utilities, and technology platforms focused on green fintech. conclusion let me end where i began. rising inequality is the major fault line in many societies. climate change is the existential challenge facing our planet. the covid - 19 pandemic and economic crisis has, in a way, helped to focus our minds on these two issues. there is a growing consciousness across the world that if we do not act now and act decisively, we will put our future at grave risk. this crisis presents us an opportunity to create a more inclusive society and a more sustainable planet. finance, technology, and fintech can be powerful enablers in this endeavour. everything we do in finance, technology, and fintech must have a larger purpose. what greater purpose can there be than making our societies more inclusive and our planet more sustainable? 10 / 10 bis central bankers'speeches

• all top 5 global banks have their regional fx trading desks here. • singapore has the most diverse range of futures and options traded in its three exchanges. • in fx alone, there are more than 30 futures and options. the next stage in our growth as a risk management centre is to become an electronic trading hub in asia. • as asian fx flows grow, asia will become an increasingly important fx market where price discovery takes place. • we are working with key partners to build up the e - trading infrastructure in singapore. • this will improve trade execution and reduce latency in pricing, thereby lowering transaction costs for investors. besides connecting global investors to asia, singapore is well placed to facilitate financing opportunities for asia. we are building platforms to facilitate bond issuance and infrastructure financing in asia. • this will in turn broaden the suite and depth of asian investable assets for global investors. singapore is among the choice destinations for asian bonds issuance. • singapore ’ s bond market has been growing at a compound annual growth rate of around 9 % over last five years to reach us $ 243 billion. • the bond market ecosystem remains a big draw, with several companies issuing in singapore repeatedly. • for instance, hitachi international ltd has tapped singapore ’ s debt market frequently for more than a decade, raising over us $ 1. 5 billion in total. investors are able to access in singapore a variety of bonds, denominated in g3 as well as asian currencies. http : / / www. imas. gov. sg / news - and - publications / speeches - and - monetary - policy - statem... 21 - 07 - 18 connecting global markets supporting asias growth • page 6 of 7 some examples : • uob ’ s euro - denominated covered bond in 2016 was the first of its kind in asia. • chongqing western modern logistics raised us $ 500 million out of singapore in 2016 to fund infrastructure development in china. there are two grant schemes that make singapore ’ s bond market even more compelling for issuers. • the asian bond grant scheme defrays the issuance cost for first - time asian issuers looking to raise international capital from singapore. • we have received strong interest in the scheme. some examples : • china sinochem international raised us $ 300m in senior unsecured bonds. • pt paiton energy, indonesia ’ s second largest independent power producer, raised us $ 2bn for its project bond.