strengthen and develop its financial sector. liberalising the financial sector is not a question of whether but how. mas, through its growing partnership with the central bank of myanmar, is happy to contribute to this effort where it can. we have been deeply engaged in many training programmes and stand ready to share our experiences where relevant. singapore wants myanmar to succeed and prosper, and realise its huge potential. i wish you fruitful discussions. bis central bankers ’ speeches

not have access to affordable funding. foreign financial institutions can complement the local banks in effective credit intermediation. it will deepen the financial sector, thereby helping to raise household savings and divert funds away from the shadow financial system. foreign financial institutions can provide a channel for myanmar to tap into foreign savings to drive its growth, even as the country ramps up the mobilisation of domestic savings. this is bis central bankers ’ speeches particularly relevant for financing infrastructure development, which is critical to drive myanmar ’ s economic growth. • a mckinsey study estimates that myanmar will need to invest us $ 320 billion in infrastructure up to 2030 to achieve an annual growth of 8 %. • foreign capital, intermediated through a well - developed banking industry and wellfunctioning capital markets, is a necessary complement to meeting this infrastructure need. and it is not only financing that foreign participation brings, but critical expertise in structuring projects and managing risks. most important, foreign financial institutions promote competition and innovation, providing the impetus for local institutions to upgrade their capabilities. this has been singapore ’ s experience. • we had protected our local banks from foreign competition in retail banking for many years. • in 1999, mas embarked on a programme to liberalise access to singapore ’ s domestic banking market. • the aim was to strengthen our local banks through competition and provide singaporeans with quality banking services. the strategy worked. • the local banks built up strong management teams and made significant infrastructural investments to expand their range of business activities and enhance operational effectiveness. • they are now stronger and more dynamic, with much improved systems of management, risk controls, technology, and expertise. • liberalisation provided the spur for our local banks to raise their game and compete with some of the world ’ s largest banks while maintaining high prudential standards. why liberalise at a measured pace this leads me to my second point. the pace and sequencing of financial liberalisation are critical : • the pace of liberalisation should proceed in accordance to the country ’ s stage of development. progressive liberalisation at a steady pace is better than a ‘ big bang ’ approach. • and financial reforms must be sequenced appropriately in order to ensure the stability of the financial system. let me highlight three factors that must be in place for successful financial liberalisation : • sound regulation and supervision ; • a strong core of local banks ; and • a selective admission policy. first, regulation and supervision. financial crises following rapid liberal