Asia is seeing the payoffs from the financial reforms, institutional development and the strengthening of the financial infrastructure. While financial markets have become more volatile, financial intermediation has not been interrupted. While our starting point is from a position of strength, we must nevertheless draw upon the lessons from the current crisis. The lessons from the crisis must not be lost. This crisis offers Malaysia and other emerging markets an opportunity to steer the future path of development of the financial sector to a stronger and more sustainable path one which avoids the trappings of greed and reckless behaviour that have significantly set back the financial sector in many advanced economies. It would be foolish of us not to take heed of these lessons and leverage on the opportunity to leap forward on a more solid foundation. Despite these developments, going forward, the trend for liberalization will continue as financial integration in the region will intensify. This will mean greater foreign participation in terms of new institutional presence, strategic alliances and greater participation in our financial markets. Efforts to develop further our foreign exchange market will be intensified. Our financial links will also need to extend beyond the region to facilitate economic links with other emerging economies. On the domestic front, financial services to SMEs need to evolve from transactional and lending-based business to a full-service, relationship-based business.
https://eba.europa.eu/sites/default/documents/files/documents/10180/2854739/916f8c4b-7099-4abaac1f-882cfd4c3583/RAQ %20Booklet %20Spring %202019.pdf?retry=1 7 https://ec.europa.eu/info/business-economy-euro/banking-and-finance/green-finance_en 3/5  2030 targets agreed in Paris, including a 40 % cut in greenhouse gas emissions, we have to fill an investment gap estimated at 180 billion EUR per year. The effects of climate change and actions to mitigate them also pose risks for both insurance companies and banks. It is well known that the climate change-related risks may be divided into two categories: physical and transition risks. This requires banks to consider climate change-related risks and the transition to a low-carbon economy in their integrated risk management. One of our panelists, Mr. Sean Kidney, co-founder and CEO of Climate Bonds Initiative, will be able to give us an overview of the evolution and prospects of green financing instruments, in particular green bonds. Meanwhile, Ms. Danae Kyriakopoulou, OMFIF´s8 Chief Economist and Director of Research, will give us her insight into this adaptation by the financial sector to the challenges posed by climate change risks. Thank you for your participation in today´s panel. As regards international collaboration in the field of sustainable finance, I believe both the Paris Agreement and the 2030 Agenda for Sustainable Development acted as a wake-up call for supervisors and central banks to join forces, setting in motion a whole agenda of policies intended to contribute to the objective of avoiding this increase above 2oC. In this short period of time, many initiatives, both from the official and private sectors, are being undertaken.