bonds could benefit from efficiency and credibility of using digital technologies. this increases the potential for green bonds to lead the ecological transformation. 3 concluding remarks ladies and gentlemen, i would like to close my speech with a saying of singapore ’ s notable founder lee kuan yew : “ was it planned from the beginning? no! it was a process of learning, adjusting, refining and passing it on to the next generation so that they don ’ t have to relearn the process. ” this is still true in essence, but with a small but significant distinction : climate change does not wait for the next generation. and thanks to digital technology the process of learning, adjusting and refining can be done much faster. fintechs and credit institutions should collaborate and explore synergies to boost the green finance market. there is a large potential for cooperation. we will see one possible area in the following panel discussion. 1 blockchain gateway for sustainability linked bonds : widening access to finance block by block ”, a report from sustainable digital finance alliance ( sdfa ) and hsbc center of sustainable finance ; available under www. sustainabledigitalfinance. org / initiatives - publications. 2 / 2 bis central bankers'speeches

when eventually a group was victorious over the others, it bis central bankers ’ speeches was natural for it to impose centralized autocratic rule to ensure that chaos did not remerge. to rule over the large geographic area of the country, china needed a well - developed elite bureaucracy – hence the mandarins, chosen by exam based on their learning. so china had strong unconstrained effective government whenever it was united, and fukuyama argues, unlike western europe or india, did not have strong alternative sources of power founded in religion or culture to impose rule of law. in western europe, by contrast, the christian church imposed constraints on what the ruler could do. so military competition, coupled with constraints on the ruler imposed by canon law, led to the emergence of both strong government and rule of law. in india, he argues, the caste system led to division of labour, which ensured that entire populations could never be devoted totally to the war effort. so through much of history, war was never as harsh, or military competition between states as fierce, as in china. as a result, the historical pressure for indian states to develop strong governments that intruded into every facet of society was muted. at the same time, however, the codes of just behaviour for rulers emanating from ancient indian scriptures served to constrain any arbitrary exercise of power by indian rulers. india, therefore, had weaker government, constrained further by rule of law. and, according to fukuyama, these differing histories explain why government in china today is seen as effective but unrestrained, while government capacity in india is seen as weak, but indian governments are rarely autocratic. any of these grand generalizations can, and should, be debated. fukuyama does not claim history is destiny, but does suggest a very strong influence. of course, the long influence of history and culture is less perceptible when it comes to democracy where some countries like india have taken to it like a duck to water. a vibrant accountable democracy does not only imply that people cast their vote freely every five years. it requires the full mix of a raucous investigative press, public debate uninhibited by political correctness, many political parties representing varied constituencies, and a variety of non - governmental organizations organizing and representing interests. it will continue to be a source of academic debate why a country like india has taken to democracy, while some of its neighbours with similar historical and cultural pasts have