In a challenging global economic and financial environment, the IMF has crucial role to play to safeguard global financial stability and growth. The Fund’s value lies in its truly global perspective which should be leveraged on to produce much needed analysis and guidance for its members. As recent events have shown, no country big or small, advanced or developing is immune to bouts of financial instability and its spillovers. It is the deepening inter-dependence that calls for a global response and analysis at the regional and multilateral level. We believe that the Fund has the expertise and talent to do this job well. 19. However, it can do so effectively only with the full cooperation of the membership. The current quota and voice reform is an important step towards this end. But this is not enough. Further reforms are needed to strengthen its role as a global institution that facilitates global monetary and financial cooperation. This can only be achieved by refocusing the Fund’s role in line with its mandates and comparative advantage. BIS Review 51/2008  5
All these initiatives cannot be done by the HKMA alone but require the collaborative effort of the industry, universities, and training institutes alike. So, the third direction is to provide platforms to better “connect” the key stakeholders together to enhance collaboration on talent development. The recently set-up Fintech Cross-Agency Coordination Group and the Centre for Green and Sustainable Finance are the cases in point. (Closing) 36. I would like to close, by stating my firm belief that human capital is the most valuable asset of any institution. Banks can no longer simply rely on poaching talent. Instead, we should all dedicate more resources and investment to grooming, upskilling and retaining talent to support the future development of the industry. 37. I, therefore, would like to offer my hearty congratulations to those banks that have received the Talent Development Excellence Awards. You are all worthy winners, who have showcased exemplary achievements and a long-term commitment to talent development. Well done! 38. I am sure you all agree that promoting financial inclusion and talent development should be the very DNA of every institution when gearing towards a smarter and greener financial system. And I look forward to working closely with all of you in this journey. 39. With that, I hope my remarks have provided some food for thought for today’s Conference. And I wish the event every success. Thank you very much. 4/4  BIS central bankers' speeches