9 Figure 1 summarizes the worldwide occurrences of banking problems. All countries that are shaded dark gray have experienced banking crises between 1980 and 1996. 10 The light-gray shaded countries have had significant banking problems. As you can see, there are only a few white spots on the world map. These are often countries which lack a meaningful banking system. Some of these white spots probably shouldn’t be white. For instance, Switzerland experienced a significant banking crisis during the early 1990s. 7  See, for instance, Kose John, Teresa A. John, and Lemma W. Senbet, 1991, ”Risk-Shifting Incentives of Depository Institutions”, Journal of Banking and Finance 15, 895-915. 8  Other examples include the ECB, which has the task of contributing “to the smooth conduct of policies pursued by the competent authorities relating to the prudential supervision of credit institutions and the stability of the financial system.” (Article 105(5) of the Maastricht Treaty). In the UK, the Bank of England was formally charged with the responsibility for the “overall stability of the financial system as a whole” by the Chancellor in a letter to the Governor on 20 May 1997. 9  See, for instance, Aslı Demirgüç-Kunt, and Enrica Detragiache, 2005, “Cross-Country Empirical Studies of Systemic Bank Distress: A Survey”, World Bank Working Paper No. 3719. 10  Taken from Charles Goodhart, Philipp Hartmann, David Llewellyn, Liliana Rojas-Suárez, and Steven Weisbrod, 1998, Financial Regulation. Why, how and where now? Routledge, London.
8 Đ Đ These factors underpin the promising economic prospects in ASEAN, with the corresponding need for regional enterprises to raise capital to support their growth. 9 Đ Đ Looking ahead, these are opportunities to be harnessed both within ASEAN and globally, and exchanges as well as clearing houses need to innovate and remain relevant to all stakeholders.Đ I will now speak about three key trends, the opportunities they present, and what MAS is doing to support the Singapore financial services industry in these areas. Trend 1: Catalysing Sustainable Finance for Growth 10 Đ Đ The first trend is growth in sustainable finance. This is increasingly an area of both concern as well as interest to financial players, especially millennial investors. 11 Đ Đ The estimated financing needs to support the greening of Asian economies are high. China has estimated that it will require $ billion of investments annually to achieve its green policy goals under its 13th Five Year Plan while ASEAN will need an estimated $ billion in green investments annually through 2030 [5] . 12 Đ Đ Sustainable finance is still at a nascent stage but we are seeing increasing focus from financial institutions to develop new environmental, social and governance (“ESG”)-related products. Similarly, with increased investor demand and awareness for sustainable financial products, exchanges like yourselves can look to expand and support product owerings that will meet the needs of socially and environmentally conscious enterprises and investors.Đ 13 Đ Đ One such area of growth is in green bonds.