the premier asian hub for solutions in investment risk management ; a rapidly growing debt capital market ; anda promising equity capital market. first, a vibrant private equity and venture capital ecosystem. the thriving start - up and 1 / 4 bis central bankers'speeches fintech scene in singapore and southeast asia have drawn active interest from pe / vc players from around the world. pe / vc assets under management in singapore have doubled over the last five years. they grew by over 50 % last year despite the covid - 19 pandemic and recession, testament to the resilience of the ecosystem. technology and innovation are making private equity and venture capital investments more accessible. with tokenisation, assets can be fractionalised, allowing smaller investors to access investments that were once the domain of large institutional investors. example : addx, a private market exchange backed by the singapore exchange, offers eligible investors access to a wide range of investments with just $ 10, 000 – from global names such as partners group ’ private equity fund to homegrown private companies like xm studios. second, a comprehensive suite of solutions for investment risk management. singapore ’ s foreign exchange market is the third largest in the world. daily trading volume is more than us $ 640 billion. the deep fx market enables market participants to manage and hedge currency risks in their investments. singapore is the premier derivatives hub in asia, and the largest offshore market for asian equity index derivatives. corporates and investors can hedge their risks through a wide range of derivative products, across equities, fx, commodities, rates, and fixed income. let me give two examples of how these derivative products play an important role in managing risks. sgx ’ s freight futures contracts have proven especially useful in helping companies manage their freight rate risks amid strains in global supply chains and volatility in shipping rates. as a commodities trading hub, singapore ’ s deep derivatives market for materials such as iron ore provides global participants with the tools to manage risks as well as express their market views. singapore ’ s strengths in technology are helping to make its risk management solutions even more accessible and efficient. efforts are underway to use blockchain technology to enable a more streamlined and transparent market. example : sgx ’ s marketnode seeks to enhance the efficiency of fund raising through international debt capital markets, shifting from a largely analogue process today, to a digital, automated environment supported by distributed ledgers and smart contracts. we anticipate that in the near future, the ability

- ante risk financing and risk transfer strategies. adrfi phase 2 was approved by the asean finance ministers at the asean finance ministers meeting in april 2018 and the 3 - year detailed plan of action was subsequently endorsed in april this year. 12. to drive adrfi phase 2 forward, the plan of action will be implemented by a dual programme office, to be led by the asean secretariat and the ntu - icrm. the dual programme office will adopt an open architecture structure to support global collaboration with stakeholders including policy makers, governments, multilateral development banks, international organisations and the private sector. 13. allow me to provide an overview of adrfi ’ s 3 focus areas over the next 3 years. these are : ( i ) risk assessment, as i mentioned earlier ( ii ) risk advisory ; and ( iii ) capacity building. leveraging on their respective strengths, icrm will lead the risk assessment and risk advisory pillars, while asean secretariat will lead the capacity building pillar. 14. these are upstream activities which will strengthen asean ’ s disaster risk management capabilities, and complement the downstream public and private disaster risk financing solutions, such as the seadrif. let me elaborate further on the 3 key focus areas. 1 5. first, risk assessment. good quality data is necessary to quantity asean ’ s economic and insurance exposure to natural disasters. moreover, countries are facing increasingly complex threats that compound the negative impacts of disaster and climate shocks, ranging from supply chain disruptions, to population migration and adaptation issues, to the risk of pandemics. good data and analytical tools will allow policy makers to identify disaster risk zones, and to quantify the risks as well as the potential fiscal impact. this will in turn, empower governments, regulators and industry to make more informed decisions on disaster risk management, from infrastructure planning, to the use of disaster financing strategies and the development of solutions. 16. to this end, adrfi will establish a new asean data and analytics platform, to construct a high resolution and objective natural catastrophe database for asean. this platform will use remote sensing technologies such as satellite imagery, and advanced extraction techniques, to produce top down economic exposure data. such data include building attributes like age and type of construction, as well as building values, will be fused with bottom - up insurance exposure and loss data, to form a holistic and more accurate picture of risk. 17. you may already be familiar with the natural catastrophe data analytics platform ( or 3 / 4