recently - licensed credit bureaus started issuing credit reports last month. i am pleased to report that the other licensee is expecting to commence operations soon. but financial inclusion is only possible when individuals and households are able to make informed choices about how they can use financial services to save, borrow, and invest. financial literacy, therefore, is the second of the twin pillars of financial deepening. it stimulates demand for financial services by making people aware of what services are available, and how they can be used by them to improve their lives. at the same time, the benefits of financial inclusion are predicated on financial stability. much work is being done to maintain this bedrock for successful financial inclusion and financial literacy initiatives. amendments to the bank of jamaica act are being prepared which will, once approved, assign formal responsibility to bank of jamaica for overseeing financial stability. the amendments will, among other things, facilitate effective coordination bis central bankers ’ speeches amongst financial sector regulators, and provide a statutory basis for macro - prudential surveillance aimed at the early identification of systemic risks to financial stability. in addition, we are preparing legislation that will consolidate into one the various statutes covering deposit - taking institutions ( mainly banks and building societies ), and eliminate inconsistencies and opportunities for regulatory arbitrage. the proposed legislation is expected to include provisions to permit some banking services to be provided through agents, which will facilitate the orderly and safe expansion of mobile money services. we are also including an enforceable code of conduct for deposit - taking institutions, which is aimed at advancing consumer protection in this area. these two innovations, i believe, are relevant to the topic that you will discuss today. in closing, i wish for the jdic a successful event and many more years of service to our nation. thank you. bis central bankers ’ speeches

zeti akhtar aziz : transforming the east asian insurers – time for action now keynote speech by dr zeti akhtar aziz, governor of the central bank of malaysia, at the 26th east asian insurance congress “ transforming the east asian insurers – time for action now ”, kuala lumpur, 30 october 2012. * * * it is my great pleasure to join you this morning at this 26th east asian insurance congress. it was almost 24 years ago in 1988 that malaysia hosted this event. since that time, the global and regional financial and economic landscape has been dramatically transformed. during this period the world has also experienced more than a hundred financial crises, with the recent global financial crisis being the most severe. this has prompted wide ranging financial reforms by the international community to strengthen the resilience of the financial sector. the enhancements to the regulatory and supervisory frameworks have also had a far reaching and fundamental impact on how insurers manage risks in their businesses. in this highly dynamic and more challenging global environment, the insurance industry has continued to evolve and develop with the broadening of the product range and greater diversification of the distribution system. in malaysia, the insurance industry, including the takaful sector has also progressed significantly during this period, both in terms of growth and development. in this more recent decade, the penetration rate, as measured by the number of life policies to total population, increased significantly to 55 percent, from 31 percent in 2000. total premiums to gdp increased from 4. 1 percent to 4. 5 percent over the same period. structural reforms undertaken has also transitioned the industry towards more market - based pricing mechanisms in key market segments, improved efficiencies in the insurance eco - system, and a strengthened framework for consumer protection. these trends have also been reinforced by liberalisation measures which aim to support and catalyse the further development of the industry. a proposed new legislation for our financial sector is also now well advanced and will provide a solid foundation for the insurance industry going forward. this event is taking place at a time of significant change and in a period of transition into a new era for the financial services industry. we can reflect on these developments in the industry and take the opportunity to learn from the different experiences in the region. while we face different challenges and priorities, the insurance industry in the east asian economies share three important common goals – sustaining growth and performance under more challenging economic and financial conditions, strengthening the capacity to support and drive economic