Encik Adnan Zaylani Mohamad Zahid: Distribution in a digital economy - Customer @ Core Keynote address by Mr Adnan Zaylani Mohamad Zahid, Assistant Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the General Insurance Agents Convention &quot;Distribution in a Digital Economy - Customer @ Core&quot;, Bangsar South City, 18 October 2018. * * * Let me first begin by thanking Persatuan Insurans Am Malaysia (PIAM) for hosting this convention and inviting me to deliver the keynote address. This is my first ever engagement with the general insurance agency force but also the insurance industry as a whole and I am very pleased to be here at this fittingly themed convention, “Distribution in a Digital Economy – Customer @ Core”. There is no question that we are now in an era of the Digital Economy. According to the World Bank there has been an accelerated growth of internet access of more than 170% in global accessibility in the past ten years. In 2006, only 17% of the world’s population was estimated to have an Internet connection – but now that number is 46% in 2016. During the same period, Malaysians with Internet access has increased from 52% to 79%, which is a very high number amongst many countries. With such widespread accessibility, a market presence on the Internet has never been more important.
Which brings me to my last point. III. Big data raise issues that cannot be solved in a national context but require a public  global reflection. Very large worldwide corporates are hugely leveraging on Big Data. Public authorities have to forge answers to concerns that may arise on an international level. Which themes should be addressed? I would like to propose a few leads. 4 1)  Data sharing has to be developed on a worldwide basis, as rightly underlined  by the IMF in the ‘Data Gaps Initiative’ that has been launched by the G20. In Europe, existing legal provisions that authorize data sharing between supervisors and central bankers could become more prescriptive and be more largely implemented in practice in all countries concerned. Data sharing between tax authorities and other public administrations should be facilitated, subject to the respect of individual privacy of course. 2)  Private innovation is fostering growth and is increasing economic efficiency. It  should therefore not be discouraged by disenabling regulations. At the same time, it would be beneficial to the economy in the long run, and to financial stability more specifically, that the global actors that handle enormous volumes of data on physical persons as well as on private entities, comply with 3 core principles: security, transparency, accountability. In a fully interconnected world, it cannot be effectively addressed at the country level. I therefore believe that it would be useful for the International Organizations to carry out a reflection and issue recommendations in this regard.