customer verification, the so - called “ know - your - customer ” or kyc process. banks spend an inordinate amount of time and money on kyc, and yet struggle to effectively detect and deter money laundering, tax evasion, and other forms of illicit finance. dlt brings about opportunities for a shared industry - wide kyc utility that can verify customers and transactions in a more efficient and robust manner. this is not just conjecture. it is beginning to happen. in singapore, ocbc bank, hsbc and mufg announced last week that they have completed a kyc blockchain project to reduce the duplicity of kyc processes, providing convenience for customers and efficiency across the banks. the “ killer app ” for dlt is really in cross - border transactions. when multiple entities across different jurisdictions are involved, there is no natural trusted central party. dlt allows the possibility of various parties working directly with one another to make crossborder transactions cheaper, faster, and safer. cross - border trade is a good example. in singapore, we are exploring two specific applications – trade finance and trade documentation. in trade finance, dbs bank and standard chartered bank are exploring the use of dlt to prevent the problem of duplicate invoicing while preserving client confidentiality. in trade documentation, singapore is exploring how we can use dlt to link our national trade platform to trade platforms in other countries, such as hong kong. the dlt - based platform will allow users to exchange digital trade documents across borders with confidence. a vibrant and growing dlt ecosystem in singapore innovation and technology will be the main drivers of growth in the future. the mas has been working actively with the financial industry to create a smart financial centre, where innovation is pervasive and technology is used widely. we want to do this to increase efficiency, manage risks better, create opportunity, and improve people ’ s lives. building a strong dlt ecosystem is part of this broader fintech strategy. and the dlt ecosystem in singapore has been growing handsomely. there are now approximately 50 locally based fintech startups in the dlt space. the local universities are doing research in various aspects of dlt. venture capitalists are looking for interesting dlt ideas to invest in. major technology consulting firms and system integrators have set up in singapore dedicated practices or teams for dlt. an effective way to develop the ecosystem is through collaborative projects that bring together various parties. and mas

- services 17 / 18 04 / 12 / 2020 " gearing up for new and evolving jobs in financial services " - remarks by mr ravi menon, managing director, monetary authorit … mas will extend our enhanced training support measures for another 6 months to june 2021. these include : the extension of ibf ’ s 5 % course fee credit, which when stacked with the enhanced training subsidies under ibf, will bring the total course fee support to 95 % ; and the extension of the training allowance grant of $ 15 per training hour for companysponsored trainees. ibf will expand the list of courses eligible under the financial training scheme to include deep - technology courses and certifications for a time - limited period. i urge all financial institutions and fintech firms to continue to tap on the enhanced training support measures to help your workers upskill and acquire new capabilities to stay employed. conclusion let me close now. growing timber is a long - term commitment. so is the jobs and skills [UNK] - creating job opportunities, fostering job readiness, and supporting job retention. the [UNK] take time to bear fruit. but with persistence and an enterprising spirit, we will create a lush forest : a world - class financial sector workforce ready for the future. © 2020, government of singapore. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new - and - evolving - jobs - in - financial - services 18 / 18