both traditional as well as new business models, according to the risks the activity poses. for example, in the new payment services bill that mas has consulted on, regulatory requirements for payment activities will be differentiated according to the risks that specific activities pose rather than apply a uniform set of regulations on all payment service providers. regulation comes in when the risk posed becomes material or crosses a threshold. the weight of regulation must be proportionate to that risk. singapore is one of the first jurisdictions to have established regulatory sandboxes where firms can experiment their innovative solutions in a contained environment, with access to a limited pool of actual customers. what we will diligently protect is the trust and credibility in our financial system. we will also be paying closer attention to financial institutions ’ management of cyber - threats and to new forms of financial stability vulnerabilities as digitisation blurs the boundaries across geography and industries. recently, we have created an enhanced role of a chief cybersecurity officer as well as appointed a new chief data officer. i believe there is much we can share and learn from other central banks, financial regulators and even law enforcement agencies, such as our european counterparts. looking ahead finally, there are other areas that should matter to all of us amidst the ongoing transformations in the banking industry. one is the important issue of financial inclusion. in the quest to innovate and as banks develop the sophistication to sharpen the profile of each customer, we should not overlook the need for financial inclusion – especially access to basic banking and financial services for under - served communities. another area is in the responsible use of technology tools. earlier this month, mas announced the setting up of a regulator - industry grouping to co - create a guide to promote the responsible and ethical use of ai and data analytics by financial institutions. this committee is known by its acronym feat – which stands for fairness, ethics, accountability and transparency. this gives you a good idea of its mandate. the key is as technology and data analytics usage become more prevalent, the responsible use of these is equally paramount. conclusion to conclude my remarks, allow me to resurrect a quote from a speech by president kennedy in 1966, which i thought is apt even in current times. [ quote ] there is a chinese curse which says ‘ may he live in interesting times ’. like it or not we live in interesting times. they are times of danger and uncertainty ; but they are also more open to the creative energy of men

to support the wide range of financial needs related to the belt and road initiative. a. as an international financial centre in the heart of asia and one of the largest offshore rmb centres in the world, singapore can play a key role in financing and advancing belt and road projects, particularly in southeast asia. singapore signed the guiding principles on financing the development of the belt and road during premier li ’ s recent visit to singapore. these principles advocate for inclusive participation, mutual benefits and risk - sharing as participating countries work together to build a long - term, stable, sustainable financing system that is well - placed to manage risks. singapore set up infrastructure asia this year to catalyse stronger partnerships for infrastructure development across the region. infrastructure asia harnesses the networks and collective capabilities of public sector agencies and private sector firms across the region to meet asia ’ s infrastructure needs by ( i ) connecting partners in the 2 / 5 bis central bankers'speeches ecosystem ; ( ii ) building capacity in demand markets ; and ( iii ) providing top - level project advisory to improve bankability. infrastructure asia provides an open platform for chinese ( including shanghai - based ) infrastructure developers and financial institutions to partner players in singapore in regional infrastructure projects. b. furthermore, as infrastructure demand and foreign investments along the belt and road region increase, we expect a boost in demand for commodities and growth in commodity trade. singapore ’ s strategic location in the crossroads of key trade flows has enabled commodity traders in singapore to capture such opportunities. shanghai pudong development bank ( “ spdb ” ) opened its first overseas commodity centre in singapore in october this year, providing global commodity businesses with commodity - related financial services and solutions. c. singapore banks are also embarking on bri collaborations with shanghai banks. uob signed a mou with spdb in september this year to serve companies hoping to tap on bri opportunities, providing financial solutions covering investment advisory, cross - border rmb transactions, syndicated loans, project and trade finance, and cash settlement. ocbc bank signed its second mou with bank of shanghai in april this year, leveraging each other ’ s strengths, networks and platforms to support customers in their bri expansion plans, including access to ocbc ’ s funding and risk management solutions for bank of shanghai ’ s corporate clients. this builds on existing cooperation areas under the first ocbc - bank of shanghai mou such as cross - border trade finance, investment banking and treasury solutions. capital market connectivity and rmb international