• 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.

giving in asia, mainly because philanthropy is developing at varying stages across asia, in line with the progress of asian countries. there are two key issues which donors face : the nascent charity infrastructure to support donors, and weak governance practices by fund recipients. 13. in asia, there are many causes that need championing, and many problems that need addressing. donors planning to give in asia have to first understand the needs of the region, decide on the cause they intend to support, identify the worthy projects, and navigate the giving procedures in each country. 14. the success of giving greatly depends on both the giver and the receiver. clearly, throwing money at charities does not guarantee success of giving. there needs to be followthrough on the charity ’ s part to ensure that the money is channelled successfully to the cause. 15. the reality in asia is that many of the domestic charities are small, and are not equipped to handle large amounts of funds efficiently and accountably. the levels of transparency and governance controls in many countries are also not prescribed by law, and may vary across charities. as a result, giving in asian countries suffers from a lack of trust. such suspicion holds back donors who are concerned that their gifts should be used appropriately and effectively, rather than going to waste funding inefficient expenses. 16. donors have found ways to work around the trust issue. some have set up their own charities or are working together with reliable charities to see through the giving process from start to end. such efforts demonstrate that donors can be an integral part of the solution, but this will take time, and it can be a very challenging process for donors. bis central bankers ’ speeches singapore as a philanthropy hub 17. singapore can make it easier for international donors to give in asia. our infrastructure, connectivity and regulatory framework form a strong foundation to support local and regional philanthropy. infrastructure 18. as a leading international financial centre, singapore can provide a full suite of wealth advisory services ranging from fund management to philanthropic advisory. we have recently seen a growing number of private banks in singapore building up their philanthropy advisory capabilities, either in - house or leveraging on third party expertise. symasia, which was set up by credit suisse, is an example of an umbrella foundation that provides grant making, project review and investment management for donors who do not wish to set up their own foundations. 19. to support philanthropy and non - profit organisations seeking to invest in asia, the international organisations