ravi menon : inauguration of swiss national bank ’ s singapore branch congratulatory remarks by mr ravi menon, managing director of the monetary authority of singapore, at the inauguration of swiss national bank ’ s singapore branch, singapore, 11 july 2013. * * * mr thomas jordan, chairman of the governing board, swiss national bank ambassador thomas kupfer ladies and gentlemen, good afternoon. i am delighted to be here to celebrate the opening of swiss national bank ’ s first overseas branch office, right here in singapore. the opening of snb ’ s singapore branch is significant. it reflects the growing importance of asian markets in the portfolios of many long - term investors such as the snb. currently, there are over 500 players in the asset management industry operating in singapore with total assets under management of around usd 1. 1 trillion. if asia is the heart of the global economy, then it is in singapore that you feel the heartbeat. from singapore, you will get a good feel of not just the well - established markets in northeast asia, but also the rapidly emerging ones in south and southeast asia. this new branch office will help snb form closer and stronger ties with partners in this fast - growing part of the world. in particular, snb will have the opportunity to exchange views with the vibrant asset management community in singapore, including many asia - focused managers and investment professionals. we are doubly pleased that snb has chosen to come to singapore, because our two countries are like kindred spirits. the popular media sometimes calls singapore the “ switzerland of asia ”. we have always taken the comparison as a great compliment. switzerland is known the world over for its stability, prudence, efficiency, and diligence – all attributes that we in singapore also aspire to. both switzerland and singapore are small trading nations with a shared interest in promoting free trade and maintaining an open, rulesbased global economy. switzerland is an important economic partner to singapore. many swiss multinationals have a strong presence in singapore and they are a source of high value - added investments. similarly, singapore companies are actively making direct investments in switzerland. today, switzerland is our 5th largest trading partner in europe while singapore is switzerland ’ s 4th largest trading partner in asia. as central banks, snb and mas share some common challenges. since the financial crisis, the openness, financial soundness, and strong fundamentals of our two countries have made us highly attractive to global capital, with implications for monetary and

processes to make them simpler, better and faster. impact created for singapore the family office ecosystem has added diversity to our financial sector and created value for singapore's economy and society. i would like to acknowledge and express my appreciation to the family office community for your contributions to singapore. family offices have created good jobs in singapore, both directly, when you hire your investment professionals locally, and indirectly, when you engage the services provided by our private banks, fund managers, as well as legal and tax firms. the patient capital that families bring, along with your business know - how and networks, can greatly contribute to nurturing our local ventures and innovation activities. take for example, treis group, whose s $ 20 million investments spurred the growth of getgo, the largest carsharing platform in singapore, with the mission to promote sustainable mobility. family - led enterprises have also been key contributors to climate mitigation and adaptation causes. for example, the olayan group donated towards the asia 2 / 5 bis - central bankers'speeches climate solutions design grant launched by mas in partnership with convergence. the grant defrays the cost of early - stage preparation and design of innovative blended finance solutions. the grant has supported projects coming from clean energy transition to nature - based solutions, catalysing a pipeline of investible projects that would otherwise be under - capitalised. conducive and rich ecosystem of service offerings there is further potential for family offices to grow and contribute. to achieve this, we must strengthen the value proposition of our family office ecosystem, through three key areas : first, families'interest in philanthropy and doing good by giving back to help others in society. second, families'interest in investing as private equity or venture capital. and third, to build talent and capabilities in the family office space. i'll touch on each one briefly. starting off with philanthropy. many family offices are already keenly aware of the important role they can play in contributing to the broader community and helping the less fortunate. indeed, we are seeing growing interest from family offices to become a " force for good " – so not just to do well, but also to do good – and establish a legacy that extends beyond financial gains and wealth accumulation. for example, the ishk tolaram foundation supports education and skills training for dyslexic pre - schoolers and autistic talent to pursue engineering careers. the tsao foundation contributed significantly to eldercare solutions in the community and brings