Author: Batman

On 19 November, our CEO, President and Dean, Dr. Joseph Cherian, spoke at Elevate: Asia Pacific in Hong Kong, where he delivered his session, From Economics to Ecosystems, as part of the panel “Building Entrepreneurial and Innovation Ecosystems.” In this session, he discussed how business schools can serve as incubators of innovation—partnering with startups, corporations, and policymakers to nurture entrepreneurial mindsets and drive inclusive growth. His presentation slides are now available for viewing below

Good afternoon, distinguished guests, colleagues, and friends.

It is both a privilege and an honor to stand before you today as we mark the Preliminary Launch of the Tun Ismail Ali Center of Excellence in Monetary and Financial Economics at the Asia School of Business. This momentous occasion is the result of significant collaboration, vision, and dedication, and I am deeply grateful to all of you for joining us as we take this critical step forward.

First, allow me to extend my heartfelt gratitude to Tan Sri Zeti Aziz, the Founding Chair of ASB and former Governor of Bank Negara Malaysia, for delivering the first keynote address. Your invaluable insights set the tone for today’s event, and we are privileged to have you with us. Similarly, I would like to express my appreciation to Dato’ Seri Abdul Rasheed Ghaffour – who we affectionately refer to as Governor Rasheed – for sharing your distinguished perspectives in the second keynote. Your leadership at Bank Negara has been instrumental in guiding Malaysia’s monetary policy and financial system. Finally, we are honored by the presence of Professor Hélène Rey, the Lord Bagri Professor of Economics at London Business School, whose academic expertise and thought leadership in global financial systems provide a crucial context for our discussions today.

I would be remiss not to extend special thanks to Bank Negara Malaysia for its visionary support in the creation of the Tun Ismail Ali Center. Your commitment to excellence and innovation in monetary and financial economics has been integral in realizing this endeavor. In particular, I would like to acknowledge Deputy Dean Melati Nungsari and the dedicated staff at ASB who have worked tirelessly alongside our partners at Bank Negara. While I cannot claim credit for the Center’s formation, I have had the privilege of witnessing the relentless efforts that have brought us here today − efforts that will undoubtedly continue to shape the future of this initiative.

As we embark on this exciting journey, I would like to reiterate our commitment to making the Tun Ismail Ali Center a premier research hub in the fields of monetary policy, central banking, and financial economics. Our primary focus will be to address the unique challenges and opportunities facing emerging markets, where the need for innovative and contextually relevant solutions has never been more pressing.

In this regard, our work will be both academically rigorous and deeply connected to the realities of policy and practice. Too often, academic research becomes abstract, esoteric, and disconnected from the real-world challenges it seeks to address. Worse still, it becomes inaccessible to those who need it the most. Our vision for the Tun Ismail Ali Center is to bridge this gap by fostering research that is not only theoretically robust but also practically relevant to policymakers, practitioners, and communities across the globe.

Central to our mission is collaboration—with Bank Negara Malaysia, other key stakeholders in the financial sector, as well as Malaysian universities and research institutions. By forging these partnerships, we aim to catalyze impactful research that will drive policy innovation, financial stability, and economic development.

Our overarching vision is to build capacity for the future—to nurture the next generation of scholars, policymakers, and industry leaders in critical areas of monetary and financial economics. We are committed to ensuring that the Tun Ismail Ali Center will not only be a center of academic excellence but also a beacon of thought leadership that remains relevant and responsive to the evolving challenges of the global economy.

As we look forward to the work ahead, let us remember that our success will be measured not just by the quality of our research but by its ability to shape the future of monetary and financial systems in ways that are impactful, inclusive, and sustainable.

Thank you once again for being here to share in this milestone with us. Together, we will contribute to a legacy of innovation and excellence in monetary and financial economics.

Tan Sri Dr Zeti Aziz, Founding Chair and Co-Chair of the Board of Governors

Eminent Visiting Professor Sanjay Sarma
Distinguished Professor Joseph Cherian

Members of the Board of Governors, Board of Directors, Advisory Board of the Master in Central Banking Program, representatives of MIT Sloan School of Management, Distinguished faculty members, staff, students, alumni, friends and guests of the Asia School of Business, I am delighted to join everyone here today in celebration of a decade of the Asia School of Business. The School has in the past 10 years, progressively grown to provide a range of unique and cutting-edge education in central banking, leadership, management, innovation and entrepreneurship, with teaching and immersive curricula that successive learners, whether graduating with ASB’s degrees or from the executive education programs, have found deep value in their experience.

