’ s consumers. they need to do this by looking both inwards and outwards, and seize new opportunities using technology and innovation. ( inwards ) insurers must look inwards to transform themselves, to embrace innovation at all levels, and create an environment where staff are empowered to be like start - ups : nimble, flexible, and creative. this is necessary to allow incumbents to compete on an equal footing with new challengers who are not bogged down by pre - conceived notions. moreover, the very notion of an innovation lab signifies the value of experimentation. it should be recognised that every success will likely be accompanied by several failures, and lessons learnt from failed projects must contribute to a blueprint that ultimately diagrams how success will look like. ( outwards ) insurers must also look outwards to seek collaboration. collaboration will be the crux to unlock new and non - traditional sources of talent and partnership outside of the financial sector. through collaboration, insurers can gain access to potentially disruptive ideas and new technologies. meanwhile, start - ups gain access to the scale of established players to accelerate the development of solutions and test them in a commercial environment. i understand lumenlab already has an existing relationship with nus, and aims to seek more partnerships across industry sectors such as data analytics, market research, pharmaceutical, and technology, to explore new business opportunities. lumenlab is a prime example of how a large enterprise can create an environment like this within its the lta and a * star has been working on the singapore autonomous vehicle initiative ( savi ) since august 2014, and has successfully rolled out autonomous vehicle ( av ) trials in one - north in march 2015. telemedicine is the use of telecommunications and it to provide remote clinical healthcare. oscar health is a new york - based start - up that provides policy holders with telemedicine tools, enables drug and doctor searches, price comparison for healthcare services, and rewards policy holders for hitting activity goals. obamacare start - up oscar health hits a $ 1. 5 billion valuation, forbes ( 2015 ). bis central bankers ’ speeches structure, to foster a culture of innovation and entrepreneurship, and partner with organisations across industry sectors and academia in singapore to identify opportunities for innovation and growth. singapore as a smart financial centre singapore, too, needs to position ourselves for this new future. we had set our vision to become a smart nation that harnesses technology to discover breakthrough solutions in the areas of age

eddie yue : climate business forum - asia pacific keynote address by mr eddie yue, chief executive of the hong kong monetary authority, at the climate business forum : asia pacific, hong kong, 27 february 2024. * * * good morning everyone, it is my great pleasure to welcome you all to the climate business forum : asia pacific, co - hosted by the international finance corporation ( ifc ) and the hong kong monetary authority ( hkma ). for those of you coming to hong kong from overseas, i would like to extend a very warm welcome to you all and i hope that apart from this forum you can find time to enjoy our lively and vibrant city. today's forum is the anchor event of the first hong kong green week. it brings together top executives and thought leaders in asia pacific and provides a platform to facilitate the exchange of ideas and knowledge, and the building of new networks and relationships. we hope that all these will help incubate new business opportunities and contribute towards addressing the bigger issues of climate change and sustainability. sustainability has always been a very complex and challenging issue. but sometimes, as we live in a complex world, we are distracted by other more eminent issues, whether it is market volatility, a pandemic, or the complex geopolitics we are facing. but climate change is not a problem that will go away on its own. in fact, it has become increasingly pressing and also intertwined with other global challenges that we face. the apac region is highly vulnerable to the impact of climate change. according to a report by the united nations development programme, asia - pacific countries experienced, on average, six natural disasters a year over the last 30 years a€ “ which is about twice as many as developing countries of latin america and the caribbean, and about three times as many as in sub - saharan africa. the region has seen an escalation in the intensity and frequency of extreme weather events, a decline in biodiversity, rising sea levels, and an increase in climate - induced disasters. asia pacific is also a key contributor to the problem, as we are producing more than half of the world's carbon dioxide emissions. and for the region as a whole, we need to reduce emissions, adapt to climate change, build resilience, and embrace innovation. it is not just about addressing a global issue that affects everyone, but also about protecting and helping our own people in asia. this need does not suggest a regression in our developmental