guarantee and investment facility ( cgif ) amongst the asean + 3 countries, which aims to help companies in asean + 3 countries raise long term financing for infrastructure investment by providing the governments ’ guarantees on their corporate bonds, thereby reducing risk for bond - holders. projects such as iskandar malaysia are also a prime example of how intra - regional investments can be encouraged, and how countries in our region can develop competitive strengths jointly. • iskandar malaysia ’ s performance has been impressive – poised to exceed its targeted rm100 billion investment mark by the end of this year. • i am glad there is good progress on the joint venture by temasek holdings and khazanah nasional, pulau indah ventures sdn bhd to co - develop two separate sites in medini. • other significant projects include a s $ 1. 5 billion integrated eco - friendly tech - park by ascendas and malaysia ’ s uem land berhad in nusajaya ( one of the five flagship bis central bankers ’ speeches zones in iskandar ). once completed, the park will accommodate a range of industries including electronics and precision engineering. • just in the last month, we have seen other significant investment commitments in iskandar reported by singapore companies. iskandar malaysia will enhance the complementary space between our two economies. it is a win - win. to ensure continued progress in iskandar, singapore and malaysia will continue to take steps to improve connectivity, cross - border trade facilitation, and immigration processes. conclusion i would like to conclude by emphasising once again that i am basically optimistic about the prospects in our bilateral and regional cooperation. we face many challenges in this post - global financial crisis era. but the opportunities for us in asia are intact, and our ability to cooperate with each other to achieve our full potential as a region is an asset for all our countries. bis central bankers ’ speeches

##ness of the financial system. such a framework will comprise the following elements : · risk - focussed, consolidated supervision ; · harmonised regulation ; · sound corporate governance ; and · effective market discipline. let me elaborate on these elements of the new framework. risk - focussed, consolidated supervision we are adopting a risk - focussed, consolidated approach to the supervision of financial institutions. we will place more emphasis on understanding and evaluating an institution ’ s risk management systems and internal controls. and we will apply this approach on a consolidated group - wide basis across all constituent institutions, local or overseas. at the micro - level, mas is improving the processes and techniques it uses to systematically evaluate a bank ’ s operations and risk profile to determine the key areas that require attention. at the macro - level, mas is enhancing its financial surveillance capabilities, to help identify emerging vulnerabilities, and assess how they will affect individual institutions or business activities, so that we can devote adequate supervisory resources to these areas. harmonised regulation mas will also develop a more harmonised and integrated approach to regulation. consistency in regulation across similar financial activities and products will help level the playing field, lower compliance costs, and reduce the scope for regulatory arbitrage. in this regard, mas has begun to streamline the licensing regime and put in place a risk - based capital framework across the financial sector. the new securities and futures act will introduce a single, modular licensing regime for securities and futures intermediaries. the financial advisors act will provide a single licensing regime and a more flexible and integrated regulatory framework, with consistent standards of business conduct for entities engaging in financial advisory activities for all investment products. but this is not a one - off process. as the industries and products continue to evolve, our laws and regulations will have to evolve with them. we are making progress in applying the concept of risk - based capital. in banking, where risk - based capital standards already exist, mas is working with the local banks to implement the proposed new basel capital accord. in insurance, securities and futures trading, we are revising the existing disparate capital frameworks, to replace them with a consistent risk - based approach based on common principles and objectives. “ issues in global financial supervision ”, remarks at the 36th seacen governors'conference in singapore, 1 june 01. effective corporate governance over time, we should rely more on corporate governance and market discipline to complement prudential regulation and supervision. good corporate governance is critical to foster