paper form but also its electronic form. government agencies from singapore are working with the chongqing port and logistics office to conduct a pilot to digitalise bills of lading, including the mtbl, using tradetrust. tradetrust is an interoperable framework to support the exchange of electronic documents. it uses distributed ledger technology to allow trade actors to establish the authenticity of a digital document. if we can scale the use of tradetrust within the cci - ilstc, banks will be able to use these electronic documents for trade financing and we can effectively eliminate the risk of 1 / 3 bis central bankers'speeches fraudulent mtbls. more broadly, the greater use of electronic trade documents will make verification checks easier, reduce the incidence of fraud and human error, and ultimately lower costs. but to achieve this, all stakeholders need to adopt digital tools and upgrade their trade practices. we need close collaboration among government agencies and private sector players. there are promising signs of progress. root ant, a singapore fintech firm has signed an agreement with the bank of china ( boc ) to serve as the trade financing platform on the singapore side, enabling traders, logistics companies, and boc ’ s branches to exchange electronic trade documents under the cciilstc for trade financing purposes. i look forward to more of such digital trade pilots bearing fruit over the next couple of years. collectively, these will transform how trade is conducted on the cci - ilstc. our second focus area is green finance. china and asean will require significant green financing to make our transition to a more sustainable future. it is estimated that to achieve carbon neutrality, china will require more than 500 trillion rmb or us $ 78 trillion in green and low carbon investments over the next 30 years. asean will require some us $ 2 trillion in green investments over the next 10 years. as an international financial centre, singapore has made serving asia ’ s transition towards sustainability through green finance a key priority. singapore can play an important role in supporting china ’ s green financing needs. there is a deep green financing and investor pool based in singapore looking for green assets in asia. during 2017 to 2020, domestic and foreign corporates have successfully issued us $ 8 billion of green, social and sustainability linked bonds in singapore. how can singapore and chongqing work together to mobilise green financing and investments in a safe, sound, and orderly manner? let me offer four suggestions. first, we must help corporates understand the value of green

will continue to strengthen our supervisory and regulatory regimes and market infrastructure, consistent with new international standards and best practices. as we have done in the past, we will calibrate these changes to take into account our environment and regulatory objectives. 10. mas is supportive of global reform efforts to strengthen capital and liquidity frameworks. we have always considered capital adequacy and effectiveness of a bank ’ s risk management and capital planning processes as important parts of overall prudential management of banks. as a member of the basel committee on banking supervision, we participated actively in international discussions that helped shape the broad agreement reached earlier this week on the main design elements of the new capital and liquidity reform package. other design details such as calibration, and phase - in arrangements as well as the framework for regulatory buffers will be determined later in the year. we would like to see a set of final proposals that can be implemented globally in a meaningful manner to promote the long term stability of the banking system. there should be a judicious balance between limiting banks ’ activities that are incongruent to their role as an intermediary of financial flows, and allowing them to perform their role in facilitating economic activity and sustaining the recovery. mas will continue to be actively involved at these discussions to shape the proposals. 11. our singapore banks start from relatively strong capital and liquidity positions. they are generally well - capitalised and have in practice maintained capital ratios much higher than our minimum requirements. as such, on a relative basis, we do not expect the proposals to affect them in a significant manner. nevertheless, the global reforms will set new norms for the banking sector and the singapore banks would have to take these into consideration in their capital and liquidity plans moving forward. 12. i mentioned last year that mas will be reviewing the corporate governance regulations and guidelines for locally - incorporated banks and significant life insurers. we have since issued a public consultation paper setting out proposed enhancements to the corporate governance framework for these financial institutions. the main thrusts of the proposals emphasise the need for directors to have the relevant skills and commitment to oversee the operations of the financial institutions, and the important role of independent directors on the board. mas will issue our response to the public consultation shortly. 13. on market conduct, mas has issued two consultation papers on the sale of listed and unlisted investment products, to strengthen safeguards for retail customers and enhance mas ’ regulatory powers. we will be issuing