dialogue between risk managers and the insurance industry, parima will help to enhance risk culture and risk management capacity in asia. develop the marketplace i will now move on to our efforts to develop the insurance marketplace in singapore. we have three key thrusts for marketplace development. first, expanding the broker network. singapore already has a vibrant broking cluster, which has played a central role in facilitating business flows. we play host to over 70 insurance brokers. four of the top five brokers in the world have their regional hubs in singapore. today, brokers are not just intermediaries, but also high - value service providers who drive innovation and collaboration in the industry. • many brokers provide a wide range of risk management services. these include dynamic financial analysis, risk management and actuarial consultancy, portfolio and financial modelling, and catastrophe modelling. • some brokers have also begun to tap alternative risk transfer solutions to manage more complex and larger risk exposures and liabilities. we are keen to encourage brokers to use singapore not just as a placement centre, but also as a centre of excellence for innovation. • a good example of this is aon, which recently established its analytics and innovation center in singapore to provide analytics solutions to the group ’ s business units on a global basis. second, encouraging a subscription market. to underwrite large and complex risks, insurers need to collaborate. risk sharing enables market participants to diversify their portfolios. we want to promote a true subscription market, where insurers not only share risks, but also expertise. the subscription concept leverages both the deep expertise of the lead insurer and the supporting capacity of the other insurers to cover a variety of large and complex risks. bis central bankers ’ speeches such deep collaboration requires contract certainty. contract certainty ensures the finalisation of terms and conditions of the policy prior to inception of risk and therefore, serves to minimise ambiguity and disputes over claim and coverage. • i am pleased that our industry players have come together to form a workgroup, which issued earlier this year a set of guidelines and best practices for reinsurance contract certainty. • the workgroup is now monitoring the industry ’ s progress in achieving contract certainty via monthly submissions by industry players on the level of contract certainty in their reinsurance transactions. • this is a sterling example of industry collaboration. mas supports this initiative and has been working with the industry to implement the new standards. third, creating more platforms to bring buyers and sellers

, there is room for private credit to provide non - dilutive financing that can complement equity and debt financing, by providing flexibility through customised deal structures. 3. ultimately, we need a variety of funding instruments – including seed funds, short - term loans, venture debt and equity financing – to build and sustain the wide range of early - and late - stage companies in the region. singapore – a hub for enterprises and financing just as how changi airport plays a key role as a hub for regional and global air connectivity, singapore plays a key role in intermediating capital flows and investment opportunities. we have a strong ecosystem here in singapore, which can help the private markets community tap on and unlock asia's potential. 5 / 7 bis - central bankers'speeches a. first, we will continue to maintain a conducive environment for businesses to set up in singapore. i. over the years, we have built up a reputation for our regulatory environment, stable and efficient infrastructure, access to financial intermediation and services, and strong rule of law. ii. we hope this will not only attract more companies in our region to set up in singapore, but also encourage private equity managers to promote singapore as a springboard into the region for their portfolio companies. 1. one such example is straive, which the partners group had a majority stake in from 2017 to 2021. 2. under the ownership of partners group, straive transformed from a provider of content services into a technology - driven content, data and edtech solutions company. 3. as part of its transformation, straive moved its headquarters to singapore, and now serves over 300 customers in 30 countries worldwide. b. second, we will continue to offer various fund structures and investment platforms to reduce costs and improve efficiency for both investors and fund managers. i. for example, in 2020, we launched the variable capital company ( vcc ) structure, a flexible corporate structure for investment funds. ii. the vcc has given fund managers greater flexibility, as it allows different investment strategies – such as real estate, private equity, and public and private credit – to be employed in different sub - funds, but overseen by a single board of directors. iii. to date, we have more than 1, 100 vccs set up by traditional and private market managers for a variety of use cases and fund strategies. iv. the availability of vccs also facilitates the co - location of fund vehicles with their singapore - based