will have an important role to play in the years ahead. it is hard to tell at this point what the specific growth opportunities will be. we just have to watch very closely how these trends unfold. but overall, mas is undiminished in its optimism and confidence in the prospects for the financial industry in singapore. 1 the circuit breaker refers to the tightened restrictions on movements and gatherings of people imposed from 7 april to 1 june 2020, aimed at slowing the spread of the covid - 19 virus in singapore. 2 bny mellon and deutsche bank are the two new players. the existing seven are citibank, standard chartered bank, ubs, jp morgan, bnp paribas, xtx, and jump trading. 3 / 3 bis central bankers'speeches

digital esg credentials for msmes worldwide. project savannah aims to simplify the esg reporting process for msmes by leveraging on digital initiatives such as mas'project greenprint, to generate esg data credentials that can be housed in msmes'lei records. msmes will thus be able to transmit verified entity information and key esg data to their business partners, strengthening their ability to gain access and be included in global financing and supply chain opportunities. through simplified reporting, the harnessing of technology, and partnerships with the undp and gleif to promote accessible data and capacity development, project savannah will help msmes progress on their sustainability journey. the undp, gleif and mas are already consulting regulators, financial institutions and real economy corporations to refine the project's scope and execution. these engagements will culminate in a multi - jurisdictional pilot targeted to be launched at cop28 in dubai later this year. the third theme of our collaboration is enhancing training for msmes. msmes will need to be continuously trained to navigate an increasingly complex operating environment. we must find a way to deliver training in a harmonised and costeffective manner. mas, undp and ifc launched an open financial education learning hub in 2022 for msmes called the sme financial empowerment programme or sfe. with a curriculum curated from leading universities, financial institutions and industry practitioners, the sfe provides msmes with a knowledge base on foundational financial literacy, international financial literacy, green financing and reporting, and understanding of cross - border business and foreign exchange financial instruments. undp has contributed its expert educators, domain knowledge speakers, and has supported wider collaborations with un member states. thus far 7, 000 msmes from 61 countries have benefitted from sfe. let me conclude. this promising start on a set of compelling global public goods that i have shared so far would not have been possible without the support of undp and the un global center for technology, innovation and sustainable development. development with consensus is not an easy task. and the task is going to become more challenging as the world diversifies into distinct ecosystems. no country can do it alone yet all could benefit from these efforts. 4 / 5 bis - central bankers'speeches i look forward to further support from like - minded partners to make progress in delivering public goods more globally, which can benefit msmes around the world and ultimately enrich the lives of our people. i wish you a meaningful dialogue ahead