council for the voluntary carbon market transition credits must meet the needs of those who buy these credits. this means addressing concerns surrounding the timing mismatch between when the transition credits will be generated and when the financing will be needed. this involves exploring mechanisms that can bring forward the issuance of credits and facilitate early off - take, such as insurance solutions or advance market commitments. developing transition credits as a credible and viable financing solution is by no means easy. it requires strongly supportive policies and deep product and market innovation. i believe that the financial industry has the innovative capacity to make instruments like transition credits work. mas is therefore calling for like - minded partners from the industry to work with us on pilot transactions. we have to learn by doing. third success factor : we must ensure the managed phase - out of coal is implemented in a just manner. the early retirement of coal plants will disrupt lives and communities, particularly of those who rely on coal mining and related operations as a source of livelihood. a credible managed phase - out programme must ensure that measures are in place to mitigate potential harm to livelihoods and communities : one, robust assessment of any negative impact at the plant, community, regional and national levels ; two, mitigation measures such as workers'transition plans, and frameworks to monitor and assess the effectiveness of these measures ; and three, explicit provisions to properly finance the implementation of the necessary measures - for instance, a portion of revenue from the sale of transition credits could be set aside for re - skilling displaced workers. the coal transition is fundamentally about people. 4 / 5 bis - central bankers'speeches managed phase - out should be done in consultation with key affected stakeholders. local governments play a key role, especially in providing opportunities for redeploying a large group of displaced workers and their families under a broader energy transition plan. let me conclude. the economics of investing in climate change mitigation are attractive. the imf has estimated that a policy mix of carbon taxes and green investment stimulus could increase global gdp by 0. 7 % per year through 2036 and create 12 million new jobs through 20271. green and transition finance is potentially the next big growth story. but we need to innovate, take some risk, and work real hard to realise that potential. i believe and i hope that the financial industry and international policymakers will step up to the task. thank you. 1 imf ( 2021 ), securing a green recovery : the economic benefits from

under 1 % in markets like india and indonesia6. alibaba combined mobile emoney with facial recognition in their hema chain of supermarkets. you walk into the store with your mobile phone, find something you like, scan the qr code to find out more information about it, and in the same app you can order the item, pay for it, and get it delivered in 30 minutes. jd. com does something similar in their staff convenience store at their headquarters : walk in, pick up a snack, walk out. b. emerging issues in domestic payments the clearest benefit for consumers is greater convenience and an explosion of choice in how you want to pay. you can use the same e - wallet to get a ride to work, then to 8. buy lunch at a cafe. you can use another e - wallet to order dinner. merchants too, have more choices today on how they wish to get paid. just step into any mall, and at many shops you see a range of qr codes representing different e - wallet schemes – some of them catering just to tourists from specific countries. the reverse side of that same coin is that as more payments are carried out outside of the banking system, they also start to fall outside of typical central bank oversight like the ach and rtgs. as it stands today, the portion of digital payments is still a small fraction of 9. total payments. even in china, where mobile payments have sky rocketed, the total volume of mobile payment transactions in 2016 stood at cny 208 trillion7, a fraction of the cny 3600 trillion8 processed by china ’ s high - value payment system. however, as more payments go through these e - wallets and as more consumer monies are held by non - banks, it is important for us to consider the risks that we typically look out for : a. as individual e - wallets, how do we keep them safe to use? b. collectively, how do we manage risks that e - wallets may pose to the financial system? 2 / 6 bis central bankers'speeches c. as a market, how do we ensure that e - payments function smoothly with each other and with the financial system? 1 0. let me run through these three questions, and share how mas is addressing these through the proposed payment services bill ( psb ) – striking a balance between innovation and sound regulation – as well as industry collaboration. the proposed psb also follows an activity based framework which