I am sure it is not true but it conveys a misconceived perception that perhaps we should not ignore. I am not suggesting that the socialist-market economy model, practiced for example on the Mainland of China, with considerably greater influence over and ownership of the financial system by the authorities, and therefore greater attention by operators within the financial system to the public interest, has become the superior model, although I noticed at least some involuntary movement lately of the so-called Anglo-Saxon model towards that direction. “Thou shalt lend”, says the government to banks that have received capital injections from the public purse. It is I think a matter of degree, not so much in the ownership of the financial system, but more in the legal and institutional framework whereby those with the responsibility to protect the public interest can exert the appropriate influence at the appropriate time, whether it is through prudential supervision, conduct regulation, the provision of safety nets or the design of crisis resolution mechanisms. My second issue is a dilemma. This is a dilemma mostly for emerging markets – a dilemma between pursuing financial openness and maintaining financial stability. I support financial openness as a means of greatly extending the universe within which the risk appetite of domestic savings and the risk profile of domestic borrowers can be satisfied. Indeed, for borrowers and investors of a particular jurisdiction, taking financial intermediation into the international dimension should lower borrowing costs and increase investment returns.

SORA is a robust interest rate benchmark underpinned by transactions in a deep and liquid overnight interbank funding market. Such a shi would be aligned to the global direction in other major financial centres, and support continued active participation of global institutions and investors in SGD markets. https://www.mas.gov.sg/news/speeches/2021/pushing-ahead-with-sor-sora-transition-in-2021  1/7  12/02/2021  "Pushing Ahead with SOR-SORA Transition in 2021" - Keynote Speech by Mr Leong Sing Chiong, Deputy Managing Director (Markets …  4 This transition eﬀort was always going to be a complex task, and a strong public-private partnership was needed to address the wide-ranging implications across multiple industry stakeholders, in order to achieve a smooth transition. To this end, the Monetary Authority of Singapore (MAS) established an industry-led Steering Committee (or SC-STS [2] ) to provide strategic direction to develop new products and markets based on SORA and oversee the eﬀective transition from SOR to SORA. 5 Since then, we have made significant strides in developing SORA markets, even while tackling the challenges and disruptions from the ongoing pandemic. In the derivatives space, new market templates were developed to support the trading of SORA derivatives. LCH started the central clearing of SORA derivatives early last year up to the 5Y tenor, while key dealer banks started making markets in SORA derivatives. MAS also launched a daily SORA derivatives auction to facilitate price discovery, and develop SORA Overnight Index Swap (OIS) and SOR-SORA basis curves with prices quoted by dealers and brokers on key market data platforms.