Given the global dimension of these building blocks, international cooperation and collaboration is significantly vital to advance these important agendas. Regulatory harmonization Commanding the highest level of international cooperation is particularly vital in the implementation of common prudential standards to safeguard the stability of the Islamic financial system. This will contribute towards the harmonization of the regulatory and supervisory framework in Islamic financial systems across borders. Of importance is advancing the international standards and best practices that takes into account the distinct characteristics of Islamic finance. Such prudential regulation that considers the unique mix of risks associated with Shariah-compliant financial business would enhance the effectiveness of the regulatory outcomes intended for Islamic finance. Much progress has already been made by the IFSB in promulgating an extensive set of prudential standards for the Islamic financial services industry since its establishment in 2002. The IFSB has already introduced standards for capital adequacy, risk management,  2  BIS central bankers’ speeches  corporate governance and Shariah governance. This important work has been significant in promoting international uniformity of regulatory frameworks and international best practices for the Islamic financial system in different jurisdictions. Its significant progress has benefited from the strong international cooperation and collective support from its member countries and global institutions. Indeed, as an evolving global industry with varying stages of development across borders and various business structures and operating models used in the different markets, this close engagement has also allowed for the attainment of balanced views.
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  4  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. 5  Telemedicine is the use of telecommunications and IT to provide remote clinical healthcare. 6  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 $ billion valuation, Forbes (2015). 2  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.