our management of the singapore dollar will become more challenging. we must constantly review and improve our intervention strategies and our communication with the market. we must also continue to strengthen our regulatory and supervisory framework, in line with changes in the industry and evolving risk issues. as our local players go regional and expand their activities, we must take our approach to consolidated and integrated supervision to the next level. we will enhance our framework for supervising local banks ’ securities and asset management operations overseas, as well as fine - tune the framework for the integrated supervision of banks engaging in capital markets and insurance activities. in addition, we have to co - operate more closely with other regulators in order to adequately supervise the institutions operating in our markets. as more financial institutions turn to outsourcing, we will review the need to supervise companies providing significant outsourcing services to our institutions. with the convergence in product offerings by different types of financial institutions, we need to harmonise our regulatory requirements and supervisory practices to prevent arbitrage. we are currently developing a common risk assessment framework for banks, insurance companies and capital markets intermediaries. to complement our oversight functions, we are putting in place basic safety nets for depositors and policy holders, as well as working towards the further empowerment of consumers. disclosure requirements are currently in place but the presentation of information is often less than satisfactory. as more complex investment products emerge, this situation will become untenable. we will work towards refining existing disclosure requirements. consumer education efforts will also be stepped up. feedback obtained from the national financial literacy survey to be launched early next year will help us to tailor our consumer education programmes. to help consumers resolve disputes with their financial institutions promptly and affordably, we are facilitating the setup of a one - stop financial industry disputes resolution centre, or fidrec. it will serve consumers across different sectors and ensure consistency in processes. we have also recently announced that we will publish details of market conduct regulatory actions where it is in the public interest to do so. this will further enhance market discipline. leveraging and building on our reputation the third priority for mas is to leverage and build on our reputation. singapore has acquired an international reputation for its strong macro - economic performance, its robust and vibrant financial system and its high standards of regulation and supervision. this reputation has accorded us some influence in the international financial community. this influence has in turn helped us to expand our economic space by opening doors to strategic partnerships and removing market access barriers. with influence, we

ravi menon : myanmar must open up at a measured pace keynote address by mr ravi menon, managing director of the monetary authority of singapore, at high - level seminar on financial sector liberalisation, nay pyi taw, myanmar, 10 january 2014. * * * his excellency u win shein, union minister, ministry for finance and revenue, his excellency u kyaw kyaw maung, governor, central bank of myanmar, distinguished guests, ladies and gentlemen, good morning. a defining moment i am pleased to be here for this high - level seminar on financial liberalisation. this collaborative event is a clear testimony to two things : • first, the commitment and resolve of the myanmar government and central bank to modernise and develop the financial sector ; and • second, the warm relationship and close co - operation between the central banks of myanmar and singapore. myanmar is at a defining moment. there is a distinct sense of optimism, as the country rejoins the global economy. a strategic location at the intersection of china and india, a generous endowment of natural resources, and a large, youthful and literate population – myanmar is poised to be the next economic frontier in asia. finance is a handmaiden to the economy. as myanmar opens up its economy and seeks to achieve sustained growth, it is important to liberalise and develop its financial sector in concert. but it must do this in a progressive and calibrated manner, step - by - step, making sure the fundamentals and preconditions are in place. let me elaborate on these two themes : why liberalise the financial sector, and why liberalise at a measured pace. in doing so, i will draw partly from singapore ’ s experience. singapore and myanmar are two very different economies and it would be unwise to apply singapore ’ s experience directly to myanmar. but i think the overall lesson is relevant : it is critical to open up, but open up at a measured pace. why financial liberalisation is important a well - developed financial sector can be a catalyst to spur and sustain economic growth. it will lead to more effective mobilisation of domestic savings, help to harness foreign savings, and improve the efficiency of investment allocation. and opening up the financial sector to foreign participation can play a critical role in catalysing the sector ’ s growth and development. a basic purpose of banking is the provision of credit for economic and social development. large segments of the myanmese economy and population do