These include the development of a vibrant and efficient foreign exchange market, a deeper and more liquid secondary bond market, the further strengthening of the mutual support arrangements and liquidity support mechanisms to deal with crises, as well as the intensification of capacity and capability in reserve management and the overall capacity building. The institutional arrangements that are now established to deal with financial stresses and crises must be complemented with collaborative arrangements and frameworks to deal with an economic crisis within and of the region. Given the growing depth and magnitude of economic and trade interlinkages within Asia, this will be fundamental towards preserving the overall macroeconomic, financial and social stability of the region. Deeper financial integration within Asia will also facilitate in advancing the strategic positioning of the region in the global financial landscape. In addition, Asia is now having a voice in shaping the direction of international financial reforms and setting of international standards. This represents a positive development and presents the opportunity for the interests of emerging economies, in particular Asia, so that more balanced and comprehensive solutions that will strengthen global financial stability will be achieved. The expanded Asian membership in the international financial institutions would open doors for a more inclusive process in international standard setting and decision making. To support this process, the role of existing Asian collaborative platforms has been strengthened to  12  BIS Review 130/2009  consolidate Asia's position in providing responses to global issues that reflect Asia's concerns and perspectives.

We already fund up to 70% of course fees for training programmes. MAS funding support for manpower and leadership development has increased steadily over the last three years, with about $ million set aside for 2014 alone. I would like to urge the industry to tap on these programmes actively. Conclusion To conclude, I would like to commend the IBF Council and staff, past and present, for your commitment over this past 4 decades. Going forward, the responsibility on IBF will be greater, as it delivers the IBF Standards and the various initiatives that will help our practitioners develop the capabilities of tomorrow. I look forward to an even stronger collaboration between IBF and the industry. Let us work together to ensure that the financial sector is one that continues to enable meaningful and rewarding careers for Singaporeans. I wish you all a happy 40th Anniversary and a great evening ahead. 2  The Finance Scholarship Programme (FSP) builds expertise in specialist finance areas such as financial economics and actuarial science while the Finance Associate Management Scheme (FAMS) provides young talent with exposure to other business lines and overseas operations, through a structured fast-track programme. MAS aims to groom at least 200 young Singaporeans every year under FAMS to take on leadership positions in the future. 3  The International Posting Programme (iPOST) supports the posting of high potential Singaporeans for overseas secondments, through which we hope that they return with managerial skills, a deep understanding of global best practices and strong business networks.