Financial institutions to constantly develop expertise in support of this sector. Green financing teams should have in-depth knowledge and capacity across the entire financing process flow including product development, promotions, sourcing of viable projects, effective credit assessment, holistic risk management and robust monitoring. The larger regional reach by Malaysian banks will also enhance the potential to access a wider talent pool from the region, catalyzing efforts to build a specialised human capital team needed to drive the green technology financing agenda. ii. Government policies that are further enhanced to spur the growth of the industry and create larger consumer awareness. On the supply side, more efforts should be taken to build a highly skilled workforce and increase collaboration between  BIS central bankers’ speeches  3  research institutions and businesses to commercialise and scale up innovative green technology research. On the demand side, to create incentives to encourage consumers to use green products and government procurement policies which prioritise green solutions could be explored. iii. A holistic governance structure and performance measurement system would be put in place to drive the implementation of policies and ensure that green and sustainability outcomes are achieved. This could potentially bring us to a more transparent reporting of green initiatives by various players including the Government, business and the financing community. iv. As Asia becomes increasingly more integrated, economically and financially, Malaysian financial institutions have the opportunity to leverage on regional networks to scale up their business and serve a sustainably growing green technology market in a cost-efficient manner.

Ravi Menon: Allianz and Singapore – growing a specialist insurance hub in Asia Opening remarks by Mr Ravi Menon, Managing Director of the Monetary Authority of Singapore, at the launch of Allianz’ Regional Centre, Singapore, 18 September 2013. *  *  *  Mr Manuel Bauer Dr Dieter Wemmer Dr Maximilian Zimmerer Dr Christoph Mascher Distinguished guests, ladies and gentlemen, Good evening. I am pleased to join you this evening at the official opening of Allianz’s new regional centre in Asia Square. Allianz and Singapore This marks a major step forward for Allianz in Singapore and in Asia. For the first time, we will see Allianz’s 450 staff across 11 entities coming under one roof. This new centre will strengthen synergies across business units, enabling Allianz to better serve the needs of its 20 million customers in the region. In a way, Allianz’s story reflects Singapore’s own development as a specialist insurance market. Just ten years ago, the insurance industry in Singapore was focused on writing pure domestic risks. Singapore has now developed the capacity and expertise to underwrite large and complex risks across Asia. With the opening of Allianz’s new office here, Asia Square is also shaping up to be Singapore’s own version of London’s Leadenhall Street, where many prominent insurers and brokers are located. Such physical co-location will help to promote greater exchange of ideas and collaboration, and create an insurance marketplace that is committed to deliver customised and innovative solutions. Mitigating Asian risks The prospects for Asia’s insurance market are bright.