Taking a wider look at the trends facing the global financial world today, the past few decades have seen a profound shift in the way we all do business. Globalisation has reached far and wide. It has opened markets to an unprecedented extent, creating new opportunities and lifting millions out of extreme poverty.

In this shift, privatisation, liberalisation and deregulation have been leading the way. It has helped open up industries to world-class standards of management, while making them more competitive. 

This has allowed us to unlock potential for growth across the world. However, one of the biggest challenges for many countries is not only how to encourage growth, but how to make sure it is equitable. With growth comes the problem of inequality. If prudent policies are not undertaken to manage this transition, the social implications could be significant.

We are living through a time of unprecedented change. The technological revolution has had a profound impact on financial services – at every level.

Every aspect of money is evolving. We are checking our bank statements online – at any hour of the day – we no longer have to rely of a bank branch’s opening hours as we wait to get our travellers’ cheques, as my father did. Contactless payment and mobile money will soon make cash a thing of the past. Bank branches are disappearing – as we do everything online or on our phone.

This is empowering people, creating new opportunities like never before. Moreover - the nature of all facets of our lives have been completely transformed by the scientific and technological developments over the past century.

We are buying goods and services that are cheaper and better than those of the past. Meanwhile, health, life expectancy and quality of life are improving.

The “uberization” of the economy brings together supply and demand in a new and exciting way. More and more services are in the hands of the consumer. Human contact is being taken out of the picture: Food is delivered to our doorstep at the touch or a button.

The technological revolution has wide-ranging impact on our society, our economies – and our geopolitics.

An increasingly interconnected world is one that can break down taboos, cultural barriers - and bring people closer together. Developments in technology can streamline services and encourage good governance, transparency and a smaller margin of error. It takes out friction from all transactions. Reducing people-to-people contact in all parts of government minimises the possible window for corruption.

However, these changes must be carefully managed – our systems and societies must be adapted with them. This brings me to my next point. For any country, whether developing or developed, one thing holds true. If it wants to keep developing and growing – it needs a commitment to prudent policy-making and ongoing structural reform can guard us against potential shocks.

As economies mature, they increasingly need to change and deregulate to sustain their rate of growth. Structural reform will help open up industries to world-class standards of management, while making them more competitive. Foreign investment brings global standards, innovation, lowers the chance for corruption – and it does not impact sovereignty.

I have always said - reform is a continuous process. Only by adapting ourselves can we can stay ahead of the curve. It is the best way to create the absorptive capacity for growth - and ensuring a prosperous future for all countries.

Our technological changes make this more relevant than ever before. All policymakers should recognise that, in order to thrive, economies need to be subject to a continuing programme of broad-based structural reforms. Reforming a country should be an ongoing effort – they need to realise that: change is the only constant.

I learned this first hand, during my time in office in Pakistan. When I became finance minister, the country was teetering on the verge of bankruptcy. We focussed on rescheduling the mountain of external debt – while pursuing a rigorous programme of structural reforms. We succeeded in getting a comprehensive rescheduling of a scale which had not been done before. And we quickly saw results. We managed to push the debt out by 38 years, with a 15 year grace period, which reduced the cost of borrowing.

Within a few years, we managed to turn the economy around. We achieved up to 8 per cent growth per year, and doubled our GDP in 5 years. One of the reasons the programme succeeded was that it was an entirely home grown initiative. It stemmed from thinking outside the box, and applying solutions which were tailored to Pakistan. No two countries are alike and, when it comes to reform, a cookie-cutter approach usually will not work.

While I am a firm believer in the opportunities the technological revolution has brought us, some of the developments we have seen can be a double edged sword.

Risks these face in our financial infrastructure.

The more to computerise everything can take human judgement out of the equation – leading to a computer-says-no approach. When you factor in the new global requirements for compliance and know-your-customer – this can mean people are turned away from getting loans, even opening accounts. At its worst, this means some people are falling through the gaps. Their access to finance is limited – which affects every aspect of their lives.

If we want to build a world where opportunities are available to the whole population – and growth is equitably distributed – we must correct these problems in our systems. Because I have to stress that – access to basic banking is a human right. Being able to open an account, to conduct business, and to get financing – is as important to the modern world as access to basic resources. Without that, people are disenfranchised. Their lives hit a brick wall – and they risk being left behind.

At the same time, we must become more alert to the threats which come with our more interconnected, online world. The threat of cyber crime – where criminals steal financial details of customers. A hacker is able to steal our banking details, gain control of our finances and our identity – and wreak havoc on a mass scale.

Moreover - the growing reliance on technology of all our businesses and governments increases the vulnerability of all our systems to cyber-attack. In a world where global security threats are very real, this is a growing concern.

We need to improve our capability in tracking down cyber-criminals, boosting the security of government systems – and advising smaller companies on how to do the same. We need to develop dedicated task forces to tackle the threat of cybercrime.  We have not yet found a solution to effectively prevent these attacks – and to keep one step ahead.

At the same time, our legal and criminal systems have not yet adapted to sufficiently address this type of crime. Hacking into an individual’s personal data should be treated as being just as serious as robbing a bank. Much more needs to be done – and it will only be addressed on a global level.

This brings me to my final point. No one country has an exclusive on wisdom. In order to address the challenges we face, we must work together – and find collective solutions. Unilateral action is not the answer. Only an international, coordinated effort will work.

And above all – this requires sufficient political leadership, the ability to get all interests and stakeholders onside. By working together – we can build a more prosperous, forward-looking world.