service to the people of fiji and are strategic partners of economic development and change. we need them as much as they need us. there however is a need to work together in creating more accessible and affordable financial services not only in the urban areas but also in the rural and outer islands that do not have such fundamental services. i applaud the association of banks in fiji ( abif ) for staging this one day expo. i wish each one of you an enjoyable and productive day and i declare the expo officially open. vinaka and dhanyabaad bis central bankers ’ speeches

with a hard - bis central bankers ’ speeches hitting message as to what could happen with poor governance, poor controls, and not the least, ineffective regulatory oversight. i am sure that you would have deliberated on these subjects in your various technical sessions and fully understand the repercussions for not setting the appropriate platforms. ladies and gentlemen, we live in a time where transactions and products are becoming more complex, leaving institutions, both big and small, vulnerable to failure. therefore, establishing proper safety nets is critical. i urge participants, as you return to your respective countries, to continuously review and benchmark your operations against international principles and best practices. the world council of credit unions and international credit union principles on governance, operations and safety and soundness have much guidance to offer in these areas, as do your facilitators. the importance of innovation let me touch a little on innovation, something which is very important if credit unions are to remain relevant and competitive in today ’ s dynamic environment. i encourage participants to put on your innovative thinking caps. observe the products and services offered by credit unions in other economies and identify those that could be tailored in yours to increase your coverage. for instance, technology now drives the efficient and economical delivery of financial services and interaction with customers. credit unions may wish to explore the use of digital finance to facilitate transactions with members, particularly those in remote areas. also, inward remittances from our families overseas are a significant foreign exchange earner ; in fiji remittances are the number two foreign exchange earner after tourism and we received in excess of $ 339 million last year and are expecting more than $ 370 million this year – which will be a new record. you may wish to explore the feasibility of creating remittance - linked products for your members – as currently practiced in kenya and latin america, in partnership with the world council of credit unions. the reserve bank of fiji ’ s experience – support for credit unions ladies and gentlemen, i firmly believe that in order for credit unions to compete and grow in a progressive and modern financial system, the support and guidance of the central bank is critical. therefore, before i conclude, i wish to share a few of our partnership initiatives in a bid to develop this important industry. in march this year we undertook a survey covering 21 credit unions with assets totalling $ 125. 1 million. this allowed us to understand the structure and coverage of credit unions and will help us in developing an appropriate regulatory framework.