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

##ates you. at the leadership energy summit asia in 2014, i spoke of having the ability to generate and ride on the positive cycle of leadership energy. in mobilising energies in the organisation to be aligned to achieving an outcome, it generates a second round of energy burst from others in the organisation. the continuous positive energy loop provides continuous motivation and momentum in a two way direction and intensifies energy in the organisation. it is a mutually reinforcing phenomenon that i have experienced in the bank time and again. bis central bankers ’ speeches let me conclude my remarks. the demands on leadership is immense. in the current international and domestic environment, it also requires leadership energy that is sustainable. this leadership energy summit will hear from the experience of successful individuals on the source of their energy in generating outcomes and results that have made a difference. we will also learn about other sources of energy from which we can tap on and strengthen. this is the challenge of the new generation of leaders if they will truly be able to make lasting and meaningful changes in their environment. on this note, let me wish you a highly energised summit. bis central bankers ’ speeches