india dated securities 4, the mutual funds held 0. 9 per cent as at end december 2010, which dropped to 0. 2 per cent as at end march 2011. the average holding of government securities by the mutual funds during the last two years remained at 0. 6 per cent as against 38. 7 per cent by the banks, 22. 4 per cent by insurance companies, 8. 9 per cent by pds, 6. 7 per cent by pfs, 3. 1 per cent by corporate entities. during the current calendar year till end of may, the average share of mutual funds in the secondary g - sec market remained at 5. 8 per cent of the total traded volume. one possible reason for the lower level of participation of mutual funds in the g - sec market is lack of investor interest in the gilt - oriented mutual funds due to significant interest rate risks. iii. future role and regulatory issues there is a need for mutual funds, especially gilt funds, to complement the role of pds in promoting retail holding in government securities. mutual funds are supposed to tap retail investors, who in turn, to the extent that they have long horizons, provide stability to the market. they also benefit small investors by providing them access to risk - free gilt edged securities. the mutual funds are allowed to participate in the interest rate swap ( irs ) market for the purpose of hedging their own balance sheet risks. however, their participation has remained quite muted. the irs market, although very liquid, suffers from a low customer base of around 1 per cent. the mutual funds may increase the use of irs for hedging their interest rate risk which would help in broadening and deepening of the irs market. source : amfi monthly – may 2011. source : amfi monthly – may 2011. source : nsdl. rs. 23. 3 lakh crore as on december 31, 2010 ; rs. 23. 5 lakh crore as on march 31, 2011. bis central bankers ’ speeches mutual funds are also allowed by sebi to trade on interest rate futures ( irf ). irf contracts on 10 - year notional coupon bonds were launched on nse in august 2009. the product witnessed significant activity during the initial period, but liquidity tapered off subsequently. rbi has already issued guidelines for futures contracts on 91 - day t - bills, which are expected to be introduced shortly. rbi is also considering introduction of irf contracts on 2 - year

tharman shanmugaratnam : enterprise innovation - improving lives in singapore and technological speech by mr tharman shanmugaratnam, chairman of the monetary authority of singapore, at the fintech awards, singapore, 17 november 2016. * * * mr wee ee cheong, chairman, abs and ceo, uob distinguished guests, ladies and gentlemen, 1 thank you for joining us here at our inaugural fintech awards prize presentation ceremony. 2 let me begin by thanking the participating teams, as well as the international cast of judges who helped evaluate the entries, for their time and inspiring work. 3 this evening, we are honouring winners from two competitions organised as part of the inaugural singapore fintech festival : the global fintech hackcelerator and the fintech awards. the global fintech hackcelerator attracted a total of 655 submissions from more than 50 countries. they produced solutions to address some of the 100 problem statements that the financial sector had put out. the fintech awards recognises innovative fintech solutions that have actually been implemented by financial sector players and technology companies. we received 210 entries, running the gamut from cyber security to payments. 4 we celebrate the winning entries this evening. but equally, we are celebrating the spirit of innovation that each of the participants in these competitions demonstrated. they represent the passion to make things better, to create value for firms in a way that gives customers value, and ultimately, to find innovative ways to improve everyday life. that is the fintech spirit. 5 these last four days of the fintech festival, there has been much discussion about technology, regulation, infrastructure, markets, funding. 6 tonight, i would like to speak briefly on the critical people factor – not just for success in fintech but more broadly in the innovation - driven economy of tomorrow : people having that spirit of enterprise and a willingness to be different ; and people developing deep skills, skills relevant to the market, and a keenness to learn continuously. 7 that ’ s at the heart of what it takes for us to sustain and grow the fintech movement – the entrepreneurial desire to find new ways, even disruptive ways, and the deep skills and continuous learning that we need to power innovation. enterprise and innovation 8 we are already seeing successes, and we want to provide a fertile ground for more new ideas and solutions to keep cropping up. mas has a regulatory sandbox framework to make it easier for fintech start - ups to test their business