our overriding objective. but a safe financial sector that does not help to meet the needs of businesses and individuals or support economic growth and development misses its purpose. sound regulation is about promoting a robust yet vibrant financial sector that supports the wider needs of the economy. our experience has been we can achieve better stability and development outcomes within one organisation with a shared purpose rather than separate agencies with possibly conflicting goals. smart regulation – sound but purposeful i would describe our approach – or at least our goal – as smart regulation : regulation that is sound yet purposeful. mas seeks to do this in three ways. • first, regulation is aligned with the best international standards but is also appropriate to the risks in domestic markets. bis central bankers ’ speeches • second, regulation is complemented with intensive supervision that calibrates responses according to the risk profile and impact of individual institutions. • third, regulation is focused on outcomes rather than prescribed checklists and is implemented in a way that seeks to minimise compliance burden. aligned with international standards and appropriate to domestic risks mas ’ regulatory framework is aligned with global standards and principles. indeed, we play an active role in developing many of these standards through active participation in various international standard setting bodies, including the iais. global standards promote financial stability by providing a more level playing field for financial institutions and minimising regulatory arbitrage. but financial markets are not homogeneous in their risk profiles. it is necessary to apply regulatory standards in a manner that is sensitive and appropriate to the risks associated with particular markets and activities. take for example our risk - based capital ( rbc ) framework for insurance. insurance companies in singapore have been subject to rbc requirements since 2005, predating solvency ii. at that time, there was no international capital standard for insurers, let alone one that is risk - based. but we assessed that maintaining capital buffers to cushion against potential losses was relevant to insurance companies as it was to banks. so, we proceeded to put in place capital requirements for insurers operating in singapore, even when most other jurisdictions did not. at the same time, we were conscious of the need to apply the capital framework in a manner commensurate with the risks posed by different types of insurance activities. • for example, lloyd ’ s asia syndicates are not subject to the rbc framework. this is because the lloyd ’ s market is approved and regulated by the uk regulator, and premiums are booked in the uk and protected by

september to further strengthen the banks'controls and safeguards against financial scams. i am pleased to see that banks are giving their full commitment and making progress in implementing these measures. the government recently announced the establishment of the national scam response centre or nsrc, a command centre to coordinate rapid response for online financial 1 / 2 bis - central bankers'speeches scams. nsrc brings together resources and expertise from nfcc, pdrm, bnm, mcmc, financial institutions and the telecommunication industry to combat financial scams more quickly and effectively. victims of financial scams may call their bank's hotlines which are operating 24 hours a day, 7 days a week or nsrc's 997 hotline to lodge reports. i also wish to highlight that in trying to trace and intercept stolen funds, and to prevent further losses, time is of the essence. therefore, victims must immediately call their banks or 997 as soon as they discover that they have been scammed. the nsrc will initiate an immediate response, but victims must make a police report to furnish more detailed information to allow the authorities to investigate the matter. the nsrc is an important element in our fight to combat scams. but, as they say, prevention is better than cure. in this regard, it is important that all of us take actions to protect ourselves from becoming victims of financial scams. each and every one of us should remain vigilant and on guard to safeguard our banking information. in the financial capability and inclusion demand survey which bnm recently conducted, one third or 37 percent of respondents stated that they would be willing to share their bank account passwords or pin numbers with their close friends! this statistic is indeed very troubling. we must take responsibility of our banking security credentials just like how we should take good care of our prized possessions. we also need to ensure that our computers and mobile devices are secure and running up - to - date software. remember not to download files or applications such as android package kit from unverified sources or links. we have observed that criminals often get victims to click such links or download such malicious apps by putting fake advertisements for products or services such as food delivery or maid services. recently, we have also seen fake ads for pet grooming services. on our part, the authorities and financial industry will continue to create awareness and educate the public about financial scams, including on the latest modus operandi or tactics used by the