CREDIT AND INSURANCE RELIEFS FOR INDIVIDUALS AND SMEs  MAS has worked with the financial industry to put together a package of measures to help ease the financial strain on individuals and SMEs. The relief package was implemented over three tranches, as new needs emerged. It is aimed at helping individuals meet their loan and insurance commitments and supporting SMEs with continued access to bank credit. Let me spell out the various relief measures and their take-up rates as of the end of June 2020. Banks and finance companies have been providing reliefs for individuals with difficulty making their loan repayments: Nearly 34,000 mortgage loans now enjoy deferment of principal or interest payments or both, till end December 2020. Banks have also deferred both principal and interest payments on over 2,100 renovation and education loans. More than 6,200 applications to convert outstanding credit card and unsecured debt to term loans at lower interest rates have been approved. Over 3,200 motor vehicle loans and hire-purchase agreements have benefitted from a variety of repayment reliefs. 7 / 15  BIS central bankers' speeches  Banks and finance companies have also been providing repayment relief to SMEs for their secured loans. More than 5,300 SMEs’ secured loans now enjoy repayment deferments. Beyond the relief package, banks have allowed some of their SME customers to defer repayment on their unsecured loans as well. Insurance companies have been providing reliefs for individuals and SMEs with difficulty paying their insurance premiums.

We have just launched the second run of a programme to place in financial institutions midcareer workers from other sectors who have STEM [7] background. The aim is to help them acquire skills and experience in new technology areas. More than 200 places have been offered by 18 financial institutions for positions in AI, cloud computing, cybersecurity, data analytics, and full stack development. Our second key priority is technology. This has been a focus for five years now and Singapore is widely regarded as among the top FinTech hubs globally. It is an advantage we must build on. COVID-19 has accelerated the pace of digitalisation everywhere. 11 / 15  BIS central bankers' speeches  Recent investments in digital infrastructure have been particularly effective in enabling digital finance during this COVID-19 period. Let me cite two examples. MyInfo has helped to streamline customer due diligence and improve the on-boarding experience, removing the need for customers to physically visit a bank branch or conduct face-to-face verification. P ay N owhas enabled individuals and businesses to make e-payments and receive government disbursements such as Care and Support payouts swiftly, securely, and conveniently. Electronic payments have taken off spectacularly during the COVID-19 crisis. Registrations for PayNow have now crossed 4 million: this means 80% of Singaporeans aged over 20 years old can send and receive e-payments instantly. Registrations for PayNow Corporate have reached 216,000: this means that a significant majority of active businesses in Singapore are fully enabled to send and receive e-payments instantly via PayNow.