update on transaction status. high security. the central platform leverages on the strong security and risk mitigation protocols built into national faster payment systems. the ten members of the association of southeast asian nations, or asean, have a shared vision of a multilateral network of payment linkages across asean by 2025. mas believes that project nexus can be a key enabler towards realising this vision. asean is well placed to be a first - mover on this multilateral solution. in fact, as this network expands, we hope to see more countries coming onboard as we build connectivity from asean to the rest of the world. strong like metal - atomic settlement ( project ubin plus ) the second desired outcome is atomic settlement. real - time cross - border payments does not mean real - time settlement. let me explain. project nexus solves the clearing problem. the sender's bank account is debited and the recipient's bank account is credited instantaneously, based on the payment instruction sent through the network ; and the recipient can spend the money. but it does not solve the settlement problem. the actual movement of funds between the banks is not instantaneous. it involves many intermediaries, goes through different ledgers, and takes two to three days to complete. this potentially creates multiple points of failure and higher costs. we want a real - time settlement system that is strong and secure like metal. we want atomic settlement. atomic settlement is the simultaneous exchange of two linked assets in real - time. 3 / 11 bis - central bankers'speeches it eliminates settlement risk, duplicative reconciliation, and the need for large prefunding accounts. it has benefits not only for retail payments but also cross - currency and securities transactions. one of the most promising ways to achieve atomic settlement is through tokenised assets which can be exchanged simultaneously on a distributed ledger. this is what mas has been experimenting with since 2016 through project ubin. project ubin demonstrated three things : banks paying one another without going through mas ; decentralised netting of payments while preserving transactional privacy ; and final settlement and delivery - vs - payment by tokenising digital currencies and securities assets so that they could be simultaneously exchanged. the success of project ubin paved the way for further collaborations and progress. partior – a joint venture among dbs bank, jp morgan, and temasek – has used a blockchain based multi - currency clearing and settlement platform to reduce the settlement time

reviewing and accrediting training programmes to certifying individuals under fics ; • the management and staff of ibf have been unrelenting in their commitment to raising industry standards. as we look back at ibf ’ s 40 years, we can take pride in what it has achieved. • some 200, 000 participants have benefitted to - date from training courses offered or accredited by ibf. • close to 2, 000 practitioners have been certified under the fics standards. one of the reasons why ibf has done well is that it has renewed itself periodically, to stay relevant and effective amidst a changing environment but always focused on its core mandate of promoting competency in finance. today, ibf embarks on the next phase of its journey to raise industry standards. our new mission is to “ empower practitioners with capabilities for a robust asian financial industry ”. to equip our finance professionals for the next phase in singapore ’ s development as a financial centre, ibf will focus on two new dimensions. first, we will put together programmes which will not only develop depth in core competencies but also breadth across related functional capabilities. a successful career in finance today requires versatility across different areas, be it to offer comprehensive solutions to customers or manage risks holistically across multiple business lines. bis central bankers ’ speeches second, we will build expertise and capabilities to serve and operate not just in singapore but in a pan - asian financial market. with the surge of opportunities in asia, those with the knowledge and skills to operate across regional markets will be in high demand. these are capabilities that we must consciously seek to build amongst our professionals. ibf does not operate in a vacuum but in the larger context of what it takes to develop and grow the financial sector – to create meaningful jobs for singaporeans, support the needs of the economy, and serve the larger region. it is now my pleasure to welcome our guest - of - honour, deputy prime minister and minister for finance, tharman shanmugaratnam, to talk to us about this larger context. it is especially appropriate that dpm tharman is doing this as he is himself an ibf pioneer who, as ibf chairman some 14 years ago, transformed ibf to set competency standards for the industry. dpm tharman, please. bis central bankers ’ speeches