In return, the p2p lenders will refer borrowers who have completed two successful rounds of fund raising to DBS for larger commercial loans and other financial solutions such as cash management. The road to financial inclusion is neither short nor easy. But it is an important one. Broadening access to financial services will offer Asian banks – and FinTechs – the opportunity to grow their business while serving a social purpose. Financial inclusion will be a key priority in the economic co-operation agenda when Singapore assumes the chairmanship of ASEAN next year. Conclusion You will be discussing many of these issues in the days ahead. I look forward to hearing your insights. It leaves me now to hand over to John Williams for his keynote address. He will speak on US monetary policy – a subject of evergreen interest to the financial industry and central banks around the world. I look out for John’s speeches not so much for clues to what the Fed might do next – though that is of course of great interest too – but for the original insights John provides on some of the deep, conceptual issues in monetary policy. John has made thought-provoking contributions in areas such as the natural rate of interest, or r*, and nominal GDP or price level targeting for monetary policy. It is my pleasure now to invite John to share with us his insights on how we should view monetary policy in a changing world.
4/5  BIS central bankers' speeches  1 BIS’ definition of international claims comprises cross-border claims and local claims of foreign banks’  affiliates in foreign currency. 2 2 Based on a presentation by E Remolona (2017), “Bank flows in EMEAP: Neither a lender nor a borrower be”. See also E Remolona and I Shim (2015), “The rise of regional banking in Asian and the Pacific”, BIS Quarterly Review, September 2015. 3 4 World Bank (2015), “The Global Findex Database 2014: Measuring Financial Inclusion around the World”. 4 5 Asian Development Bank (2017), “Accelerating Financial Inclusion in South-East Asia with Digital Finance”. 5/5  BIS central bankers' speeches