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

appropriate executive programmes for board members and senior management of financial institutions. i believe rmi can make an impact in enhancing the knowledge and capability of practitioners. finally, i hope rmi can provide a focal point to bring in global thought leaders and practitioners on risk management, through your flagship rmi annual conference. this conference has been a success. this conference will also allow rmi to showcase its contribution. this year ’ s annual conference attracted over 300 local and regional participants, registering an increase in the industry ’ s participation over the previous year. i am optimistic that you can grow this conference into a premier event on risk management in the region and globally. conclusion rmi ’ s growth would not be possible without strong support from the university. i appreciate the efforts of prof tan chorh chuan and prof tan eng chye in championing the growth of rmi. rmi ’ s new facilities is a visible commitment of this support. equally, if not more important, is your support for cross - disciplinary research. just as we remind financial institutions not to manage risks in silos, research efforts are more productive through interdisciplinary collaboration. by encouraging faculty members from different parts of the universities to work together, and with industry professionals, you do much to advance rmi ’ s leadership in financial risk management. i congratulate rmi on the opening of its new facilities and wish prof duan and your colleagues every success. i wish you a fruitful symposium. thank you.