In this regard, private sector’s improvement in technology and innovations, in tandem with other infrastructure development, can become a tailwind to support the GMS to overcome technology stagnation and provide a competitive edge to the private sector. This should also enhance the intra- regional trade and investment capabilities. 13. Last but not least, financial system can act as a blood-vein that nurtures the economy. We might not realize the necessity of having a healthy blood- vein system in our body. But if there is a blockage, one could experience a detrimental malfunction of the brain, and stroke may occur. The same applies to our economy; efficient and accessible financial system will ensure smooth and solid transformation of the economy. At this juncture, financial institutions are a key in keeping the efficacy and health of the financial system in check. On one hand, financial prudence through enhanced risk supervision and management will provide a strong backdrop for improvement in financial system. On the other hand, the favorable financial system should also be underpinned by financial inclusion, which is analogous to having the blood-vein reaches all organs in our bodies. As I previously pointed out, increasing access to financial services will bolster economic dynamism where vast financial opportunities can be better tapped by private sectors. Ladies and gentlemen, 14. To end my remarks today, allow me to reiterate that these key enablers will be necessary to support the areas of transformation for the GMS.
We will have many opportunities during the course of this work to discuss with the Committee on Finance how we can develop and improve our analyses. BIS central bankers’ speeches  3