the private markets, we are curating asean venture capital ( vc ) and private equity ( pe ) research with industry partners to raise awareness of investment opportunities in the region. in the public markets, we are funding research to support market liquidity in the post - ipo 3 / 4 bis central bankers'speeches phase. institutional investors have been leveraging on singapore ’ s strong connectivity and vibrant fund management ecosystem to access regional markets. there are currently some 220 vc and pe managers located in singapore. vc and pe assets under management in singapore has grown at an average 28 % p. a. over the last 5 years. more than 75 % of their investments are across asean, south and north asia. third, the singapore fintech festival. this is the largest financial technology event in the world. it drew more than 30, 000 participants from more than 100 countries last year. there were 300 fintech exhibition booths from 30 countries. the fintech festival is a platform for the global and asian fintech community – to learn new developments, exchange ideas, network and collaborate. the third edition of the festival will be held in two weeks ’ time, 12 - 16 nov. a key component of the festival is the global investor summit, which brings together fintech start - ups and investors and facilitates deal - making. this year, we have a new deal - making platform - called match – to curate and showcase promising asean start - ups and enterprises to local and global investors. do check out the global investor summit. to sum up, asia is undergoing a digital transformation. the asian fintech scene in particular is blooming. opportunities abound for long term investors. and singapore sits at the centre of this exciting ecosystem of innovation and growth, from which to tap these opportunities. thank you, and i hope to see you in two weeks ’ time at the singapore fintech festival. 1 asean - 4 ( malaysia, indonesia, philippines, thailand ) 4 / 4 bis central bankers'speeches

lim hng kiang : meeting the challenges of the globalised economy opening remarks by mr lim hng kiang, deputy chairman of the monetary authority of singapore, at the 36th seacen governors'conference, singapore, 31 may 2001. * * * honourable governors distinguished guests and delegates ladies and gentlemen introduction it gives me great pleasure to bid you a warm welcome to the annual conference of the governors of the south - east asian central banks. this is the 36th conference and reflects the close ties and strong co - operation that central banks and monetary authorities in the region have forged over the last 30 years. seacen economy / recent financial developments this year's conference is held amid concerns of a global economic slowdown. after expanding by an average rate of 7. 3 % in the year 2000, prospects for regional economies are set to slow this year. average real gdp growth for the east asian economies is projected to fall to around 4. 5 % for 2001. the slowdown will be due largely to the cyclical downturn in the us economy, as well as the global electronics industry, both of which will hurt regional exports. due to its very open nature, east asian economies are susceptible to the current global downturn in external demand. the us is the largest export market for most of the seacen economies, with export shares averaging 20 %. in terms of goods structure, electronics accounts for over 20 % of total exports in all east asian economies. exacerbating the downturn is the continued economic weakness in japan, the second largest market in the region. reflecting the weak external environment, export growth in many seacen economies has fallen sharply. this has also undermined domestic demand. challenges for asia concerns over the slowing growth in the us and the much weaker japanese economy have hit regional currencies. since end - 2000, regional currencies have seen higher volatility. while the greater flexibility of exchange rates has reduced the risk of large speculative attacks, such fluctuations are not without risk. the challenge facing policymakers is how to ensure the greater exchange rate flexibility does not lead to greater financial system fragility. aside from macro - prudential risk, financial regulators also faced challenges arising from the rapid changes in the global financial landscape. in particular, advancement in technology, investors'demand for shareholder value and customers'demand for integrated financial supervision have accelerated consolidation and globalisation of financial institutions and markets. the boundaries of the banking, insurance and securities industries are less clearly defined.