Financial intermediation has a critical role to play in supporting communities so that they can achieve their ultimate objective. As Thomas Jefferson put it: “The care of human life and happiness… is the first and only object of good government.” And banking, being the dominant segment of financial intermediation, is the greatest contributor towards achieving this objective.
The conventional banking industry is already playing a major role in this regard. It is a mature and long-established industry, with adequate depth and sophistication. It has the ability to effectively contribute to the global economy, given that it employs proper corporate governance and ethics.
