Our journey offers quite a few insights on the reality of digitalization in some parts of the country: While it is true that many among our target groups in Sabah do indeed own a smartphone, in many instances the digital remittance applications were not compatible with these simpler devices; and While using digital application is a ‘no muss, no fuss’ to many of us, barriers such as language and complexity of the process, inhibited many of the migrant workers from using digital remittance services. To overcome such challenges, the Project team collaborated very closely with the remittance service providers. To enhance the usability of the remittance apps among the target group, adjustments were made including by widening the language options and simplifying the process of using the apps. To further assist our target groups, some of the providers developed step-bystep videos on how to use their apps. They also sent their staff to join our program and helped to offer one-to-one lesson to the migrant workers – importantly, such interaction allowed them to better understand the needs of this target market. 2/3  BIS central bankers' speeches  Such dedication, enthusiasm and commitment showed by all of you is indeed what drives the success of this Project. On behalf of Bank Negara Malaysia, I would like to express our deepest gratitude to the Project Team, the remittance industry, the Greenback ‘ambassadors’, the plantation companies and other employers, consulates, banking institutions, and all parties who have been with us throughout this journey.

From an investment perspective, the volatility in the Asian markets in recent years has allowed long-short and other strategic plays to outperform regional indices. The relative inefficiency of the regional markets also presents arbitrage opportunities. From a demand standpoint, US and European investors are expected to turn to alternatives in Asia as capacity (and quality) in their home markets diminish. Further, the improving economic climate in South East Asia should help foreign fund managers and investors to refocus their attention on the region. Hedge funds look set to play a larger role in Asia. The role of hedge funds in Singapore In Singapore, hedge funds form part of the expanding menu of products offered by the asset management industry. This industry grew rapidly over the last ten years: assets under management increased eightfold from just over $ billion in 1992 to more than $ billion last year. For the reasons mentioned earlier, asset managers and investors alike are finding a place in their overall strategies for alternative investments including hedge funds, commodities and real estate. (Of course, judging by concerns about Singaporeans over-investing in property, one wonders whether real estate can indeed count as an alternative investment here.) That aside, hedge funds can contribute to the development of Singapore as an international financial centre in a number of ways. First, as evidenced in other major financial centres, hedge funds can attract a mix of supporting professionals such as fund administrators, prime brokers and product specialists skilled at structuring new instruments.