Singapore is now on the move trying to create a more sustainable growth for finance in the whole region. Recently in Asia there are a lot of natural disasters that takes place running people’s lives. This has encouraged The Monetary Authority of Singapore (MAS) to create and review a new insurance-linked securities (ILS) to help aid people who fall under these circumstances.
The main concern is the fact that the number of disasters has been increasing lately in the region causing a lot of setbacks to Asia. This is why, according to experts there are only three ways of solving the issue which is through insurance-linked securities, regional infrastructure development and promoting sustainable economic growth.
This was commented on by Singapore’s Finance Minister, Mr. Heng Swee Keat who said, “Singapore seeks to contribute to Asia’s sustainable growth by serving as a key node for channeling financing to the region. The world is now in search of a new sustainable equilibrium – one that will enable us to achieve good economic progress while also protecting the environment. How we invest and how we respond to these pressures will determine whether Asia’s growth is sustainable. This puts tremendous strain on governments of developing nations in the event of a natural catastrophe, which can set back economic progress in affected areas for years to come. We hope to grow this to better meet Asia’s needs for protection against disasters.”