engagement ; bis central bankers ’ speeches • fifth, while it is a real strength of the new system that conduct and prudential supervision have their own institutions that can provide the focus that is essential, where we should work together we do, as the example of mortgage underwriting standards illustrates ; • sixth, our approach is to use judgment to set the right incentives for the firms that we regulate to take the actions themselves rather than default to the regulators to do the work. i welcome the action taken by firms on mortgage underwriting standards as an example of that process, and more broadly i welcome the recommendations of the parliamentary commission on banking standards not least because they put the whole issue of incentivisation of the right behaviour at the front of their recommendations ; • and last, returning to my earlier theme, we want to create and preserve financial stability as a platform to enable choices to be made in other areas of public policy free of concerns that our objective might be put in jeopardy by doing so. a prime example of this is to enable conditions to exist which can enable people to buy homes. i hope this gives a good sense of what we are about. thank you. bis central bankers ’ speeches

provides to connect global investors to asia : • first, a compelling asset management ecosystem ; and http : / / www. imas. gov. sg / news - and - publications / speeches - and - monetary - policy - statem... 21 - 07 - 18 connecting global markets supporting asias growth • page 4 of 7 second, a treasury centre with a comprehensive suite of risk management solutions. singapore is a leading asset management hub for institutional investors and fund managers to access pan - asian opportunities. • assets under management in singapore have grown by an average 15 % each year over the last five years, reaching us $ 1. 9 trillion in 2016. • about 80 % of funds are sourced from outside singapore. • two - thirds are invested in asia. • interestingly, we have seen faster growth in alternative aum ( 17 % ) compared to traditional aum ( 3 % ). • this points to the growing pool of investors setting up in singapore to access private market opportunities in asia. we are taking three major initiatives to further strengthen the asset management ecosystem further. • we will introduce by next year a new corporate structure for investment funds – the singapore variable capital company ( s - vacc ) • the s - vacc structure will allow asset managers to achieve greater synergies through co - locating their management and domiciliation activities. • we have simplified regulations to facilitate the activities of vc and pe managers. • the increased availability of alternative investments like vc, pe, and infrastructure has helped to attract sovereign wealth funds and pension funds. • we are strengthening the ecosystem for family offices. • the quality and capability of service providers of family offices – like lawyers, consultants and tax advisors – has deepened. by welcoming a broader range of institutional investors to set up base in singapore, we aim to build a deeper and more diverse pool of capital for asia. as global players invest in asia, they will need solutions to manage their risks in the asian time zone. as a global fx and derivatives centre, singapore provides a wide range of risk management options for investors http : / / www. imas. gov. sg / news - and - publications / speeches - and - monetary - policy - statem... 21 - 07 - 18 connecting global markets supporting asias growth • page 5 of 7 singapore is the third largest fx centre globally after london and new york, and the largest in asia. • every day, over half a trillion us dollars of fx is traded here.