For example, the infusion of big data, artificial intelligence and machine learning allows a better understanding of the varied and specific needs of the different segments especially the unserved and underserved. This enables better customisation of financial solutions and offerings and choice of Shariah contracts as Islamic financial institutions have greater understanding of the risk dimensions and hence more robust decisions. One example is the application of big data analytics on geospatial data to identify flood-prone areas and anticipate financing and protection needs of those in the area. It 1/3  BIS central bankers' speeches  also enables Islamic financial institutions to better deliver the expectations of Shariah as digitalisation allows for greater transparency and traceability of the flows of funds within the system and with the customers. In supporting more vibrant digitalisation of financial services, the Bank will continue to foster an enabling environment for innovation, such as by enhancing pathways for digital innovations to test, learn and exit. The upcoming refresh of our regulatory sandbox will provide a greater boost to support industry players in bringing financial innovations safely to the market, across different stages of the innovation cycle. We recognise that solution development is not the only way to deliver impact. This leads me to my second point – embracing transformative change. A whole-of-organisation effort to instil total change of institutional behaviour and culture.
I see Islamic finance having a major role in plugging this gap. Most, if not all of the seventeen SDGs are aligned with the objectives of Shariah (M aqasid Shariah), making Islamic finance naturally advance and spearhead sustainability goals. This is the case in Malaysia, where sustainability objectives are materialised through the adoption of Value-based Intermediation or VBI practices. For a few years now, Islamic financial institutions have contributed significantly in pursuing sustainability efforts domestically. We also see many Islamic financial institutions helming sustainability efforts in their respective financial groups, both domestic and foreign. Collectively, the Islamic financial institutions in Malaysia have intermediated over RM155.6 billion2 in VBI-aligned initiatives over the past 3 years. Being a mature system today, Islamic finance is poised to scale up value-based finance solutions and continue to take the lead to create greater impact on the environment, economy and society. Allow me to share how we can make this a reality. First, is by harnessing the power of digitalisation. Technology may not be the silver bullet. But, it holds massive potential to revolutionise and transform the way value is delivered in finance. Studies show that an estimated 70% of new value to be created in the economy over the next decade will be based on digitally enabled platforms3, priming conditions for breakthrough innovation to perennial problems. I believe, with the right and responsible application, emerging technologies can amplify the impact of Islamic finance in meeting sustainability goals.