of the poor and those in vulnerable situations ; on hunger : targets include doubling productivity and incomes of small - scale food producers through secure and equal access to financial services ; on health and well - being : ensure universal health coverage, including financial risk protection ; on education : ensure all youth and a substantial proportion of adults achieve literacy and numeracy ; on decent work and economic growth : encourage the formalisation and growth of micro and small and medium enterprises, including through access to financial services ; on industry, innovation and infrastructure : increase access of small scale industrial enterprises to financial services ; and of particular interest to this forum, on inequality : reduce the transaction costs of migrant remittances to less than 3 per cent and eliminate remittance corridors with costs higher than 5 per cent. the list goes on. yet, based on a recent survey report by globescan, only one third of the private sector 2 / 5 bis central bankers'speeches respondents reflected on sdgs in setting long - term sustainability strategies for their organisations. this should concern us. in 2015, 15 years after the millennium development goals were adopted, the united nations itself conceded that the millennium development goals, despite propelling significant progress, fell short for many people. so a different approach was taken for the sdgs. one that was more encompassing and inclusive. five million people from 88 countries shared their deepest, most pressing concerns and aspirations to create the sdgs. these aspirations would ring hollow without the dedication and commitment of those with the influence and position to make a difference. for the financial sector, this needs to go beyond the cursory initiatives that have generally been associated with “ corporate social responsibilities ”. greater progress by financial institutions to more fully embrace sustainable principles in their business strategies will play an important catalytic role in delivering the sdgs. among other things, it would provide a stronger focus on needs - based selling, increase financial resources that are directed at economic activities that promote sustainable goals, and encourage support for businesses to adopt sustainable practices. looking beyond remittances turning more specifically to remittances which is the focus of this forum, more can and should be done to amplify the developmental impact of remittances. in its report sending money home, the international fund for agricultural development estimates that about 1 billion people – migrants and their families – send and receive remittances. this translates to one in seven people in the world. the most dynamic growth in remittances over the past decade has

been in asia, which receives 55 per cent of all flows. in some countries, remittances equal more than 20 per cent of gdp. these statistics underscore the profound impact of remittances on development. for most migrants, the prospect of dealing with banks remains generally daunting. non - bank remittance service providers ( rsps ) on the other hand are trusted by migrants and a regular point of contact to send and receive money. this places them in a strategic position to evolve from narrow service providers to change agents for entire communities, by providing financial education and solutions that can help pull families out of poverty traps. for example, rsps can partner with financial institutions in sending and recipient countries to create savings, insurance and investment products that are linked to migrant remittances. some developing countries with large diaspora groups have successfully issued diaspora bonds, where the bond proceeds have been channeled to finance development projects in their home countries. other innovations can surely be developed to more effectively leverage migrant resources for development. there is certainly no shortage of creativity and innovation in financial services. regrettably, the global financial crisis will remain a dark period of history where such creative forces were misdirected, with dire consequences for growth and development. we must ensure that this never happens again. 3 / 5 bis central bankers'speeches but that should not discourage us from harnessing and redirecting such creative forces to address today ’ s most urgent global challenges, and in the process, restore trust and confidence in the financial industry. new paradigms in policymaking this brings me to the role of policy. in recent years, global standard setters including the basel committee on banking supervision, the insurance association of insurance supervisors and the financial action task force, have heeded the call to promote a better balance between the objectives of financial stability, financial integrity and financial inclusion. this has resulted in important strides taken to encourage a more proportionate regulation. despite this, a recent report by the financial stability board disclosed that as of 2017, the derisking phenomenon continued at the global level, affecting remittance service providers and many poor countries that rely on remittances from abroad. clarifying regulatory standards is an important step, but clearly this alone is not enough. so where to from here? first, taking a cue from albert einstein who famously said that we cannot solve our problems with the same thinking we used when we created them, there is a need for policymakers to