. the financial system is able mobilize broader based savings and channel such funds to productive activities. these can contribute not only to financial resiliency, and stability but also to inclusive growth. there is a growing body of literature on the benefits of financial inclusion. it is therefore important that policy makers and regulators pay serious attention to financial inclusion side by side our traditional objective of maintaining financial stability. a stable financial system will gain more meaning if it serves the needs of the majority, especially the three quarters of the world ’ s poor that have been unserved too long. thank you very much and good morning. financial inclusion efforts of the group, icici website. bis central bankers ’ speeches

revenue, primarily from fees for financial services such as transactions and cash out, and an additional $ 3 billion annually in indirect revenue, including reduced churn and higher average revenues per user for traditional voice and short message service ( sms ). in 2012, gsm association reported over 200 mobile money deployments globally in 83 countries. these solutions can only flourish within an enabling policy and regulatory environment that allows innovation and new ideas to thrive rather than stifle them. there is a need for policy makers and regulators to fully understand the new business models to be able to provide the appropriate and proportionate guidance. world bank, 2012 note : adult population is at 4. 7 billion. initial public offering of compartamos mexico in 2007 and sks india in 2010. commercialization of microfinance : philippines, asian development bank, 2003. covering 147 countries conducted by the gsm association ( gsma ) and the consultative group to assist the poor ( cgap ). bis central bankers ’ speeches this approach has characterized the way the bangko sentral ng pilipinas crafted our policies on microfinance and more recently on electronic money and mobile financial services. in microfinance, our approach is to mainstream its practice in the banking system. integral to this approach is the safety and soundness of the bank which we believe will allow it to viably innovate and serve new markets. with this, the application of prudential standards is not compromised but instead tailor fitted to better address the risks in the given activity. in our mobile financial services framework, we developed an electronic money ecosystem. we clearly differentiated e - money from a deposit which allowed a proportionate approach toward electronic money issuers. these efforts paved the way for an efficient retail payment system upon which various use - cases can be developed. examples include electronic payment of the government conditional cash transfers ( g2p ) and the electronic payment of taxes to the government ( p2g ). there remains vast potential for other functionalities. indeed, progress has been made in financial inclusion. the challenge now is to continue to take the agenda forward by leveraging on strategic partnerships and linkages : 1 ) linkages in - country which are important to ensure a coordinated approach. alignment of the policies and activities of relevant agencies and institutions will be necessary to optimize linkages and reduce duplications. 2 ) partnerships across countries that enable sharing of experiences and the ability to leapfrog in developing policy solutions. peer learning platforms