This will facilitate faster time-to-market for VC managers, and promote financing for enterprise development. We are also working with government agencies, universities and industry players to explore industry-wide talent development programmes for VC and PE managers. There is a growing suite of opportunities in bankable infrastructure projects. Investors with strong in-house infrastructure expertise can engage in direct investments in green-field projects. This can be done alongside multilaterals and commercial banks. Others can tap on established fund managers focused on Asian infrastructure. Yet another opportunity lies in project bonds. But these remain relatively nascent in Asia. 5/6  BIS central bankers' speeches  Regardless of the investment approach, project structuring is critical in bringing to fruition infrastructure projects. For investors looking towards Asian infrastructure, Singapore offers a dynamic ecosystem – with quality solutions in project advisory, project financing, and legal services, and dispute resolution. Conclusion Let me conclude. The global economy is in a better shape than it has been in a long while. Financial markets reflect this but have probably under-estimated tail risks. Reduced volatility in the markets should not beguile us into thinking there is less uncertainty out there. Some caution will not be entirely misplaced. Asia remains the biggest growth story in the world. There is still much work ahead in regional economic integration and domestic structural reform. But Asia is moving forward. And the region’s economic fundamentals remain sound. Investing in Asia is about participating in this growth story.

A recent study by PwC found that investors were most upbeat about emerging cities in the region – such as Bangalore, Mumbai, Manila and Ho Chi Minh City. Rapid urban migration has created strong residential demand in these cities. Logistics and business parks are also thriving on the back of a booming outsourcing industry. The story is similar for infrastructure. Amid government efforts to ramp up infrastructure development, institutional capital has a growing role to play. According to a report by Marsh & McLennan, about 40% of infrastructure projects in emerging Asia are considered bankable. These projects have the necessary conditions to attract sources of funding beyond bankbased finance. While institutional investors have traditionally participated in the secondary market for completed infrastructure, they are increasingly financing construction-phase projects to capture higher risk-adjusted returns. Singapore as a gateway to Asian opportunities Singapore is well-positioned to serve global institutional investors in their steer towards alternatives in Asia. Singapore is a developed pan-Asian asset management centre with a strong pool of global and regional players. Fund managers here have a deep network, are able to readily access deals, and can support Asian companies throughout their life cycle. Eight of the top ten global PE firms have an office in Singapore. So do some of the top global real estate managers. MAS is taking steps to deepen Singapore’s VC and PE ecosystem and enhance the operating environment for VC and PE managers. We will start with simplifying the regulatory framework for VC managers in the next few months.