to these discussions, it is worth recalling why we are here. the words of mr. kofi annan, the former un secretary general, come to mind. he said this : “ where once the poor were commonly seen as passive victims, microfinance recognizes that poor people are remarkable reservoirs of energy and knowledge. and while the lack of financial services is a sign of poverty, today it is also understood as an untapped opportunity to create markets, bring people in from the margins and give them the tools with which to help themselves. ” i believe we will continue to see massive changes in rapid bursts. in the process, the goal should be to help as many people as we can emerge stronger and more productive members of the human ecosystem. 3 / 3 bis central bankers'speeches

encik abdul rasheed ghaffour : revolutionising microfinance welcoming remarks by mr encik abdul rasheed ghaffour, deputy governor of the central bank of malaysia ( bank negara malaysia ), at the global symposium on microfinance, kuala lumpur, 22 may 2017. * * * in biology, the transformation of a species is said to happen in rapid bursts. imagine an ecosystem of marine life along a shoreline. for millions of years, it can remain relatively unchanged. but an extraordinary event – such as a sudden move in sea levels – can alter everything quickly. within decades, fishes, mollusks and plants alike can dramatically change in size and shape. ultimately, those that adapt emerge as the stronger species in the ecosystem. we are gathered here today in the very different context of microfinance. nonetheless, parallels can be drawn with the theme of this event, ” revolutionising microfinance ”. think of the incredible pace of technological change in recent years. in 2016 alone, machine prevailed over man in the world ’ s hardest board game. reusable rockets became a reality. twitter helped a nation elect their president. for microfinance, that rapid burst of change is already upon us. it is therefore a great honour for bank negara malaysia to partner with the world bank in hosting this global symposium on microfinance. we are privileged to have so many learned speakers here with us to share their invaluable insights. led by innovation across the globe from bangladesh to brazil, microfinance has allowed previously excluded segments of society to grow incomes, build assets and ultimately improve their standards of living. with poverty eradication taking centre stage in the global public policy agenda, such in the united nation ’ s millennium development goals, these developments are welcome. here in malaysia, microfinance has been an important part of the development agenda. in 2006, the bank introduced a comprehensive microfinance institutional framework to promote the development of a sustainable microfinance industry. this facilitated greater access to financing by micro - entrepreneurs with no collateral, supported by simple application procedures, minimal documentation and quick turnaround times. the microfinance landscape in malaysia has evolved from being government - driven into one with vibrant private sector participation. at the turn of the century, total financing outstanding of the sector stood at usd35 million ( rm151 million ). since then, it has multiplied by more than 30 times to usd1. 2 billion ( rm5.