse the further development of the industry. a proposed new legislation for our financial sector is also now well advanced and will provide a solid foundation for the insurance industry going forward. this event is taking place at a time of significant change and in a period of transition into a new era for the financial services industry. we can reflect on these developments in the industry and take the opportunity to learn from the different experiences in the region. while we face different challenges and priorities, the insurance industry in the east asian economies share three important common goals – sustaining growth and performance under more challenging economic and financial conditions, strengthening the capacity to support and drive economic