said, ‘ if you had asked people what they wanted, they would have said a faster horse ’. the industry needs to lead development. as a regulator, we want our financial sector to benefit from continuous progressive development, but without creating undue financial or monetary stability risks. our message to investors and fintech players would then be, keep innovating with these perspectives in mind. rest assured, we will play our part in promoting a safe and conducive environment for innovation. as part of our initiative, we also from time to time, organise challenge events to recognise innovation and impactful solutions through incentives and awards. the most recent being during myfintech week. but later in the year, we will have another event and recognition series. i would thus like to invite you to participate in the royal award for islamic finance impact challenge prize 2022. this is a new initiative that aims to reward innovative creations and solutions that strengthen the economic and social resilience of financially impacted communities globally through the application of shariah principles. but you ’ ll have to hurry as applications have been open awhile and will close on 25 march 2022. with that, i wish you success and a productive engagement today. thank you. 1 various publications of fintech malaysia report mckinsey article, june 2021, “ financial data unbound : the value of open data for individuals and institutions ” [ link to article ] 4 / 4 bis central bankers'speeches

challenges lie ahead of us. volkan bozkir, president of the united nations general assembly, somewhat summed it up for us as follows ; “ during this pandemic, the most vulnerable have been the hardest hit. we must increase our resilience. we must work together and take an integrated approach to health, hunger, climate and equity crisis ”. in facing some of these challenges and to significantly help us along the way, we need to make the best use of technology, and more specifically for us, fintech as it can play an instrumental role in supporting malaysia ’ s long - term resilience, growth and sustainability. connecting this with capital, and entrepreneurs, as we are today, is the right step forward in this undertaking. let me now share some specific thoughts on how capital can address some of the key pressing gaps in malaysia. the first is advancing the sustainability agenda. as malaysia charts its path towards net zero, significant investments are required to fund a range of mitigation and adaptation efforts. 1 / 4 bis central bankers'speeches initiatives such as renewable energy, green buildings and low carbon cities work to reduce malaysia ’ s carbon footprint, whereas measures such as safeguards against rising sea levels and extreme weather are needed to improve climate resilience. these add up to an estimated rm350 – 450 billion of investment needed over the period of 2021 – 2050 to reach our net zero ambition. from the perspective of businesses including fintech startups, aligning with the nation ’ s sustainability objectives could require pivoting to new sustainable business models, recalibrating existing practices, adopting new technology, and subscribing to certification and mitigation efforts against possible climate - related disruptions. all of these will create significant demand for green and transition funds in the coming years. public sector funding is being directed towards these efforts, but the private sector plays a critical role in completing the picture. institutional investors and large asset managers, through their capital allocation, can directly steer the flow towards climate supportive activities. institutional investors have the capacity to take on a stewardship or active ownership role, encouraging and influencing investee companies to seriously consider their sustainability impact. by choosing to actively support malaysia ’ s sustainability journey, investors not only contribute to the generation of positive impact, but also best position themselves to benefit from green and transition business opportunities in the future. progress has been promising. investments into global sustainable finance stand at around usd30 trillion to date. closer to