project bonds. we have also put in place a ppp framework to encourage public private participation in singapore infrastructure projects. with this, we have successfully tendered for the ite college west and the singapore sports hub, the first and the largest sports facilities infrastructure ppp in the world. we believe these initiatives will bring business opportunities for the debt capital market community based in singapore. singapore prides herself to have established the reputation of a trustworthy and reliable financial centre, build on political stability, strong legal system, and a sound regulatory and supervisory framework that raises disclosure standards, fosters market discipline, and provides for greater transparency. as a regional hub, singapore is also well connected to the rest of the world through our extensive network of ftas, including australia, india, japan, south korea and the us. over 600 local and foreign financial institutions based here are able to access the growing pool of investors and opportunities ; fueled by the strong performance of asset management activities in singapore. the diversity in the sources of funds flowing into and through singapore has also broadened, with increasing financial flows coming from south asia and the middle east. we have also taken the proactive and responsive approach to changes in the marketplace ; having constant dialogues with institutions and listening to market players, like yourselves, to create a conducive business environment for financial institutions to operate in singapore. as part of our efforts to offer a broad range of financial products and services as an international financial centre, we are also constantly reviewing our policies to ensure a level playing field for the development of islamic financing. beyond the financial industry, singapore is also committed to building a vibrant and cosmopolitan society that offers high quality of life with world - class facilities for education, healthcare, housing and recreation – an attractive city for global talents to work and live in. let me conclude. asia has made remarkable progress and i believe the outlook for the region remains positive. in the middle of difficulty lies great opportunity. asia will continue to develop strong and sustainable fundamentals in order to enhance the robustness of our financial systems for the asian bond markets to become a truly global asset class. on that note, i wish you a very successful and fruitful conference. thank you.

tharman shanmugaratnam : singapore ’ s dynamically changing landscape speech by mr tharman shanmugaratnam, chairman of the monetary authority of singapore, at the opening of one raffles place tower two, singapore, 18 september 2012. * * * wee ee cheong, chairman, oub centre limited, mr henry kok, general manager, oub centre limited, distinguished guests, good evening. it is my pleasure to be invited to officiate the opening of a new twin skyscraper in raffles place – one raffles place tower two. it is part of the continuing rejuvenation of the cityscape at raffles place, which continues to be at the heart of businesses and commerce in singapore. raffles place – a continuing history of new blended in old raffles place has indeed been a continuous story of the new inserted in the old, as it emerged from being a humble docking location for small boats and ships in the early 1800s, to become a thriving centre of regional commerce and now a global business and financial centre. on 8th august 1988, oub centre, now called one raffles place tower one, was opened by mr lee kuan yew, who was then prime minister. he had noted the building ’ s quality design and distinctive workmanship. it was also an icon for singapore at the time, as the building went on to be recognised as the tallest building in the world outside of the united states. designed by kenzo tange, one raffles tower one still remains amongst the tallest three skyscrapers in singapore. this evening, one raffles place continues this evolution with the addition of a second tower. how interesting too, that the new tower is designed by mr paul noritaka tange, son of the architect for the original tower one. i am told that one raffles place tower two has two distinctive features which differentiate it from its predecessor. first, one raffles place tower two is a certified bca green mark platinum development. some of the building ’ s environmentally - friendly features include solar cells and tools to harvest rainwater. with these sustainable features, the new tower will achieve an overall energy savings of 32 % each year. i applaud oub centre on this effort. second, one raffles place tower two will not only provide an additional 360, 000 square feet of grade a premium office space but has floor plates which are column - free. they grant offices the flexibility to apportion their office