It also takes into account Malaysia’s aspirations to become a high valueadded, high income economy. Within the global economic landscape, emerging economies will assume a more significant role. While emerging economies will continue to be affected by global developments, most are able to demonstrate resilience and are expected to remain on a growth trajectory. By 2030, emerging economies are projected to account for 60% of total world output, from the current 40%. At the same time, the economies and financial markets in the global economy and international financial system have become more interconnected as a result of greater crossborder trade and financial flows. The continued development and deepening of our financial markets and increased financial liberalisation in emerging economies will reinforce this trend towards greater interconnectivity. More recently, the financial sector has been the target of a renewed focus and priority by the international community. Wide ranging financial reform measures have been introduced in the aftermath of the global financial crisis to address the weaknesses that have surfaced during the crisis. Several changes are also transforming the domestic environment. New domestic sources of growth, the greater role of the private sector in the economy, demographic changes, rising incomes and a growing middle class, and the accelerated pace of urbanisation cumulatively will significantly change the demands on the financial sector.
To drive the migration to e-payments during the transition period, the Instant Transfer fee of 50 sen would be waived for transactions up to RM5,000 per transaction made by individuals and SMEs effective 1 July 2018. The e-Payment Incentive Fund (ePIF) will be enlarged with an additional contribution of RM198 million from financial institutions. The funds will be used to assist account holders to migrate efficiently to e-payments. Individuals and businesses are advised to take advantage of these incentives and engage their respective financial institutions. In line with this year’s theme of ‘Mobile Payment: The Next Wave’, we have invited a total of 18 exhibitors comprising both banks and non-banks to showcase their new and innovative payment solutions. Do take the opportunity to visit the booths to gain further insights on how the solutions would benefit your business and cater to your payment needs. With this, I wish you a productive forum ahead. Thank you. 4/4  BIS central bankers' speeches