##cessarily, especially for business owners looking to retain control over their companies. iv. let me highlight two such examples. 1. first, durapower. a. durapower is an innovator of lithium - ion cell technology, offering closed - loop, end - to - end energy storage solutions for electric mobility and renewable energy applications. b. they have a presence in more than 20 countries, and they are expanding into southeast asia, china, and europe. c. private capital can play a role in supporting their growth in markets across the globe, and build a diversified manufacturing base. 2. next, commonwealth capital. a. they are a leading industry player in singapore's food sector with significant operations along the value chain from food services to logistics. b. as part of their growth plans, they are looking to expand their logistics business into specialist pharma logistics, and acquiring cold chain logistics players in the region to capture overseas growth opportunities. 3 / 7 bis - central bankers'speeches c. private capital can play a role in supporting the growth of commonwealth capital, by supplementing bank financing in their capital investments. b. second, beyond supporting the msmes, private capital can play a role in driving the region's green and transition finance needs. i. asia accounts for half of global emissions, and there is immense pressure for this to continue growing. 1. energy demand in asia is growing by about 3 % annually, the highest of any region around the world. 2. it is also expected to account for 90 % of the world's future growth in energy demand. ii. we therefore need to facilitate asia's carbon transition, and do so urgently. 1. this includes investing in renewable energy production, such as in hydropower, solar or low - carbon ammonia or hydrogen. 2. this also includes enhancing grid connectivity and the capacity for transmission and storage, so that we can allow for cross - border electricity trading and facilitate the establishment of the asean power grid. 3. this also includes phasing out asia's coal - fired power plants, many of which still have a long operational lifespan of at least 30 years. iii. private market financing can play a role by directing capital towards ventures that drive decarbonisation, resource efficiency, and responsible infrastructure development. iv. to catalyse commercial capital for transition and marginally bankable green projects, we have set up a blended finance platform called financing asia's transition partnership or fast

world of possibly permanent heightened volatility and uncertainty. beyond local incorporation, encouraging strong international banks to sink deeper roots in a domestic economy will allow them to play a greater role in contributing to financial resilience. let me elaborate on this important objective of encouraging strong international banks to sink deeper roots in a national economy. one of the key features of our banking liberalisation has been the qualifying full bank ( “ qfb ” ) privileges that have been granted to foreign banks. the number of qfbs has increased from the initial four in 1999 to six in 2001 and eight today. qfbs have also been allowed more places of business from 10 in 1999 to 25 today. mas will continue to liberalise the domestic banking sector in a progressive and calibrated manner. we will allow greater foreign bank participation in singapore ’ s domestic financial system in a way that strengthens financial stability and that encourages foreign banks to deepen their roots in singapore. mas will make several refinements to the qfb programme : ( i ) we will require existing qfbs that are important to the domestic market to locally incorporate their retail operations. the key objective for requiring local incorporation is to strengthen depositor protection. one indicator of importance to the domestic market will be the share of domestic deposits. mas is also evaluating other factors that may be relevant to individual qfbs and will consult them on the criteria for requiring local incorporation. not every qfb needs to be locally incorporated. ( ii ) a very small number of qfbs may become significantly rooted in singapore over time. for these significantly rooted qfbs, mas will consider granting an additional 25 places of business, of which up to 10 may be branches, as part of an overall package negotiated with the home countries of these qfbs which are free trade agreement ( “ fta ” ) partners with singapore. this will bring the total to 50 places of business for such qfbs. being significantly rooted entails both additional privileges as well as responsibilities to contribute to the stability of the singapore financial system. bis central bankers ’ speeches a significantly rooted bank will be determined by both qualitative and quantitative attributes. for example, whether – ( a ) the bank is locally incorporated with majority singaporean / pr board representation, and what types of businesses are conducted by the locally incorporated entity ; ( b ) singapore is one of the major markets for the bank group, constituting a substantial part of group profits and assets ; ( c ) major business lines