. the objective is to simplify business models and facilitate the resolvability of large and complex banking groups. on the whole, the reforms will help to make banks safer and financial systems stronger. but they are not without some negative consequences, and their distributional impact is uneven. for many global banks, the new regulatory standards and reforms to national banking structures will mean a fundamental review of their organisation and activities. in fact, the international operations of global banks are already being affected. • according to the imf, direct cross border lending as a share of total banking assets has declined, mostly due to the retrenchment of eurozone banks. for many asian banks, the transition to the new regulatory standards will probably be less demanding. first, many of them had already bitten the bullet after the asian financial crisis and built up their capital and liquidity buffers. they are thus starting from a stronger position to meet the new standards. • several asian regulators, such as china, india, philippines and singapore, have set capital requirements that exceed the basel iii standards. • and banks in china, india, thailand, hong kong and singapore were already subject to liquidity requirements prior to basel iii. second, asia ’ s financial systems emerged from the last crisis less affected than their global peers, with much of their financial resources and businesses intact. bis central bankers ’ speeches • a focus on traditional banking helped asian banks avoid the fall - outs from the collapse of complex, structured products and risks from outsized trading desks. • this, together with their strong deposit funding, means that asian banks do not need to deleverage or withdraw from markets in order to meet the more stringent capital ratios or new liquidity requirements. asian banks have been able to fill the financing gaps that opened up as global banks concentrated on repairing their balance sheets back home. • according to bis data, between 2008 and 2014, the share of eurozone banks in international claims on emerging asia more than halved to just 15 % whereas the share of asian banks almost doubled to 60 %. if asian banks continue to maintain strong buffers and manage their risks well, they are wellplaced to thrive and grow in the new regulatory environment. technological innovation a third major force shaping asia ’ s banking landscape is technology, specifically digital technology. this could prove both transformative and disruptive in a region where banking penetration remains low. the broad adoption of financial technology or fintech could dramatically lower the cost of banking services. not

credits generated from the verifiable reduction of emissions can improve the economic case for many transition projects. mas has published a working paper with mckinsey that outlines how highintegrity carbon credits can be generated from future emissions reduction due to the early retirement of coal - generated power and replacement with cleaner energy sources. such transition credits can potentially enable a broader market - driven financing mechanism and help to crowd - in private capital at scale. we will be sharing concrete initiatives on scaling these financing mechanisms and announcing new partnerships to take them forward. finally, resilience. with long coastlines and heavily populated low - lying areas, southeast asia is one of the world's most vulnerable regions to extreme weather and rising sea levels. singapore can play a useful role in pioneering and scaling urban solutions to build climate resilience. let me highlight some examples. to address rising temperatures, we have piloted the use of cool paint on flat facades to reduce the amount of heat they absorb in the day and emit at night. we are exploring the use of smart sensors to collect wind flow data for more robust environmental models which enables achieving cooler temperature with better ventilation. to address sea - level rise and heavy rainfall, we are strengthening local capabilities and expertise. we have set up a coastal protection and flood resilience institution ( cfi ) singapore. this is a multi - institutional and inter - disciplinary research centre to advance domain knowledge as well as explore innovative solutions. to address potential disruptions in food supplies due to climate change, we have taken steps to build a more sustainable and resilient agri - food system. for example, we have plans for a high - tech agri - food hub that can raise food production capacity to up to three times of current levels. this future hub will harness technology for efficient waste management and reduce water consumption by capturing rainwater for farming use. in short, the singapore pavilion aims to foster active partnerships across businesses, research institutes, civil society, youth groups, and government agencies. it aims to connect across countries and sectors to drive change and create impact. 3 / 4 bis - central bankers'speeches i invite you to be a part of this collaboration and wish you a fruitful experience at the singapore pavilion and at cop28. 4 / 4 bis - central bankers'speeches