programme office was set up in 2007 by the singapore economic development board as a whole - of - government effort to facilitate international organisations planning to locate in singapore. the government has also developed supporting physical infrastructure, such as the tanglin international centre for clustering and shared services. connectivity 20. in addition, singapore has excellent international transport and communications connectivity, and can serve as an intermediary for giving in the region. our location and stable and safe environment provide international donors with a convenient base from which to oversee their giving in the region. governance 21. lastly, we cannot over - emphasise the importance of good governance in charities. governments are working to address this issue. for example, last year, china launched the china foundation centre ( cfc ) to promote greater transparency and accountability among foundations. but there is still much that countries in asia can do to improve charity governance. 22. singapore, too, is working on improving governance. we have put in place a sound regulatory framework and a code of governance to ensure transparency and accountability of our local charity sector. in addition, the national volunteer and philanthropy centre will also be introducing an independent charity analysis system this year. conclusion 23. in closing, i would like to say that philanthropy makes the world a better place. it balances our emphasis on economic growth and the pursuit of profits with our warm, human side. hence, it is crucial that we continue to give generously, to local and foreign deserving causes. 24. yet giving is also difficult to do well because it must not lead to waste and leakage or diminish the spirit of self - reliance. i am pleased that singapore is playing host to this global forum which brings together leading philanthropists and thought leaders to discuss how to better accomplish giving, and to push the frontiers of philanthropy in asia. 25. i commend credit suisse for playing an active role in developing philanthropy capabilities in singapore, and i wish you a fruitful meeting. bis central bankers ’ speeches

you malaysia ’ s experience in addressing some of these issues. the blue print for the development of the financial sector in malaysia is outlined in financial sector masterplan that was released about three years ago. the masterplan is all about determining the future directions of the financial system and to define the financial structure that is most appropriate to our requirements as our economy moves to the next stage of development. it therefore provides the direction and common purpose for all the relevant parties in the financial sector, the industry, the market participants, the regulators, and the government. in emerging economies, the role of the government and the regulator is important in particular to prioritise policy goals, build the infrastructure, provide the legal and supervisory framework, and in addressing market failures. the key emphasis of the plan is to move toward a more diversified and balanced financial structure with a strengthened institutional framework, enhanced market infrastructure and practices, and an appropriate regulatory environment in line with the transformation that has taken place. the asian crisis highlighted the vulnerability associated with fragmented financial systems and the risk of excessive reliance on the banking sector. strategies therefore focused on introducing reform measures to strengthen the banking sector and develop and enhance alternative sources of financing. the objective is to develop an intermediation structure that will facilitate an economic transformation toward a more diversified economy, namely : · develop the domestic bond market ; · develop venture capital industry to support new growth areas such as the ict and bio - technology sectors ; · enhance the framework for financing the small and medium - sized enterprises or smes ; · develop micro finance services especially micro credit for micro enterprises ; and · strengthen the development financial institutions to ensure more effective use of public sector resources in achieving socio - economic objectives and greater complementaries with the banking sector. following the successful financial restructuring and consolidation of the banking sector, efforts have shifted to building the domestic financial infrastructure. the industry - wide consolidation exercise for the domestic banking institutions after the crisis saw the 71 banking institutions pre - crisis being consolidated into 10 domestic banking groups. the consolidation exercise was a major structural enhancement of the financial system. banking institutions have now attained a minimum capital size that is able to benefit from economies of scale and undertake the necessary investment in technology important to the industry. a major transformation of the structure of financial intermediation can be seen in terms of the deepening and broadening of the private debt securities market. efforts were directed to promote a robust domestic bond market to provide a competitive source of long - term debt funding and viable investment alternatives for