This Forum seeks to address not just the question of facilitating transfers more efficiently, but how to make such transfers go further and do more to meet today’s most pressing global challenges – from access to healthcare and education, equal economic opportunity for all, to protection of the environment. Without addressing these challenges, economic freedom would remain an elusive dream for 1/5  BIS central bankers' speeches  many. This Forum will cover a broad range of issues – not all of which will have clear solutions. But we will most certainly learn more, understand better and hopefully, be able to determine what our next steps must be. With that in view, let me take this opportunity to offer some brief reflections on what those steps might be. Reinvigorating financial services to drive the SDGs First, we need to do more to reinvigorate financial services to drive the United Nations Sustainable Development Goals (SDGs). Many countries in this region, including Malaysia, have made important progress in the adoption of the SDGs under the national development agenda. Certainly, Malaysia has had a long-standing commitment to the pursuit of sustainable and inclusive growth. Malaysia’s national economic development policies adopted since more than four decades ago reflect many of the SDGs. Like many central banks in this region, financial inclusion is an important priority of Bank Negara Malaysia – one that is in fact legislated as a mandate of the central bank, which is actually not all that common in many countries.
The list goes on. Yet, based on a recent survey report by GlobeScan, only one third of the private sector 2/5  BIS central bankers' speeches  respondents reflected on SDGs in setting long-term sustainability strategies for their organisations. This should concern us. In 2015, 15 years after the Millennium Development Goals were adopted, the United Nations itself conceded that the Millennium Development Goals, despite propelling significant progress, fell short for many people. So a different approach was taken for the SDGs. One that was more encompassing and inclusive. Five million people from 88 countries shared their deepest, most pressing concerns and aspirations to create the SDGs. These aspirations would ring hollow without the dedication and commitment of those with the influence and position to make a difference. For the financial sector, this needs to go beyond the cursory initiatives that have generally been associated with “corporate social responsibilities”. Greater progress by financial institutions to more fully embrace sustainable principles in their business strategies will play an important catalytic role in delivering the SDGs. Among other things, it would provide a stronger focus on needs-based selling, increase financial resources that are directed at economic activities that promote sustainable goals, and encourage support for businesses to adopt sustainable practices. Looking beyond remittances Turning more specifically to remittances which is the focus of this Forum, more can and should be done to amplify the developmental impact of remittances.