these issues need to be addressed on the ground, with proper enforcement by management to prevent misselling practices, unclear documentation or explanations by agents and marketing staff, and contract terms and exclusions that are unreasonable. wide gaps have also been observed between companies in the level of competence of staff selling the products, and in the quality of training provided to staff and agents. there is a need to achieve greater, as well as more consistent, progress in this area. bank negara is determined to improve standards in the area of market conduct, and we will continue to actively engage the industry in this effort. i hope that all insurers will throw their support, at the highest level, behind the various initiatives that are being implemented by both the bank and industry associations to achieve this. as a newly - formed alliance, the tokio - marine - asia group has a valuable opportunity to set the correct tone at the outset in this area for your group ’ s priorities in the malaysian market. i trust that you will use the opportunity wisely to set a new benchmark in responsible market conduct for the industry. on that note, let me once again congratulate tokio marine and asia on the official launch of tm asia life malaysia bhd. i look forward with great anticipation to your positive contribution to the further development and growth of the malaysian insurance industry.

are marginally bankable. it is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. in short, it is about taking an ecosystem approach to solving a problem of the global commons. blended finance is not new but catalysing and scaling it requires a fresh approach. the use of public funds and development guarantees to reduce risks and encourage participation by private capital has been around for many decades. but such programmes are too few and too small. globally, annual flows of blended finance have averaged less than us $ 10 billion since 2015. we need a more systematic and coordinated approach to mainstream blended finance. first, we need to build a pipeline of shovel - ready transition projects. there is insufficient capacity and expertise to prepare projects that are attractive to the private 2 / 4 bis - central bankers'speeches sector. this is specially so in emerging markets, where regulatory and political risks heighten the likelihood of default, transaction lead times are long, projects require prohibitively large amounts of start - up capital, and there is limited access to expertise in project development and financing. second, we need to reduce the risks in marginally bankable transition projects to attract private capital. the return profile on many such projects is not commensurate with the risks facing private financiers or investors. to reduce overall risk and improve bankability, we need more catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources. such funding can be in the form of grants, risk - sharing arrangements, debt at below - market rates, technical assistance, and structuring advice. they can help crowd in additional multiples of private sector funding. but while public capital can potentially do more to mitigate risk, private capital must still bear a fair share of project risk and exercise the appropriate due diligence on project viability and performance. third, we need to make the financial ecosystem work more synergistically. banks play a key role as lead managers for financing sustainability projects. however, with limited balance sheets and regulatory capital and liquidity requirements, banks need to offload these loans to institutional investors who have more absorptive capacity. but institutional investors prefer larger deal sizes with a diversified pool of assets to reduce concentration risk. we need to shift towards a portfolio approach to blended finance deals, through the structuring and securitisation of typically illiquid green and transition assets. there are some promising global