the duty to create the enabling environment by removing price distortions, promoting competition and protecting the interest of consumers. equally important are the continuous efforts to safeguard transaction security and enhance user confidence in order not to undermine the role of e - payments as a key enabler for financial inclusion. since there are participants from around the region especially from the asean countries, i hope that one day we would have one card for asean, where atm cards issued by any bank in the asean countries can be used to transact within the asean region. i hope you will benefit and be inspired from the discussions, debates and sharing of best practices during this forum. i also hope there would be a change in the mindset of the industry in driving financial inclusion via e - payments. on this note, i wish you all an engaging and productive forum. bis central bankers ’ speeches

insurance industry remains small. according to swiss re, the combined premium volume of the asean insurance market accounted for only 2. 1 % of the world ’ s market share in 2017. in comparison, the insurance industries in china and japan each accounted for 11. 1 % and 8. 6 % of the world ’ s market share, respectively. insurance penetration in the asean region remains low, averaging 3. 6 % in 2017. this is considerably well below the global average of 6. 1 % and the greater asian region ’ s average of 5. 6 %. while this represents a large gap in insurance protection in the region, this also points to significant opportunities for rapid growth and developments in the near future. the asean insurance market hosts a diverse group of foreign players. many have strong presence in the region and even pioneered the development of the insurance market in some member states. similar to most asean countries, malaysia welcomes their participation. in 1 / 4 bis central bankers'speeches 2017, foreign players represent almost half of the asean insurance market participants, including via participation in domestic companies. these players have brought in sound business models. their strengths and expertise have contributed to the development of the regional insurance industry. they have been given greater market access through liberalisation measures undertaken by asean countries over the years, such as that in the marine, aviation and transit insurance segment. nevertheless, comparing against the speed of expansion of foreign insurers in the region, one can argue that the pace at which the full translation of the corresponding benefits to the development of the local insurance markets remains uneven. i would like to share three observations of their presence that could be relevant : first, we can acknowledge that foreign insurers have contributed positively and extensively towards the more pragmatic and contemporary regulatory enhancements. however, this also means that regulatory design is heavily influenced by them. in other words, there could be risks of regulatory capture where policies and decisions could favour the foreign players at the expense of the local industry and public. as regulators, we have to be cognisant of these risks. it remains an ongoing challenge to balance policy trade - offs and to preserve the best interest of the general public at large. second, foreign insurers also tend to mainly target the more profitable market segments. using their international brand recognition, they are able to capture these markets easily. such segments include the higher net worth individuals, and large and multinational corporates. the insurance needs of the lower income segment and small and medium enterprises