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 in April 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.