00:00The Prime Minister of Malaysia to deliver the officiating speech.
00:05We are here standing on the cusp of a new digital financial renaissance.
00:14The change is unprecedented.
00:19The pace is so fast and the challenge is huge.
00:28But there are ways of building trust.
00:32We have to assess risk and we have to expand access to financial services.
00:38And that's the bottom line.
00:40What is new technology if we cannot ensure that it benefits the large segment of our population?
00:51So, there are key questions that we have to apply with regard to accountability, transparency and responsibility.
01:06I am delighted that Sir Han, in his address, do make strong, clear reference to some of these issues.
01:16Institutions such as banks are instrumental to mobilise capital and enable economic growth.
01:23Yet, it is also a system that has not always served everyone equally, often leaving behind those with the least
01:34resources and opportunities.
01:36This is the legacy that we inherit in the global south.
01:42From China to India, Malaysia, South Asia, we inherit the system and we are too dependent on the dollar.
01:52And typically, that benefits large multinational companies over small business owners.
01:59Now, of course, I am delighted with our strong collaboration, particularly with the Chinese.
02:05In my meetings with President Xi Jinping and Premier Li Chiang, I just told him just now that I got
02:12another invitation by Premier Li Chiang
02:15to co-inaugurate one, to co-inaugurate one, very important tech conference in Shanghai.
02:21But this collaboration is not just between governments or diplomatic encounters.
02:28But it involves some very focused policies that ensure the benefit of both countries and the welfare of our common
02:38person.
02:39For example, the not necessarily de-dollarization, dollar still is key in terms of financial transactions.
02:50But we have used the local denominator currencies, yuan and ringgit, in many of our deals.
02:59From low 5% of the total trade to now 18% of the total trade between China and Malaysia.
03:07Why? Because the confidence and the equal commitment to ensure that these shifts in emphasis and policies
03:20would benefit both economies and the people.
03:24So while the global economy has grown under this system, its interconnected nature also means
03:31that shocks on one part of the world can quickly spread across borders and affect millions elsewhere.
03:40You understand fully with the young professionals here.
03:46I see them bright, very enthusiastic.
03:50And you are fortunate because Sir Rahan gave strong tribute and confidence to the young.
03:58I would say yes, but we hope you should use and utilize this opportunity to try and excel in various
04:11disciplines
04:12because you are the future.
04:15I am of course very excited with the confidence given.
04:20Because we, and particularly the young must learn, we inherit the system.
04:25We know what the 2008 financial crisis is all about.
04:31Now it began with mortgage lending in US banks,
04:34but reach international proportions to stagger global economic growth.
04:39We have nothing to do with that.
04:41But we have to bear the burden.
04:45Similarly, now with the Gulf War, hopefully it can be resolved.
04:49But you don't know, today it resolves.
04:51Tomorrow something else, and the day after it resolves.
04:54Then again, oh God help us.
04:57But much needed innovations that strengthen resilience,
05:03reduce exposure to international shocks,
05:06and fairly provide micro-credits
05:08as we weather through financial storms and global economic crisis.
05:14Three, two, one!
05:27One, two, one!
05:32One, two, one!
05:32One, two, one!
05:33One, two, one!
05:34One, two, one!
05:34One, two, one!
05:34One, two, one!
05:34You
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