this is aptly illustrated by the so - termed self - assessments, whereby institutions assess their business integrity with the help of questionnaires. dnb subsequently examines these self - assessments. this is an efficient way to chart the risks within a sector without having to visit each institution individually. self - assessments were introduced at small and medium - sized insurers this autumn ; they were developed in consultation with the sector in order to accommodate insurer - specific features. we also learnt greatly from the afm ’ s experiences with its contribution model. dnb ’ s operational supervision is obviously closely connected to the integrity issues of concern to the intelligence and security service, the afm, tax authorities, fiscal and economic intelligence service and the police. dnb neither prepares nor continues the work of the investigative and prosecution authorities, but we cooperate well with them and share information with other supervisors and investigative and prosecution agencies, naturally keeping within the statutory bounds of confidentiality. as the chair of the financial expertise centrum, the fec, dnb is committed to further intensifying cooperation between the services. besides the integrity supervision of persons, business relations and organisations, dnb also concerns itself with the integrity of the entire financial sector. here too, integrity goes beyond compliance with statutory rules and provisions. unsound conduct can damage the sector as a whole, even if, strictly speaking, no violations occur. the wrong sort of incentives could induce sound people, working in sound companies, to exhibit behaviour that impacts negatively on market integrity in general. notably in this area, it is up to the sector to act responsibility. you are responsible for making the right choices. where those choices are difficult, dnb would be glad to discuss them with you. but if you don ’ t make any choices at all, you will find that dnb takes its role as supervisor very seriously when it comes to integrity. in my view, this sector is itself responsible for all aspects and manifestations of sound conduct. confidence must be earned! and what the sector, or certain players in the sector, do or do not earn, is now a target of much agitation and dissatisfaction and a subject of debate that focuses particularly on transaction - related bonuses. without going so far as to say that the credit crisis is a direct result of such bonuses, we can say that the incentives attached to such bonuses could generate irresponsible and socially undesirable behaviour. behaviour that in any case lowers confidence in the reliability of the financial sector

with per capita incomes approaching that of upper middle income countries. • india emerged as the third largest economy in the world, with the largest middle class and a global network of indigenous multinationals. • but perhaps most significant for singapore was the emergence of indonesia as the fastest growing economy in the world, following far - reaching economic reforms in the early 2020s. singapore ’ s high - end manufacturing and modern services benefitted significantly from trade and investment links with these asian giants, in addition to the unites states and the north euro area. but the real game - changer was the setting up of two supra - national economic zones. in 2028, malaysia and singapore got together to set up the iskandar - singapore economic zone or isez : one economic system spanning two sovereign countries. • the experiment succeeded beyond expectations, providing global and regional investors an integrated production and services base that was unmatched in southeast asia. in 2030, the most ambitious blueprint of the asean economic community process came into being, with the establishment of the asean free economic zone, or afez. • unlike traditional economic zones like the isez which were contiguous entities, the afez was a network of the major cities across asean connected by extensive road, rail, air, and sea links, not to mention advanced digital communications. • there was free movement of goods, services, capital, and people between these cities, which become vibrant hubs for trade and enterprise. while the bulk of the economic benefits of the afez rightly accrued to the developing economies of indo - china, singapore benefitted from being the nerve centre of this network with extensive backward and forward linkages between the offshore economy and the territorial economy. the singapore economy which had hitherto been characterised by the export of goods and services was increasingly being driven by the export of capital and people. • singapore firms shifted a substantial volume of production offshore and increased ownership of production facilities in the afez. • increased connectivity enabled large numbers of singaporeans to work in the afez while maintaining home in singapore. • the government partnered the private sector to build offshore satellite towns and industrial parks in the afez to cater to the needs of singapore mncs and overseas communities. the gross inflows of income derived from the deployment of singapore ’ s capital and people abroad rose by 50 % between 2026 and 2040. bis central bankers ’ speeches • for the first time, these inflows exceeded the income repatriated abroad