our mutual understanding of new business models and assist in negotiating regulatory hurdles for these companies. one important aspect of enhancing the eco - system is the enrichment of the range of financing opportunities for fintech companies. venture capital ( vc ) managers are an essential component of the start - up eco - system, providing capital as well as expertise to start - ups and early growth businesses. china already has the largest concentration of vc funding globally2. singapore also hopes to create a conducive environment for vcs by simplifying the approval process and regulatory regime for vc managers. at the same time, we hope to expand the range of funding options to cater to the varied needs of companies at different stages of development. finally, there is also room to deepen information and knowledge exchange between shanghai and singapore industry participants. to this end, mas and the shanghai financial services office are discussing a customised training programme to encourage mutual exchange between financial sector players. through such exchanges, industry participants can get a better understanding of each other ’ s markets and enhance their knowledge of specialized topics. and this marks only the beginning of our long - term relationship. we hope that such exchanges would pave the way for many opportunities for meaningful collaboration between both cities, resulting in synergistic outcomes that will elevate both cities through the new financial world order. expressing this aspiration in mandarin : 新 [UNK] [UNK] [UNK] [UNK], [UNK] [UNK] 新 [UNK] [UNK]. 19 these are some thoughts for everyone to consider. i am sure our strong panel of speakers will provide even greater insights during the discussions later. i wish you a fruitful day ahead at the forum. 1 china accounted for 39 % of global issuance in the year, with usd 36. 2bn ( rmb 238bn ) in labelled green bonds issued. 2 china accounted for more than half of all fintech investments globally in 2016, specifically in terms of venture capital. 3 / 3 bis central bankers'speeches

jacqueline loh : strengthening shanghai - singapore cooperation – anchoring stability and seizing opportunities welcome address by ms jacqueline loh, deputy managing director of the monetary authority of singapore, at the 3rd singapore - shanghai financial forum, singapore, 12 april 2017. * * * shanghai municipal government, deputy secretary general mr jin xingming shanghai municipal financial services office, director general dr zheng yang distinguished speakers and guests ladies and gentlemen introduction good morning, and welcome to the 3rd singapore - shanghai financial forum. it is a great pleasure to welcome our good friends from shanghai, as well as our strong representation of local stakeholders joining us at the forum today. uncertainty is the new world order the second edition of the forum was held in november last year. since then, global economic activity has firmed, led by robust consumption in the us and a pickup in china ’ s underlying growth momentum. the eurozone and japan have also registered steady expansions on account of stronger domestic demand and exports, respectively. concurrently, the turnaround in commodity prices last year, followed by an it upswing in q4, have improved the prospects for emerging markets, including the trade - dependent economies here in asia. a range of indicators have picked up in tandem with the strengthening of manufacturing and trade in the region, and forward - looking surveys reaffirm a continued mild improving trend into 2017. within the region, domestic demand has generally been resilient and overall growth this year will receive additional support from the stronger performances of export industries. 3 yet amid this cautious optimism, we should acknowledge the continued unevenness in the strength of the expansion across regions in the global economy, as well as the persistence of policy uncertainties, which will weigh on firms ’ long - term spending commitments. we are also confronted with the seeming rise of nationalism and growing populism which can have unpredictable effects on policies and growth. against this backdrop, the uncertainty over trade policies and the future of the multilateral trading system is another area of concern of trading nations in asia, as it comes at a time when important underlying structural shifts in global production and trade arrangements are already taking place. 4 in the financial sector, the advent of fintech – driven by unprecedented mobility, connectivity and computing power – possesses the potential to fundamentally change the way intermediation takes place in the financial sector. indeed, it seems that continuous shifts and unrelenting changes are the defining characteristics of the future economic and financial landscape. finding opportunities amidst uncertainty while some degree of uncertainty is inevitable in