Abdul Rasheed Ghaffour: Closing keynote address - 2021 Malaysian Banking and Finance Summit

Closing keynote address by Mr Abdul Rasheed Ghaffour, Deputy Governor of the Central Bank of Malaysia (Bank Negara Malaysia), at the 2021 Malaysian Banking and Finance Summit, 21 September 2021.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Thank you for inviting me to deliver the closing remarks at the 2021 Malaysian Banking and Finance Summit. While most of us would have liked to gather in person today, I am grateful that we are still able to connect virtually. Congratulations to the organisers for a successful event.

Since early 2020, the COVID-19 pandemic has impacted our lives in unprecedented and profound ways.  We have had to learn to live with disruption, and to find new ways to work and interact with each other.

The financial industry has also experienced other forms of disruptions, especially over the past five years. This includes the increasing pace of digitalisation, new business models, and evolving consumer preferences. Like the uncertainty brought upon by COVID-19, the path ahead for the financial sector will also have new and unpredictable challenges. The key point is that; we must be prepared for a world where change is the norm.