diversified financial system, from a highly controlled financial system to greater market orientation, from a highly fragmented system to one that is more consolidated and rationalised, and to a financial system that is supported by an extensive legal regime and regulatory and supervisory framework, and a financial system that is more liberalised with stronger international linkages. part of the institutional building was the establishment of regulatory institutions that have clearly defined mandates. these institutions join us today in celebrating the long tradition of cooperation to meet the common purpose. specialised development financial institutions were also established to promote access to financial services to sectors that are not being serviced by existing financial institutions. financial inclusion, to ensure all economic activities and all segments of society have access to financial services, has been a key priority. currently, about 80 % of our population have some forms of banking accounts other financial infrastructure established by the bank to support the intermediation process includes the comprehensive centrally coordinated credit information system at the national level which allows for better - informed credit decisions by financial institutions. in addition, the credit guarantee corporation was established to provide support for small businesses. cagamas, the national mortgage corporation, was established by the central bank to ensure a steady flow of funds to the housing industry and develop a secondary mortgage market. at the centre of the financial infrastructure is the payments infrastructure which has been enhanced and modernised over the years to achieve greater efficiency and reliability of the payments system. the payments landscape has evolved from one that was mainly paperbased to include a range of new electronic forms of payment. internet banking which was not available in malaysia as recent as 10 years ago is now widely used by the entire population of internet subscribers in the country. the acceleration of the nation's migration to the more efficient electronic payments continues to be an important agenda of the central bank. complementing institution building has also included the support given to the development of talent in the financial services industry. the growth of the financial sector cannot be achieved without adequate attention to the development of the professional requirements of the financial services industry. in the recent two decades, a comprehensive islamic financial system has also evolved in malaysia, including the institutions, markets and supporting legal, regulatory and supervisory framework. the islamic financial system now offers the full breadth and depth of islamic financial services. malaysia is the host to the secretariat for the islamic financial services board in kuala lumpur that sets the international regulatory and supervisory standards in islamic finance. financial market development has also been central to building a robust financial system. the central bank's

liquidity to intermediate the portfolio adjustment by non - residents. the underlying motivation of the fmc is to create a deeper and more liquid onshore market that will enhance its capacity to intermediate these flows and strengthen our resilience against excessive volatility. despite the havoc caused by episodes of volatility from the opaque, unregulated and value destroying activities of the ndf market, the fmc in identifying the possible remedial measures have concluded that market based mechanism and solutions is still the best way forward. through close consultation with various stakeholders, including corporate entities and small and medium size enterprises, the fmc developed a series of targeted initiatives to develop the onshore financial market. the first series of initiatives announced on 2 december 2016, seeks to provide greater room for the onshore ringgit hedging for both resident and non - residents. the focus was on ensuring better access to the onshore financial market. in particular, residents can now hedge without providing underlying documents up to certain limits, while registered non - resident investors have the flexibility to carry out dynamic hedging. at the same time, the scope of the appointed overseas office framework was widened to provide greater avenues for non - residents to access the onshore financial market. 3 / 6 bis central bankers'speeches the second series of initiatives announced on 13 april 2017, introduced greater flexibility for investors to manage currency and interest rate risks. registered investors can now conduct full dynamic hedging and resident investors can now conduct short - selling for malaysian government securities. all these flexibilities are expected to increase the ease of hedging business risks. the aim is to promote a two - way liquidity in the onshore financial market. at the end of the day, we envision that the implementation of these initiatives will make the domestic financial market a market of choice, where prices are determined by the real economy devoid of speculative and damaging activities. in this respect, we have introduced initiative that enables non - resident investors to access and hedge ringgit assets in the domestic markets. we are mindful that for the ndf market to truly reduce in significance and adverse influences, the onshore market must become highly competitive, not just the foreign exchange market but also all aspects of the financial market. we are determined to realise the idea of having a market that possesses the breadth and depth to cater to the increasingly complex and diverse needs of the economy, and a market that is able to sustain and weather volatilities that contribute