While each individual is responsible for maintaining high standards of integrity in their personal conduct and everyday work, the institution's management has a duty to ensure that the systems in place do not become an impediment to individual acts of honesty, transparency and integrity. Encouraging staff at all levels to voice their concerns, fostering an environment of healthy debate, and championing individual examples of personal integrity in the workplace are all important steps towards a robust check and balance system within the institution. A strong governance framework would promote these ideals, while mitigating the worst effects of their absence. This includes, among others, clear roles and accountabilities across all key actors or leaders within the institution, strong whistleblowing policies, transparent procurement procedures and a continuous commitment towards awareness training on best practices in these. In this regard, leaders have an important role to play; from setting the right tone from the top to exhibiting the right values and behaviours, that is walk the talk. Within Islamic finance, these are practices that are in line with the principle of Maqasid Al-Shariah. The consideration of wider social welfare and the greater good should form the basis of all personal conduct, and on a higher level, institutional decisions. Valuebased intermediation, or VBI, similarly calls for Islamic financial institutions to deliver the highest ethical standards in all aspects of businesses by embedding self-discipline and continuous improvement within their operations and practices. This is in line with Shariah principles of righteousness (or what we call ihsan) and consultation (or istisharah).

Initiatives include: anchoring more regional and global VC and PE players in Singapore; 7 / 10  BIS central bankers' speeches  deepening the talent pool; enhancing ancillary professional services to better support VC activity; and building a pipeline of alternative market platforms that can facilitate private market exits for PE/VC investors. Second, we are working to strengthen Singapore’s value proposition for Asian companies to issue bonds. The growth potential for Asian bonds remains strong, particularly as companies in the region are looking to fund their growing operations and raise longer term capital. Let me mention three schemes that MAS has put in place to make Singapore the choice location for regional bond issuance. To attract new Asian issuers to Singapore’s bond market, MAS introduced the Asian Bond Grant scheme earlier this year. Under the grant, MAS will co-fund up to $ of issuance-related expenses for firsttime Asian issuers. To support bond issuers adopting environmentally sustainable practices, there is a Green Bond Grant scheme. The scheme will offset up to $ of the costs relating to the external review required of a green bond. And the latest – To encourage issuers to be rated and to nurture a healthy credit rating  culture in the SGD bond market, MAS will soon be introducing a SGD Credit Rating Grant. Issuers can claim 100% of their credit rating expenses, up to $ per issuer. Details will be released shortly. We strongly encourage regular domestic issuers to consider obtaining ratings.