. fidrec will consider all relevant evidence whether written or oral. statements can be prepared by consumers themselves and need not be made under oath. all fidrec ’ s adjudicators are well respected professionals. the chairman of fidrec is mr goh joon seng, a retired high court judge. as over 80 % of customers invested s $ 50, 000 and below, fidrec is the right avenue for them to pursue their claims. fidrec normally deals with claims not exceeding s $ 50, 000. in the case of the structured products, however, the fis have agreed for fidrec to hear deserving cases. we have also said that if there are breaches of our regulation, we will take action against the financial institution or individuals involved. mas has required the independent parties to highlight these breaches and potential cases of mis - selling to mas. they have already brought a number of possible cases to our attention and we are following up on them. normally, as you know, mas does not comment on our dealings with individual institutions. however given public interest in this matter, mas confirms that we have been conducting formal inquiries into allegations of breaches of the law, inadequate internal controls by the fis or poor sales practices by their representatives. we will make an announcement on any actions we are taking when our inquiries are completed. mas urges any affected investor who has a genuine claim that you were mis - sold the product to make sure you lodge your complaint with your fis. mas requires fis to have a rigorous process to look into every complaint and resolve them fairly, giving due weight to the views of the independent parties. clearly, there is a range of investors who bought these products. some are well - educated professionals. others are sophisticated investors. the group we are most concerned with are the vulnerable customers. we are focussing on cases of mis - selling to vulnerable customers and on cases where the products were clearly inappropriate for them given their circumstances. we have required the fis to give priority to these cases. they should not take an overly legalistic approach to mis - selling in dealing with these cases. for cases where there are sufficient indications that the product was mis - sold or that it was clearly inappropriate given the investor ’ s profile and circumstances, the fi should take responsibility. several fis have assured mas that they will take full responsibility in such cases. we welcome this commitment and expect all fis that have sold these products to take the same approach. they must do

central bankers'speeches especially useful was the electronic trading infrastructure for fx, which mas has been working with industry on for the last few years. we want the pricing and matching engines to be based here, and not have to wait for prices to be matched in london, new york, or tokyo, because there is still a time lag taken to route orders to these markets. sometimes there are execution errors with these lags, especially during periods of trading volatility. mas has gotten very good feedback on the growing electronic fx trading system in singapore. singapore has attracted key liquidity providers and platforms to base their pricing and matching engines here. we already have about seven banks and non - banks who have moved these activities to singapore. now, we have got another two global banks joining us. 2 so even during this period, we are seeing positive, encouraging developments on the fx front. upskilling industry workforce talent development and upskilling the industry workforce is another key area that mas has been focusing on during this period, so that finance professionals are able to function effectively and have a competitive advantage in the future. during this period of slower growth, mas has been working with financial institutions to retain their talent, use the opportunity to upskill their human capital, and explore ways to build longerterm capabilities in digital functionalities, so that the industry can emerge stronger from the crisis. last month, in april, mas announced a s $ 125 million package, basically to support smaller financial institutions and fintech firms, through the downturn. as part of this package, we launched a training allowance grant, which allows financial institutions, especially the smaller ones and fintechs, to make use of the downtime to train and deepen the capabilities of their employees. we also set up a new digital acceleration grant. the larger financial institutions are able to invest heavily in digital platforms and digital capabilities. the smaller ones do not have the capacity to do that. this digital acceleration grant will help smaller financial institutions and fintechs adopt digital solutions to strengthen their operational resilience during this period, improve their process efficiency, risk management, and customer service. the take - up has been very encouraging. more than 120 applications have come in. the first batch of applicants have already gotten their grants. new opportunities what does the future look like for financial services, post - covid? it is an important question that we are quite focused on at mas. a lot has been written about how the post - co