This will guide industry efforts towards deepening and broadening our talent pool so that it is on par with those in other leading financial centres. Fund management and private banking activities build up the investor base for our financial centre. The wealth management business has grown rapidly and prospects are bright. Strong economic growth in Asia has led to an accumulation of wealth in both the government and private sectors. To capture a share of this growing Asian wealth, our financial institutions must offer products and services that meet global standards. On our part, MAS will continue to promote a conducive regulatory environment and provide appropriate incentives to support the growth of new areas such as alternative investments, structured products, trust services and philanthropy advisory services. 2  BIS Review 72/2004  MAS will also work with other government agencies to develop a holistic “Best Home” environment for qualified high net worth individuals. We have just devised a permanent residency scheme for individuals who place at least $ million with MAS-registered financial institutions. We hope this will boost total assets under management and attract high net worth individuals and their families to take up residency here. We must also develop a solid domestic investor base. In 1999, MAS and GIC announced plans to place out a total of $ billion in foreign assets for management by private sector fund managers. The initiative has attracted many international fund management companies to set up offices in Singapore and has catalysed the growth of total assets under management.

MAS has received a record 100 problem statements, on pertinent areas including: improving supply chain resilience amidst disruptions to manufacturing and the flow of goods and services during the pandemic; driving social impact by improving credit access for lower-income individuals and SMEs; and accelerating green finance flows to support low-carbon economic activities. I welcome your support in rallying start-ups in your networks to submit their proposed solutions. We encourage the financial sector and corporates to work in tandem with MAS’ green finance efforts. On this front, we have seen encouraging developments even in recent 10.  months. Global banks like Deutsche Bank and JPMorgan have pledged to increase sustainable financing flows. The National University of Singapore (NUS) became the first university in Asia to issue a green bond, working with OCBC and DBS Bank. NUS issued $ million to finance projects targeted at green buildings, renewable energy, and sustainable management of water and land. CapitaLand raised $ billion through sustainable finance this year, including a $ million sustainability linked loan from UOB, the Singapore real estate sector’s largest issuance, two weeks ago. 2/4  BIS central bankers' speeches  Investing in sustainability and impact Moving beyond bonds and loans, asset managers should seize this opportunity to launch robust green and sustainability focused fund strategies, in anticipation of rising demand from investors in a post-COVID-19 world. 11. Global investments that factor in environmental, social and governance (ESG) considerations have increased by 70% between 2014 and 20185.