be even faster through an end - to - end digitalised trade process along the ilstc. harnessing green finance for sustainable development 2 / 4 bis central bankers'speeches the second area where chongqing and singapore can work closer together is green finance. covid - 19 has made us all more aware of the value of protecting the environment. china has committed to ambitious green policy goals including carbon neutrality by 2060. chongqing has the important task of leading sustainable development in the western region and along the yangtze river economic belt. green finance will be a powerful tool to help achieve this. green finance is also a key area of focus in singapore. mas has worked with the financial industry to launch a green finance action plan. it has four key strategies : strengthen the financial sector ’ s resilience to environmental risks ; develop green financing solutions and markets for a sustainable economy ; harness technology to enable trusted and efficient sustainable finance flows ; and build knowledge and capabilities in sustainable finance. asean too has prioritised green finance. green finance volumes in asean doubled last year and remained robust in 1h 2020, despite covid - 19. as asia continues to urbanise, its demand for affordable and sustainable energy will only grow. there is great opportunity for the western region and asean to collaborate on initiatives to support the large scale of green financing that is needed. last year, chinese and singapore banks jointly issued over usd 2 billion in green bonds and loans in singapore to finance belt and road projects. in may this year, icbc partnered dbs bank and ocbc bank to issue its first green loan in singapore, to the value of sgd 730 million. more can be done to mobilise private sector capital to support the green agenda in asia. strengthening disaster risk insurance the third area for co - operation is insuring against disaster risks, like pandemics, natural catastrophes, and climate change. this is critical as the western region continues to invest in infrastructure development including along the ilstc. the western region is highly exposed to natural catastrophes, and the yangtze river floods this year were the worst seen in decades. understanding risk exposures and strengthening financial risk management helps protect lives, livelihoods and public assets. insurance players and academic experts in chongqing and singapore can work together to better assess and model the western region ’ s risks. they can develop together climate and disaster risk financing solutions such as : traditional insurance and reinsurance ; regional catastrophe risk pools ; and catastrophe bonds.

study on the impact of automation and data analytics over the next 3 - 5 years on job tasks and skills needs across 121 job roles in the financial sector. this study helped prioritise our [UNK] in working with fis to reskill and redeploy 5, 300 employees in consumer banking, insurance, and operations, whose jobs were identified as likely to change significantly. to - date, 1, 700 workers have completed their training and have been successfully redeployed into new jobs, probably avoiding retrenchments that might otherwise have taken place. next, mas and ibf worked with skillsfuture singapore to develop a skills framework for financial services, building on ibf ’ s competency standards for the skills required in financial sector jobs. this framework has become the reference standard for jobs and skills in the financial services sector. what does this mean? first, the job functions and roles in mas ’ annual manpower survey and the new employment outlook survey are mapped to those in the skills framework, so that we not only know what jobs are in demand, but also what skills to build to help move people into these jobs. second, ibf ’ s accreditation of training programmes and certification of professionals are based on the skills framework, and so are its training pathways for reskilling and upskilling. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new - and - evolving - jobs - in - financial - services 16 / 18 04 / 12 / 2020 " gearing up for new and evolving jobs in financial services " - remarks by mr ravi menon, managing director, monetary authorit … third, employers in the financial sector have started to adopt the skills framework in their training roadmaps. this is important. as an industry, we must move towards skills - based rather than qualification - based hiring and career development. fast forward to 2020, and the restrictions imposed by the covid - 19 pandemic have accelerated upskilling [UNK]. training participation has increased 65 % to reach close to 31, 000 during the april to september 2020 period, compared to the same period last year. besides training to deepen your skills, i encourage you to seek ibf certification, an industry endorsed mark of quality for finance professionals in singapore. https : / / www. mas. gov. sg / news / speeches / 2020 / gearing - up - for - new - and - evolving - jobs - in - financial