security that makes blockchain networks virtually impermeable and you have a solution that simply stands out as the most favourable digital value - based technology. for me, as a central banker, there is one aspect of blockchain that i am very eager to understand. it is the fact that blockchain, by mitigating the burden on the financial industry, is a game changer in an environment where traditional financial transaction models are quite expensive. 1 / 2 bis central bankers'speeches this shift in concept and the new patterns of behaviour and business this will create, is of topical significance, the more so that we are stepping in the second generation of the internet which, from what we can foresee, will significantly bring down transaction costs within the banking and finance industry. alex and don tapscott, the world - renowned authors of the seminal book ‘ the blockchain revolution ’, have been adamant to underline that blockchain goes far beyond the second phase of the internet. allow me to emphasize alex tapscott ’ s view that, i quote, ” with its advent, we will not need to trust each other in the traditional sense, because trust is built into the system itself. ” unquote. just imagine exploring myriads of opportunities that blockchain is already opening up … this being said, the world is far from being filled with selfless individuals and we unfortunately must also come to terms with the fact that the genie is out of the bottle and that its powers must be properly harnessed if we want them to be used constructively. ladies and gentlemen, i am sure that i am not the only one within the audience for whom the adc global blockchain summit is key to understanding the way forward regarding not only the benefits and application but also the regulation of blockchain technology. this is of utmost importance if, like me, you are steering a central bank in a small island nation that endeavours to use technology to build a better, brighter and more inclusive tomorrow for its people. at the bank, we have set up a dedicated blockchain committee to see how best we can use this innovative technology to pave the way for a modern banking landscape. mauritius, where i come from, is working hard to give itself the means to achieve its socioeconomic ambitions by exploring the potential of fintech for shaping an innovative banking and financial services industry. the mauritian government has set up a regulatory committee on fintech and innovation - driven financial

muhammad bin ibrahim : link between financial education, consumer protection and financing inclusion closing remarks by mr muhammad bin ibrahim, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the malaysia - oecd high level global symposium on financial well - being, kuala lumpur, 1 october 2015. * * * as this year ’ s global symposium on financial well - being comes to a close, i thought it is appropriate to contemplate the world surrounding us. i want to make a short remark on the link between financial education, consumer protection and financing inclusion. financial education, consumer protection and financial inclusion is a tractable endeavor if we work in a collaborative manner. they are means to a noble end. properly synchronized it would create a sustainable growth and financial stability, a prerequisite to continuously improve people ’ s lives. for the full promise of financial inclusion to be realised, financial education is a powerful tool to equip consumers with the financial competence to manage their finances more effectively and improve the overall well - being of individuals and households. it also means that financial education must enable consumers to liberate themselves by equipping them with the ability to make informed decisions thus ensuring their meaningful participation in the financial system. the focus on strengthening the ability of consumers and businesses to use financial services confidently and effectively must therefore be an important part of any effort to promote financial inclusion, to make a real difference to people ’ s lives including the two billion adults globally, who still do not have access to financial services. the role of financial inclusion in supporting sustainable economic growth is particularly important now, given the global economic landscape where countries continue to search for an engine of balanced, sustainable and long - term growth. financial inclusion provides low - income households with equal opportunities to save and invest securely, borrow for productive activities and buffer against unforeseen shocks. the utilisation of relevant financial services improves households ’ income and empowers them to attain healthcare, education and social mobility, effectively reducing social and economic inequality. research ( imf ) has shown that countries with lower inequality tend to have higher and more durable growth. there is also evidence that access to credit spurs entrepreneurship and job creation, and improves the economic well - being of households. inculcating financial capability and discipline so that all segments of society have the ability to make sound decisions regarding saving, use of credit, investment for education and retirement, and protection against adverse events is one fundamental way to raise financial well - being for