ravi menon : decentralised finance and the future of money panel remarks by mr ravi menon, managing director of the monetary authority of singapore, at the andrew crockett memorial lecture by mark carney, via video conference, 28 june 2021. * * * thank you for the opportunity to engage on mark carney ’ s deeply thoughtful lecture. mark has given us a powerful rendition of the transformation taking place that will “ re - wire ” our monetary and financial systems. centrifugal forces are driving financial functions away from the traditional core. these forces are not just affecting money, but all aspects of the monetary system. mark also reminds us that, amid this transformation, money has to be anchored on “ values of trust, resilience, dynamism, solidarity and sustainability ”. i cannot agree more. i ’ d like to focus on : the decentralisation of finance across the three ‘ i ’ s of the monetary stack — intermediaries, infrastructure, and instruments ; and how central banks and regulators can potentially shape this decentralisation in a way that upholds the critical values of money that mark has highlighted. let me begin with intermediaries, at the top of the monetary stack. the delivery of retail financial services is being decentralised. this is happening in two ways. first, finance by non - financial players. there is now a much broader range of non - traditional – and often unregulated intermediaries in the retail finance space. this is not just bigtechs, but also fintechs and smaller technology firms. these players provide payments, lending, savings and investments as complements to their core digital service. by bundling financial and non - financial services, they are able to better meet the needs of consumers. second, embedded finance by financial players. regulated financial institutions are reinventing their business models and leveraging on technology to connect with customers at more and varied touchpoints. financial institutions are “ embedding ” their offerings in an array of non - bank digital platforms in an attempt to reach new customers at lower acquisition costs. embedded finance combines the benefits of platform economics with the trust premium that people still place with regulated financial institutions. central banks and regulators should welcome both these developments. they offer the prospect of more efficient, more affordable, more inclusive financial services. 1 / 4 bis central bankers'speeches but we need to be alert to new sources of risk. if the distributor and underlying provider of a financial service are not

lim hng kiang : brief review of recent financial and economic developments in singapore congratulatory remarks by mr lim hng kiang, deputy chairman of the monetary authority of singapore and minister for trade and industry, at deutsche bank's 35th anniversary, singapore, 13 feb 2007. * * * distinguished guests, ladies and gentlemen, good evening, i am delighted to be with you this evening to celebrate deutsche bank's 35th anniversary in singapore. i am very glad to note as well that today's celebrations is also marked by deutsche bank's move to one raffles quay, the newest address in our financial district. it is testimony of deutsche bank's continued commitment to singapore. set up in 1972, we have seen deutsche bank singapore grow in size over the years. it has also witnessed and participated in the economic transformation of singapore, from a trading hub in the 1970s, to a major metropolis today. we are indeed heartened that, 35 years on deutsche bank continues to see opportunities to deepen its roots here. just last week, deutsche bank announced its group performance for 2006 and i must congratulate dr ackermann and your team, for registering yet another record year for deutsche bank. today deutsche bank is represented in many of asia's financial markets. we are indeed pleased that deutsche bank had made singapore the hub for your regional operations. we noted that some 1600 people are involved in a broad scope of activities including trading, treasury and investment banking here. to accommodate this, i understand that deutsche bank's trading floor in this building is one of the largest in singapore. singapore's economic growth for 2006 continues to stay strong at 7. 7 %, with almost 170, 000 jobs created last year. our market indices have breached the 3, 000 point mark and our gdp per capita has exceeded us $ 30, 000. we are also witnessing the strong growth of asia propelled primarily by the two economic powerhouses of india and china. the economies in south east asian have seen a resurgence with countries like vietnam rushing forth and is one of the fastest growing economies in the region. trade and investments among asian countries, and between regions including the middle east and asia, have increased substantially. we have also seen substantial wealth creation in the middle east and asia. asia is estimated to have about 2. 4 million high net worth individuals with assets over us $ 7. 6 trillion and comprise almost 20 % of global high new worth wealth. this is projected to grow annually by