cyber intelligence among financial regulators. cyber threats do not respect sovereign boundaries. cyber attacks in one country can have serious spill - over effects on other countries. regulators need mechanisms to share cyber intelligence efficiently in real - time. there are already informal, bilateral arrangements for such information - sharing. but more can be done. we need to identify and reduce the barriers inhibiting cyber threat information sharing, such as legal, confidentiality, and operational constraints. i believe that cyber risk management is likely to emerge as the new frontier for global regulatory harmonisation and supervisory co - operation. conclusion let me conclude. we have accomplished much – regulators and industry together – to make the global financial system safer. but we are not done yet. we must ensure that implementation of regulatory reforms is consistent across jurisdictions. we must evaluate the effectiveness as well as effects of the reforms. we must be prepared to adjust and fine - tune regulations where necessary – but we must do so in a way that does not undermine the gains in financial stability that have been painstakingly achieved. we need to look ahead to a world of technological change. fintech – if smartly harnessed and safely managed – offers hope and dynamism for an industry facing the triple headwinds of slower growth, tighter regulation, and growing competition. we must allow innovation and the adoption of new technologies – to harness their benefits while managing their risks. we must step up our efforts and cooperation to combat the growing threat of cyber risk. a common theme emerges when we look back as well as look forward. the choice is not between light regulation and hard regulation, or between less regulation and more regulation. what we must collectively seek is smart regulation – regulation that achieves resilience with efficiency, stability with growth, safety with innovation. we will then have a financial industry that is systemically sound and also serves the needs of the economy and society. it is a vision worth working for, together. thank you. 1 ollivaud & turner, “ the effect of the global financial crisis on oecd potential output ”, oecd journal of economic studies, 2014. 8 / 9 bis central bankers'speeches 2 see for instance, david luttrell, tyler atkinson, and harvey rosenblum, “ assessing the costs and consequences of the 2007 – 09 financial crisis and its aftermath ”, dallas federal reserve, september 2013 ; and us government accountability office “ financial regulatory reform : financial crisis losses and potential impact of the dodd - frank act ”

cars a€ “ namely, electric, hybrid or hydrogen fuel cell cars. infrastructure solutions for charging electric vehicles on a massive scale will need to be developed and singapore can be a good test bed for such solutions. two, decarbonising power generation. globally, while the growth in renewable energy has been spectacular, fossil fuels continue to account for more than 80 % of global primary energy consumption. this is why the production, deployment and research into low - carbon hydrogen, as well as carbon capture, utilisation and storage solutions are so critical and why singapore has focused heavily in these areas. singapore has signed mous with australia and chile and has an arrangement with new zealand to develop and deploy low - emissions solutions and technologies, which could potentially be adopted and scaled globally. second, mobilising transition finance. according to mckinsey, achieving net zero in asia by 2050 will require about us $ 3. 1 trillion in capital annually. as a leading global financial centre in asia, singapore can play a key role in mobilising this capital. let me highlight two areas. one, blended finance. many sustainability projects in emerging markets pose risks that are not commensurate with their expected returns. we need catalytic capital to improve project bankability and crowd in private sector capital. we also need to recycle capital by taking loans off bank balance sheets and structuring them in a form that institutional investors can participate in. the singapore pavilion will feature innovative blended finance solutions and highlight our efforts to synergise public, private, and philanthropic capital. two, credible disclosure and transition plans. we must give investors confidence to invest in the transition, especially given concerns around " greenwashing ". corporates and financial institutions must therefore develop and disclose credible transition plans that are in line with science - based sectoral pathways. singapore has been contributing to international efforts towards comparable sustainability disclosures and sound climate data and metrics. third, developing sound carbon markets. carbon markets play a complementary role to channel funds to emission reduction and removal projects that would otherwise not have received funding. singapore can play a useful role as a facilitator of carbon market services in asia. 2 / 3 bis - central bankers'speeches one area of promise is the voluntary carbon credit market. it is expected to play an increasingly important role, especially in asia. the demand for credits will come from sectors where it is quite difficult to reduce emissions due to prohibitively high costs or the lack of proven technology