This change creates a level playing field within the SIC system for existing and new providers – ensuring that the Swiss franc payment system remains efficient, secure and futureproof. The third challenge concerns the possible application of DLT to payment transactions. Switzerland, in particular, has witnessed the establishment of a fintech ecosystem in recent years, and we are a leading fintech hub. For central banks, DLT raises at least two fundamental questions. First, could it end up replacing current core infrastructure, such as RTGS? Various central banks have been experimenting with this idea, in close collaboration with private stakeholders. The results have yet to demonstrate that DLT is superior to a modern RTGS. Yet, in other areas of core infrastructure, such as securities settlement, it is entirely plausible that DLT-based systems could take hold. The second question is: How should existing systems based on conventional technology and new DLT-based systems interoperate? Should central banks or private sector players establish this link? Specifically, in this context: should central banks offer a digital token for certain DLT applications – such as securities settlement? Here, too, while a number of experiments are underway, there are currently no examples of such tokens having become established. Furthermore, private sector providers can themselves put their money in DLT systems by ‘tokenising’ it (e.g. in the form of ‘stable coins’). 10 As you can see, ladies and gentlemen, there are a lot of questions still to be answered, and they will require careful analysis.

Lim Hng Kiang: Review of the property sector in Singapore and Asia Opening speech by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at Citigroup Asia Pacific Property Conference 2007, Singapore, 23 April 2007. *  *  *  Thank you Catherine Distinguished guests Ladies and gentlemen A warm welcome to Citigroup’s inaugural Asia Pacific Property Conference. This is an excellent opportunity for developers, investors and financial intermediaries to share ideas and network with other key players in the market. I am certain that this conference will be interesting and fruitful. Strong regional prospects Asia is witnessing robust growth, led by sustained growth of the Chinese and Indian economies and the welcome recovery of Japan – now into its fifth year of expansion. The regional economy is consistently growing at a much faster pace than the rest of the world. Singapore is fortunate to be strategically located to enjoy the positive effects of Asian growth. We are well positioned to serve as a gateway for global investors to access regional opportunities. As the regional economics grow, they present exciting opportunities for direct investment in real estate, as well as through real estate financial investments, whether in office developments, commercial and retail complexes or industrial estates. Prospects in Singapore property sector Singapore is a good example. Demand for all property sectors in Singapore has been rising, underpinned by Singapore’s economic expansion, particularly in the financial, business services and tourism sectors.