better positioned to capture these opportunities. with technology transforming activity across financial markets, the profile of jobs in finance will change in the years to come. through the institute of banking and finance, mas is working with the industry on an enhanced set of desired competency standards to grow the pipeline of skilled talent ready to service the growth in capital markets in asia. 24. i hope i have touched on the key themes and issues that you will be discussing over these two days, and may i wish you a most fruitful conference ahead. 25. thank you. bis central bankers ’ speeches

ong chong tee : fostering a strong corporate governance ecosystem keynote speech by mr ong chong tee, deputy managing director ( financial supervision ) of the monetary authority of singapore, at the singapore governance and transparency forum, singapore, 6 august 2018. * * * mr yeoh oon jin, divisional president – singapore, cpa australia associate professor lawrence loh, director, centre for governance, institutions and organisations, nus business school mr willie cheng, chairman, singapore institute of directors ladies and gentlemen, good morning. thank you for the kind invitation to my colleagues and i to join all of you here today. it is my pleasure to offer some remarks. the timing of this forum is also apt as the mas has just released the revised code of corporate governance ( “ code ” ) this morning. allow me to first take the opportunity to thank members of the corporate governance council ( “ council ” ), chaired by mr chew choon seng, for their valuable contributions over the last one and a half years. i am told that deliberations had been lively and rigorous throughout. these have culminated in a balanced and thoughtful package of recommendations that took into account the views of various stakeholders. the mas has considered the proposals and accepted all the council ’ s recommendations. these are now incorporated into the revised code. the recognition of high corporate governance ( cg ) standards is one of the important elements to fostering good practices. a forum, such as this, is one good example of how as a community, we recognise companies that have done well in their cg disclosures and practices. companies with good cg are characterised by a sense of mission to hold themselves to high standards of accountability, transparency and sustainability, which are in turn critical to a thriving capital market. good cg in companies stands for doing right and doing good so as to do well over the long run. conversely, companies that fall short in their cg practices will hurt investor confidence. failings in larger institutions can also undermine system - wide financial stability. there have been recent public commentaries on companies flagged for corporate transgressions. some reports are accompanied by calls for more forceful regulatory actions, or further tightening of cg standards. so allow me to briefly describe the regulatory framework for cg in singapore. the mas, as the statutory regulator, is responsible for a sound framework within which market discipline and enterprise can thrive. in regulating and developing the capital markets, we seek to be balanced. on the one hand,