. in a global economy, efficiency is the order of the day. players in the international trading arena – banks, suppliers, buyers and shippers are all striving to make the processes easier, faster and cheaper. this is where the physical supply chain and the financial supply chain have come together. this “ marriage ” is resulting in a shift from a single product solution to a supply chain finance solution. increasingly, banks, buyers, sellers, insurance companies and logistics companies are joining hands to find solutions. on the one hand, banks are setting up operation centres to centralise letters of credit, document collection, letters of guarantee etc with a view to enhancing efficiency and professionalism, and reduce costs and operation risks. they are more and more offering non - traditional services which may include sophisticated imaging technology that can assist with dispute and discrepancy management coupled with data storage, insurance products, document preparation services, cash flow modeling etc. on the other hand, the logistics companies are providing banks with two key elements – firstly the warehousing and transportation of the goods and secondly the visibility into the movement of those goods. this increased visibility into the supply chain encourages banks to extend credit to trading partners instead of issuing letters of credit. the “ marriage ” of the physical and financial supply chain processes therefore injects additional and more cost - effective liquidity into the system. at the base of this shift from single product solution to supply chain finance solution are advance in connectivity – the internet, new it technology and applications and efficient capital markets. for instance, readily accessible information improves the ability to see where the goods are in the supply chain. if you send goods to europe, you can log on to dhl and track exactly where the goods are. in the same vein, banks which are extending lines of credit against inventory or deciding when to make payments to sellers on behalf of buyers need to know the whereabouts and the integrity of individual units rather than simply knowing where the large shipments are in transport. it is clear that banks not only provide finance but need to understand the entire supply chain to give value added to their customers. in the process, there can only be a win - win situation for banks and the other stakeholders. i believe that collaboration brings benefits to all participants. buyers are able to negotiate better terms and conditions with the suppliers. suppliers may have cheaper access to capital and reduced costs. funds providers may benefit from higher return on corporate risk than on other products, they may have cross sell and increased lending

hard - won gains by our forebears. our nation needs its capable young countrymen to take it forward and to continue to develop it into a progressive, prosperous and harmonious society for future generations. once you step outside the portals of the university, what is awaiting you? outside is the real world – very different from the academe world. you will certainly be looking for a job, a job that you feel is appropriate for the kinds of competence and skills that you have acquired during those years of study. are you well - prepared to face the jungle that the workplace can sometimes be, a jungle where competition is raging? would you want to join the fight for a handful of positions at the top regardless of the means to reach there? or would you rather choose to earn your credibility the hard way? gone are the days when you can retire on the same job. in a work environment that becomes increasingly demanding, you will face tremendous challenges. today ’ s jobs require multi - skilling, multi - tasking and lifelong learning. newton d. baker1 once said : “ the man who graduates today and stops learning tomorrow is uneducated the day after. ” how very true in today ’ s world? the world is now a very uncertain place. changes are happening every minute – the very foundations on which the global economic and financial system rest are being shaken. at the same time, the world demands more transparency, more accountability and good governance. some view this with misapprehension and fear. but for others, what an exciting time it is! i am of those who believe that something great will come out of all the turmoil that the world is presently going through. i am reminded of a passage in orson wells ’ the third man, which refers to the reign of the borgias2 in italy. i quote the passage, with all due respect to the swiss people : “ in italy for thirty years under the borgias they had warfare, terror, murder and bloodshed, but they produced michelangelo, leonardo da vinci and the renaissance. in switzerland, they had brotherly love ; they had five hundred years of democracy and peace – and what did that produce? the cuckoo clock! ” the analogy stops short, of course, of the warfare, terror, murder and bloodshed. the point i wish to make here is that even when things seem at their worst, great things can happen. as they say, you can only see the stars when it is dark.