Malaysian Bank Chief Outlines Challenges of New Markets.
The governor of Malaysia's central bank, Bank Negara Malaysia Bank Negara Malaysia or BNM is the Malaysian central bank. Its headquarters is located in Kuala Lumpur, the capital of Malaysia, and was established on January 26, 1959 (as the Central Bank of Malaya or Bank Negara Tanah Melayu , urged insurers to be cautious in trying to realize the potential of their business in emerging markets.
In the keynote address keynote address
An opening address, as at a political convention, that outlines the issues to be considered. Also called keynote speech.
Noun 1. at the 2nd International Conference for Emerging Markets in a Globalizing Economy, Zeti Akhtar Akhtar is a surname, and may refer to:
"We are here to look at how these opportunities can be harnessed and developed," she said at the conference in the Malaysian capital of Kuala Lumpur Kuala Lumpur (kwä`lə lm`pr), city (1990 est. pop. : "Such benefits need to be realized by all parties concerned. It is therefore important to ensure that the process of globalization globalization
Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation takes into account the capacity of individual nations to cope with the challenges."
Zeti Akhtar cited four major challenges in emerging markets:
* there is "increased competition from established players better skilled and more focused on core areas";
* there are "new sources of competition from nontraditional players, such as asset managers and independent financial advisers." She pointed to Internet Internet
Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the players whose use of new technology allows them to improve the range and performance of their products while cutting prices for consumers;
* insurance companies must adapt to technologies that have "fundamentally changed the way business is conducted"; and
* insurers must meet the needs of more sophisticated and knowledgeable customers.
Meeting these challenges, Zeti Akhtar said, is a shared responsibility of government, the international community, regulators and the private sector, which together face a task that "must engage the participation of all."
Governments, she said, "will need to determine the pace of liberalization lib·er·al·ize
v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es
To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . , taking into account differences amongst nations." They will be increasingly concerned with adapting the regulatory framework to the new environment, Zeti Akhtar said.
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