There is no doubt that as a central bank we have been actively following these global trends and updating our statistics to new dimensions for the last ten years. We have been compiling sectoral financial accounts as an important tool for better tracking of vulnerabilities in the economy, and the first public release is scheduled for 2020. Aware of the risks that may arise in segments of the financial system outside banks we have upgraded the 1/3  BIS central bankers' speeches  statistics on deposit-taking institutions, with statistics on other financial institutions (pension funds, insurance companies, investment funds, leasing companies, financial companies). In the context of financial systems and markets, we were particularly focused on securities statistics, ensuring a better analytical infrastructure for timely risk detection. We have developed a broad and diverse database of financial stability indicators, and have been involved in the IMF reporting system on all key financial stability indicators, but also on some of the so-called “recommended” indicators. Hence, as a central bank, we have been constantly following international initiatives, enriching the statistical framework. Yet we must be aware that the enriched statistical framework also creates many new challenges. The increasing granularity of data and their frequency create an ecosystem with exponential growth in the volume and availability of data. The heterogeneity and complexity of the currently available data require a holistic approach to their transformation into official statistics.
Agents have always been and will continue to be important agents, including agents of change in the insurance sector as they are uniquely positioned to read the pulse of customers. This change could involve the insurer-agent relationship and the balancing of customers’ interests. The time could be appropriate for general insurance agents to reorganise themselves into an industry 3/4  BIS central bankers' speeches  association that can effectively mobilise the power of collective action and enable the agents as a cohesive force to better serve customers’ interests. This will also put in place a foundation for the possibility of setting standards on conduct, education and self-regulation of individual agents. Cultivating a solid industry association is neither an easy nor a short-term task but the benefits are immense. The Bank remains optimistic that agents will continue to play a key role in Malaysia’s insurance industry, and will be crucial to take us to the next level. In all this, agents must not deviate from their raison d’etre, i.e. intermediating between the insurer and the customer. Ultimately, we all should recognize that it is the interests of the customers, which is at the heart of it. Jack Ma of Alibaba, aptly said it, “Customers should be number one.” The challenge presented upon you today, is to embrace the Digital Economy and not lose sight of this. On that note, let me once again thank PIAM for the opportunity to share some thoughts with you today and I wish you a productive convention ahead.