and investment across economies. many of these reflect structural factors such as demographics, as well as the particular path of growth and development. to sustain global growth, some changes in the global saving - investment pattern will be necessary. this cannot happen overnight. instead, we need sustained and coordinated policy action across all the major economies. the imf and global bodies like the g20 will have to continue to focus and provide direction on these structural issues. 10. third, the financial crisis shows how critical the nexus is between the health of the financial system and the health of the economy. global regulatory reforms are necessary to address many of the weaknesses uncovered during the crisis. yet, we have to tread a fine balance to build not just have a resilient global financial system, but also one that can support sustainable economic growth. given the varying pace of economic recovery and the different phases of economic transition, regulations need to be appropriate to local circumstances, while preventing regulatory arbitrage. globally coordinated efforts and strong international cooperation in some areas, as well as local efforts that are context - specific will both be needed to achieve the desired regulatory outcomes. 11. in short, there are many challenges ahead in navigating the global economic and financial landscape. singapore, as a small, open economy, will be subject to many of these challenges. we will have to remain vigilant and nimble. i hope that we will continue to make our small contribution to the global discussion on these challenges. we will play our part in strengthening the global financial infrastructure to facilitate the efficient channelling of savings for sustainable development in the region and beyond. 12. i would like to thank the banker for this award which i accept on behalf of my mas colleagues. i also thank members of the industry for working together with mas. bis central bankers ’ speeches

they have adopted more customer - centric approaches, integrating solutions for their financial and non - financial needs. for example, ocbc has built a niche marketplace to provide curated products and services for mothers and their babies. the bank also launched the ocbc silver years programme to provide seniors a one - stop solution for financial advice, insurance products and lifestyle options. 28. digital challengers with innovative business models can add diversity and choice to banking systems. they can often serve the needs of traditionally underserved segments, such as the credit gap faced by young and micro - enterprises. they could also bring with them deep digital know - how and insights from operating non - bank businesses. in china, for example, mybank, has broadened financial inclusion, with 80 % of its clients being first time borrowers like mom - and - pop shops. 99 % of its customers repay on time. in korea, kakao bank has in its first year of operations attracted more than 6 million users. 4 / 6 bis central bankers'speeches 29. the success of our banking liberalisation to date gives us the confidence to manage the entry of digital banks in our next phase of liberalisation. in time, successful digital banks in singapore can also complement the local banks in anchoring domestic financial stability. new digital bank licences to facilitate new business models eligibility conditions mas will therefore issue up to five new bank licences to digital players that can add value to the singapore banking sector and the economy. this is in addition to any digital banks that the local banking groups may also establish. the local banks are already allowed to set up standalone digital banks under our internet - only bank framework. 30. 31. we welcome firms with innovative value propositions to apply for the new digital bank licences, even if they have not yet established a track record in banking. they may apply for a digital full bank licence or a digital wholesale bank licence, as follows. mas will issue up to two digital full bank licences, to companies headquartered in singapore and controlled by singaporeans. foreign companies are eligible for these full bank licences if they form a joint venture with a local company, and the joint venture meets our headquarter and control requirements. 32. 33. we are starting with two digital full bank licences, so as not to fragment singapore ’ s small domestic retail banking market. we are also restricting the new licences to players anchored in singapore for two reasons. first, so that we maintain a