the risk management regime in the banking, securities and insurance sectors retains some distinctive features that recognises the differences in these businesses. legislative initiatives in singapore in singapore, at the heart of the regulatory framework for the capital markets is the securities and futures act ( “ sfa ” ) which was enacted in september last year. the sfa is an omnibus act that sets out the regulatory framework for the capital market. it seeks to cover in a single rulebook the range of capital market activities undertaken in singapore, for the convenience of market participants. the sfa introduces a single licensing regime covering the various activities in securities and futures, fund management and corporate finance advice under a modular approach. this is a shift away from folding all capital market activities into the categories of dealing in securities, and provision of investment advice. in its place, the new licensing framework is designed to accommodate individual slices of the capital market value chain. to complement the modular licensing of intermediaries, mas has announced the introduction of a risk based capital framework which will take effect later this year. under the framework, capital market licence holders need only maintain capital sufficient to the business risks they undertake, according to their respective operations. complementing the sfa is the financial advisors act which governs the provision of investment advice and the sale of collective investment products across all financial institutions. this will include banks, insurance companies, capital market intermediaries as well as independent financial advisers. a common code of conduct and business practices will be promulgated under the fa act, and will set minimum standards for all investment advisers. conclusion in concluding, there is little doubt that the new financial landscape both domestically and internationally has thrown up challenges and opportunities for regulators and market players alike. it is a time of change and renewal as the tried and tested means of doing things come under scrutiny as markets continually innovate. the challenge for us as regulators is to put in place a regulatory framework and operate the system flexibly to meet the market demand for innovation and dynamism, without compromising the safety and soundness of the system. i hope to have given you some food for thought that will spark off questions and discussion over the next few days. it remains for me to encourage all of you to make the most of this opportunity and give voice to your views in the course of the seminar. i have no doubt that you will have much to share and learn from the speakers, and from one another ’ s experiences. i wish you a lively and useful seminar

the pingan group in china, and other singapore institutional investors will be collaborating with chongqing financial assets exchange to help micro finance companies issue debt overseas. second, diversifying funding channels for outbound chinese corporates. 3 / 5 bis central bankers'speeches singapore can support the financing needs of chinese companies expanding into southeast asia and beyond. take for example, the new hope group, an agricultural and food processing company based in western china. it has been raising funds in singapore for its overseas expansion. or companies such as chongqing western modern logistics industry zone development construction and chongqing grain group. they have issued close to s $ 1 billion of bonds from singapore. bond issuance by chinese issuers in singapore almost doubled in 2017 to reach s $ 18 billion. more than 25 % of this amount was issued by first - time chinese issuers in singapore. singapore ’ asian bond grant scheme will help such first - time issuers by offsetting a part of their typical issuance costs. haier group, a leading chinese consumer electronics player, benefitted from this scheme when it issued a us $ 1 billion perpetual debt security in singapore. third, enhancing risk management for chinese firms. chongqing and singapore can explore joint projects to mitigate the economic impact of natural catastrophe risks in the western region. one example is through piloting a natural catastrophe insurance pool. similar initiatives are underway in southeast asia – and we could share experiences. in may this year, asean + 3 finance ministers agreed to establish the southeast asia disaster risk insurance facility ( “ seadrif ” ), which provides disaster risk financing, and a regional catastrophe risk insurance pool for participating asean member states. similarly, chinese investors and developers in belt and road projects who are facing unfamiliar legal, credit, and environmental risks in southeast asian markets, can leverage on the insurance expertise in singapore to help manage these risks. a good example is the belt and road insurance consortium that was formed in singapore last year. comprising both chinese and singapore insurers, it serves as an avenue to jointly develop insurance solutions to meet the risk management needs of chinese developers and contractors. the consortium aims to provide integrated insurance solutions across multiple countries, including for construction, project cargo, 2 political risk and structured trade credit. thus far, the consortium has pledged us $ 1. 2 billion in insurance capacity for construction and project cargo risks. it has insured four projects, in vietnam, indonesia, turkey and pakistan. fourth, strengthening fintech collaboration. there is great scope to