##ity risk management. the new framework will be announced in the second half of this year. its implementation will be phased out to minimise potential disruptions to financial markets. as business models and technologies continue to evolve, mas has kept close touch with market participants and discussed with them the possible risk implications of new activities. we have avoided pre - empting market developments with premature regulation. regulation has to be responsive but it cannot prejudge how the market will develop and business strategies will crystallise. mas has issued regulatory guidelines on the provision of financial services through new delivery channels. examples include the policy statement on capital treatment of internet - only banks ; guidelines on technology risk management for all institutions engaging in internet banking ; and sound practice guidelines on internet securities trading. the proposed sfa will introduce an authorisation regime to cater to new trading systems, often referred to as alternative trading systems, so as to increase the scope of products available to investors. developing talent attracting and developing talent, both singaporean and foreign, is critical to fostering innovation and a vibrant financial centre. in january this year, mas announced that a financial network for excellence in training ( f - next ) would be established to encourage greater collaborative efforts in enhancing workforce capabilities within the financial sector. the institute of banking and finance ( ibf ) will take on a new role as the central executive arm of f - next. f - next will assess the training needs of the financial sector holistically, and identify gaps in skills requirements. f - next will also strive to attract world - class training providers to set up in singapore. reputable training providers will be encouraged to set up more training centres to meet the industry's demands for specialised courses. ibf will gradually phase out training courses which overlap with programmes offered by other training providers. international profile as a leading financial centre, singapore has a stake in a sound and stable international financial system. mas is actively involved in the financial stability forum ( fsf ), and initiatives undertaken by the bank for international settlements ( bis ) to strengthen national and cross border supervisory standards and capital adequacy of banks, market surveillance, and payments and settlement systems. mas participates actively at the international organisation of securities commissions ( iosco ), contributing to its work in developing principles and guidelines, which serve as global best practice standards. mas is also an executive committee member of the international association of insurance supervisors ( iais ), which is the global standards - setting body for insurance supervision. singapore

the pingan group in china, and other singapore institutional investors will be collaborating with chongqing financial assets exchange to help micro finance companies issue debt overseas. second, diversifying funding channels for outbound chinese corporates. 3 / 5 bis central bankers'speeches singapore can support the financing needs of chinese companies expanding into southeast asia and beyond. take for example, the new hope group, an agricultural and food processing company based in western china. it has been raising funds in singapore for its overseas expansion. or companies such as chongqing western modern logistics industry zone development construction and chongqing grain group. they have issued close to s $ 1 billion of bonds from singapore. bond issuance by chinese issuers in singapore almost doubled in 2017 to reach s $ 18 billion. more than 25 % of this amount was issued by first - time chinese issuers in singapore. singapore ’ asian bond grant scheme will help such first - time issuers by offsetting a part of their typical issuance costs. haier group, a leading chinese consumer electronics player, benefitted from this scheme when it issued a us $ 1 billion perpetual debt security in singapore. third, enhancing risk management for chinese firms. chongqing and singapore can explore joint projects to mitigate the economic impact of natural catastrophe risks in the western region. one example is through piloting a natural catastrophe insurance pool. similar initiatives are underway in southeast asia – and we could share experiences. in may this year, asean + 3 finance ministers agreed to establish the southeast asia disaster risk insurance facility ( “ seadrif ” ), which provides disaster risk financing, and a regional catastrophe risk insurance pool for participating asean member states. similarly, chinese investors and developers in belt and road projects who are facing unfamiliar legal, credit, and environmental risks in southeast asian markets, can leverage on the insurance expertise in singapore to help manage these risks. a good example is the belt and road insurance consortium that was formed in singapore last year. comprising both chinese and singapore insurers, it serves as an avenue to jointly develop insurance solutions to meet the risk management needs of chinese developers and contractors. the consortium aims to provide integrated insurance solutions across multiple countries, including for construction, project cargo, 2 political risk and structured trade credit. thus far, the consortium has pledged us $ 1. 2 billion in insurance capacity for construction and project cargo risks. it has insured four projects, in vietnam, indonesia, turkey and pakistan. fourth, strengthening fintech collaboration. there is great scope to