- p, with a target fund size of us $ 5 billion. 1. we will contribute concessional capital towards this platform, alongside multilateral development banks, development finance institutions and philanthropies. 2. in turn, this aims to crowd in commercial capital to achieve a lower blended cost of capital, so as to support transition and decarbonisation projects that may otherwise not be able to obtain commercial funding. 3. we hope this will improve the bankability of projects and give confidence to investors to mobilise their private capital into these projects. 4. i invite asset owners and lenders to join us in fast - p, so that together, we can bridge the financing gap in enabling asia's climate transition. 4 / 7 bis - central bankers'speeches 5. this will be critical to mitigating the impact of climate change on lives and livelihoods in asia. c. third, private capital can drive the growth of the digital economy in asia. i. asean's digital economy is projected to grow from us $ 300 billion to us $ 1 trillion by 2030. we are in the midst of negotiating an asean digital economy framework agreement, which is projected to double this value contribution to us $ 2 trillion. ii. from digital payments, to e - commerce, to digital infrastructure, there is huge potential for digital technologies to transform the way people consume information, buy goods and services, and use financial services. iii. we have seen a good number of promising tech start - ups in asia, in sectors ranging from aquaculture to logistics to fintech. 1. i had the opportunity recently to meet with the co - founder and ceo of indonesian start - up company efishery, mr gibran huzaifah. a. since its founding in 2013, efishery has grown to be the largest digital cooperative chain for fish and shrimp farmers, providing affordable financing and fair market access to over 70, 000 farmers across indonesia. iv. start - ups like efishery will need multiple rounds of fundraising to scale. 1. while venture capital funding in southeast asia had taken a hit in the past two years in line with global trends, it is expected that the region's strong bench of start - ups will be able to continue to draw in investors. 2. more fundamentally, within this community, i hope we can find a structural solution to fill the funding gap that start - ups face between series b and c stages. a. in particular

, there is room for private credit to provide non - dilutive financing that can complement equity and debt financing, by providing flexibility through customised deal structures. 3. ultimately, we need a variety of funding instruments – including seed funds, short - term loans, venture debt and equity financing – to build and sustain the wide range of early - and late - stage companies in the region. singapore – a hub for enterprises and financing just as how changi airport plays a key role as a hub for regional and global air connectivity, singapore plays a key role in intermediating capital flows and investment opportunities. we have a strong ecosystem here in singapore, which can help the private markets community tap on and unlock asia's potential. 5 / 7 bis - central bankers'speeches a. first, we will continue to maintain a conducive environment for businesses to set up in singapore. i. over the years, we have built up a reputation for our regulatory environment, stable and efficient infrastructure, access to financial intermediation and services, and strong rule of law. ii. we hope this will not only attract more companies in our region to set up in singapore, but also encourage private equity managers to promote singapore as a springboard into the region for their portfolio companies. 1. one such example is straive, which the partners group had a majority stake in from 2017 to 2021. 2. under the ownership of partners group, straive transformed from a provider of content services into a technology - driven content, data and edtech solutions company. 3. as part of its transformation, straive moved its headquarters to singapore, and now serves over 300 customers in 30 countries worldwide. b. second, we will continue to offer various fund structures and investment platforms to reduce costs and improve efficiency for both investors and fund managers. i. for example, in 2020, we launched the variable capital company ( vcc ) structure, a flexible corporate structure for investment funds. ii. the vcc has given fund managers greater flexibility, as it allows different investment strategies – such as real estate, private equity, and public and private credit – to be employed in different sub - funds, but overseen by a single board of directors. iii. to date, we have more than 1, 100 vccs set up by traditional and private market managers for a variety of use cases and fund strategies. iv. the availability of vccs also facilitates the co - location of fund vehicles with their singapore - based