It would be a strategic error to defer these deliberations and plans because the costs to be paid would be higher if companies fail to comply with regulatory requirements. With time, competition within the industry will also increase. For companies that invest the time and energy to thinking about shaping their future, the rewards can be substantial. One needs to explore new frontiers in doing money services business, including forming strategic partnerships with new and bigger investors with the expertise and network to take the company to the next level, being listed, and expanding abroad, regionally or internationally. Human capital development Human capital is a key enabler in the transformation process. Operating in an environment of heightened expectations and competition, calls for companies to have the foresight to develop strong teams that have the knowledge, skills sets and competencies. Companies ought to consider a long term human capital development. Based on our data, business performance in terms of growth and profitability of the industry has expanded and has created new employment opportunities for Malaysians. The industry should be able to attract young local talent and assume key roles in the company as it grows and expands. They should be offered attractive remuneration packages commensurate with their responsibility. They should also be provided with opportunities for training and development and encouraged to contribute new ideas and offer fresh perspectives. I urge the industry to look at this matter seriously, and formulate strategies to attract, develop and retain local talent.
Expectation on the Association I have attempted to describe the industry’s operating landscape sometime in the near future. This is the future full of opportunities and can be realised through collective efforts of the  BIS central bankers’ speeches  3  industry players, with the effective leadership of the Association. The industry, together with the Association, should set its sights beyond the domestic agenda. The Association should continue to drive efforts to further elevate the reputation of the industry as a regional benchmark for best practices in money services business. The successful organisation of the regional conference on money services business by the Association last year effectively showcased the remarkable progress that has been achieved in the industry and generated a lot of interest in Malaysia’s experience. Building on this interest, the Association can take a lead in the establishment of a regional network of money services business Associations among ASEAN countries to forge cooperation among industry players in the region. This would contribute towards raising standards more broadly across the region and unlocking the business potential in the money services sector within the region. The Bank stands solidly behind the Association to achieve this operation. Conclusion In closing, let me congratulate the Council of the Association on the significant achievements over the past year which would not have been possible without your commitment in time and resources, and the strength of your conviction to overcome obstacles along the way.