competencies as they progress in their career, across different job roles and levels. • through this framework, we aim to build a strong pipeline of singaporean talent and leaders in finance, so that our people can avail themselves of the opportunities that a growing financial industry will create. second, our industry associations are playing an important role in supporting talent development within specific sectors. • the life insurance association of singapore, for instance, is working with the singapore college of insurance, to develop a talent framework that provides structured training and development opportunities for insurance professionals. • the general insurance association of singapore is running a global internship programme which seeks to provide undergraduates with hands - on experience at insurance firms overseas. third, we have in singapore, fortunately, a strong academic and intellectual climate or platform to deepen specialisation in finance. bis central bankers ’ speeches • we have world - class universities such as insead and university of chicago based here, who will collaborate with this campus to design programmes to offer highquality, specialised courses in banking and finance. • we have research centres such as the centre for asset management research and investments and edhec conducting specialised research in areas relevant to the financial industry. • we have training providers such as the wealth management institute and risk management institute organising programmes and conferences to further thought leadership in areas of finance. bnp paribas ’ asia pacific campus is a welcome addition to singapore ’ s ecosystem to build human capital in finance for the future. conclusion this is an exciting time to be in the financial industry, notwithstanding the challenges it has gone through since the crisis. it is also an exciting time to be in asia. but to seize the opportunities in asian finance, we need a deep pool of highly skilled and trusted professionals. i thank bnp paribas for growing with singapore, and for being a strong partner with mas in our efforts to develop talent and capabilities. i am confident your strong presence in singapore will serve you well as you continue to extend your asian footprint. bis central bankers ’ speeches

##mensurate with their expected returns. we need catalytic capital to improve project bankability and crowd in private sector capital. blended finance is also about combining financing with capacity building, technology transfer, and institutional support, to reduce risk and enhance bankability. 1 / 4 bis - central bankers'speeches blended finance is not new but scaling it requires a fresh approach. about a month ago, the monetary authority of singapore ( mas ) held the inaugural transition finance towards net zero conference conference. the conference saw more than 500 leaders and experts from across the world – from industry, academia, governments, and multilateral development banks - discuss the nuts - and - bolts of what it takes for blended finance to scale. what were their key take - aways? one, greater capacity and expertise to prepare projects. this is critical at the early stages of project development, especially in developing economies. transition projects need to be well designed with clear targets and transparent metrics to draw private capital. two, better risk mitigation and risk transfer mechanisms. we need catalytic and concessional funding from the public sector, multilateral development banks, and philanthropic sources, to improve project bankability and crowd in additional multiples of private sector funding. this will mean re - looking the financing models and incentive structures of multilateral development banks. three, a more synergistic financial ecosystem. we need to recycle capital by taking loans off bank balance sheets and structuring them in a form that institutional investors can participate in. singapore is taking active steps to scale transition and blended finance. infrastructure asia, launched by mas and enterprise singapore, provides expertise in project scoping, shares best practices in project development, and facilitates infrastructure financing deals in the region. clifford capital, whose borrowings are guaranteed by the singapore government, provides debt financing to crowd in equity participation for infrastructure projects. pentagreen capital, a partnership between hsbc and temasek holdings, will deploy blended finance at scale to unlock marginally bankable projects in southeast asia. convergence, a global network for blended finance, has launched a s $ 5 million grant scheme supported by mas, which will fund feasibility studies and proof of concept work on innovative blended finance solutions in target sectors that are under - capitalised in asia. singapore is also partnering global efforts to promote transition and blended finance. the network of central banks and supervisors for greening the financial system ( ngfs ) has established a blended finance initiative, that will identify best practices and lessons from past case