As we reflect on the past decade, allow me to take you further back – 25 years ago – when Bank Negara Malaysia introduced the first of its 10-year Financial Sector Masterplan to guide the development of the financial sector to support Malaysia’s economic transformation. At that time, the Bank had envisioned and let me quote from the first Masterplan, “that while it may not be possible to project accurately how Malaysia’s financial sector will be structured in 10-years’ time, taking into account the forces at work and how the challenges facing the industry are being met, the future financial landscape can be expected to be characterised by a more diversified financial sector meeting the requirements of a more diversified economic structure.”

Even then, it was recognised that success in a rapidly evolving and competitive environment would require financial institutions to successfully leverage on advancements in technology, reengineer processes and critically, invest in human capital. Specifically, the Masterplan emphasised the importance of “employing and retaining highly skilled workers and the reskilling of existing workforce and promoting a culture of continuous learning” and acknowledging that people would be the defining factor of institutional success.

This remains true today. Indeed, in a world shaped by relentless innovation, complex interdependencies and accelerating advances in artificial intelligence and automation, people continue to be the cornerstone of resilience and adaptability.

The experience of Malaysia and many Asian economies, has shown that amidst profound changes and uncertainty, it is people – equipped with the right skills, mindsets and values – who drive transformation. Thus, education and capacity building remain as vital as ever in ensuring sustainable progress.

The vision to establish a world-class business school in the heart of Kuala Lumpur – one that combines academic excellence with real-world relevance and nurture leaders who are capable of navigating complexity and unrelenting change – was made possible through the leadership and strategic foresight of Tan Sri Dr Zeti. From the outset, this endeavour was never limited to meeting the talent needs of Malaysia alone. This is in recognition that a more interconnected world demands leaders who could thrive beyond national borders and collaborate across cultures.

I was deeply privileged to have been involved in this undertaking from the very beginning – including the early engagements with MIT Sloan School of Management. I recall the first visit I made in February 2012 to discuss the idea of establishing the Asia School of Business with the late Dean Schmittlein and Deputy Dean S.P. Kothari. I would not recommend visiting freezing cold Boston in February!

MIT Sloan also shared the vision of Asia’s rising role in the global economy and the benefits of understanding Asia in all its diversity, intricacies and huge potential. Subsequent discussions from 2012 led to the signing of the Collaboration Agreement between Tan Sri Dr Zeti and MIT President Rafael Reif on 2 January 2015 in Cambridge, Massachusetts. Following the School’s establishment in collaboration with MIT Sloan in 2015, the first intake of MBA students began in August 2016. The rest as people say, is history.

Underpinning this unique collaboration were many committed individuals from MIT, Bank Negara Malaysia and the Asia School of Business who together truly believed in the transformative power of continuous education and lifelong learning. From the earliest days, all have been instrumental in shaping the concept, building this School, and going forth to grow from a fledgling institution into a dynamic hub for learning, research, and innovation. The School’s programs, from the MBA, EMBA and the Master in Central Banking and with the integration of ICLIF’s executive education and more recently, ACE micro-credentials have all expanded the School’s scale and reach. All these are deepening the School’s impact, where it is primed to make an even bigger mark and contribution to talent development in Malaysia and beyond.

The School has and I trust will continue to nurture principled, pragmatic leaders with the know-how and confidence to drive change whether at a micro level in corporate business and start-up entrepreneurs, or at the macro level, as policy makers. More than a business school, the School is a catalyst for change, for individuals, organisations, and nation building, as well as to tackle some of the more pressing planetary concerns.

On behalf of Bank Negara Malaysia, I wish to express our warmest congratulations to the Asia School of Business for its 10th year establishment and gratitude to all who have played a role in bringing the School to where it is today, be it the governing or advisory boards that have guided the School, as well as the faculty, staff, students, corporate learners and alumni. And most of all, Tan Sri Dr Zeti for her vision, tenacity, clarity and drive in ideating and guiding us to where we are today.

As we mark this anniversary, the next chapter of the Asia School of Business will require the same spirit of boldness, innovation, and collaboration that sparked its founding. I have every confidence that this remarkable institution, driven by its committed leaders, academic and administrative teams, and vibrant learning community, will continue to lead with purpose and impact.

Thank you.