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. it is also about looking forward and staying the course for the medium - to long - term. as institutional investors pivot towards alternative assets, asian private equity, asian real estate, and asian infrastructure can provide credible stores of value in the institutional portfolio. and singapore ’ s financial centre – with more than 120 global and regional banks, a diverse ecosystem of over 650 asset managers, and extensive connectivity with the rest of asia – offers an excellent platform to tap into these opportunities. thank you, and have a good evening. 1 the imf forecasts refer to the asean - 5 economies of indonesia, malaysia, thailand, vietnam and the philippines. 6 / 6 bis central bankers'speeches

in climate - related projects. for the purpose of assessing if the sfo has met its investment requirement, we will recognise its climate - related investments – anywhere in the world, and not limited to singapore. 12 / 16 bis - central bankers'speeches climate change is a global problem that is not bounded by national borders. as a low - lying island state, singapore is particularly vulnerable to climate change. we should thus recognise all efforts made to address climate change issues. third, we will also encourage sfos to invest in singapore companies and the local equity market. we will make two enhancements. one, the scope of the tax incentive will be expanded to recognise all investments in non - listed singapore operating companies ( including private credit ), and not just private equity investments as is the case today. two, we will recognise twice the amount invested in singapore - listed equities, and in eligible exchange traded funds ( etfs ) and unlisted funds which invest primarily in singapore - listed equities, for purposes of meeting the sfo's investment requirement. fourth, we will encourage sfos to contribute more to job creation and value creation for the singapore ecosystem. we will make two enhancements : one, we will now require that at least one of the investment professionals that sfo applicants currently need to hire is a non - family member. this will expand the pool of available jobs for professionals in singapore. two, all new sfo applicants will have to now meet the business spending requirement solely from spending locally unlike previously when this could be met with overseas spending. this will help channel greater benefits to singaporebased businesses and service providers. fifth, we will encourage sfos to conduct philanthropic activities through singapore, both locally and overseas. we will make two enhancements. one, to encourage giving locally, we will recognise donations to local charities alongside normal business spending. two, to encourage giving overseas using singapore family offices as a base, we will launch today the philanthropy tax incentive scheme ( ptis ) for family offices. the ptis, which was announced in budget 2023 and will go live on 1 january 2024, will allow qualifying donors in singapore to claim 100 % tax deduction, capped at 40 % of the donor's statutory income, for overseas donations made through qualifying local intermediaries. 1 we hope the introduction of ptis will encourage philanthropic giving to become a regular, professional feature of family offices here. how is mas safeguarding the official foreign reserves against climate risks