Shanghai and Singapore financial institutions can work together to encourage Chinese corporates to leverage the scheme and access direct financing for their BRI projects overseas. b. Second, the BRI also presents a good opportunity for promoting sustainable financing, given the potential negative environmental impact from unsustainable forms of infrastructure 2/3  BIS central bankers' speeches  development. China leapfrogged into top position as the largest issuer of green bonds globally in 20161. There is much that Singapore can learn from. To encourage green bond issuances, MAS introduced the Green Bond Grant Scheme in March of this year to offset the costs of external reviews required for issuing sustainability-oriented bonds. Together, Shanghai and Singapore can grow the global green bond market and play important roles in furthering sustainable financing. c . Third, there is also room for Shanghai and Singapore insurers to provide better insurance coverage of BRI projects. BRI projects can leverage insurance pools or consortiums to manage risk exposures of large-scale infrastructure projects. Shanghai and Singapore insurers can participate in regional insurance pools to provide more comprehensive coverage for a wider range of risks, while introducing new projects that would enhance the profitability of these insurance pools. 5 In the FinTech space, Shanghai and Singapore can collaborate in creating a conducive eco-system for FinTech companies and start-ups. The need for collaboration 1  arises from the fact that technology companies are dynamic and continually looking to internationalize their businesses.
Over time, we expect stronger governance within insurers to reinforce associations between financial reporting and fundamental economic factors, as intended by IFRS. In Malaysia, the finalisation of IFRS 17 is indeed timely in the light of current reforms being undertaken by Bank Negara Malaysia to further develop the domestic insurance market. This will see greater competition and complexity in the insurance sector, alongside a renewed impetus for growth through channel diversification and digitalisation. In this environment, the implementation of IFRS 17 will have an important role in improving the quality of information provided to the market on how these developments impact the performance of insurers, and in strengthening foundations for sound governance and risk management. This in turn will promote the effective functioning of insurance markets to serve the economy. Early preparation is key So then, where do we stand today? With less than two and a half years before the implementation date sets in, how prepared are insurers to implement IFRS 17? The answer is not encouraging. A recent survey published in January this year by a software firm covering some 240 insurance companies spread around the world, found that a startling 92% of insurers had yet to start putting solutions in place. Among those that have started, a vast majority are still only in the initial stages of planning.