to access funding and support for their innovation and expansion plans. c. as mr koh boon hwee, chairman of sgx, said during our first review group meeting, the review is not about sgx as a company. i fully agree with boon hwee, 2 / 7 bis - central bankers'speeches and this is aligned with our strategic approach for the review. the focus is not about sgx, but about growing singapore's equities market. d. to be clear, sgx has been performing well, including in equities derivatives and fixed income, currency and commodity ( or ficc ) business segments3. and if we succeed in growing our equities market, sgx as a company will certainly also benefit from the growth because a rising tide will lift all boats. however, the review group's scope extends beyond sgx ; we are considering the broader capital market and enterprise financing landscape. e. at the core of our strategy, we are focusing on strengthening the supply of good companies and creating a strong financial ecosystem to support their growth. we have to complement this with a broader range of products to draw in demand from a larger pool of investors, both institutional and retail investors. besides the members of the review group and its two workstreams, we are actively engaging stakeholders from across the enterprise financing and market ecosystems – including start - ups, enterprises, banks, fund managers, market intermediaries, and investors such as those that sias represents. i am heartened by the strong interest from industry stakeholders and the public since the launch of our review last month. i would like to thank everyone for your views and suggestions, including some members in the audience who have written to my colleagues and i to share your feedback and ideas. we hope to continue to engage with you as we study the different ideas and initiatives. we can group the ideas into three main areas : a. encouraging pipeline of quality listings ; b. enhancing investor participation and broadening market liquidity ; and c. re - evaluating our regulatory structures and approach. please allow me to briefly elaborate on each one. encouraging pipeline of quality listings singapore is globally recognised as a leading startup hub in asia, with a vibrant startup and innovation ecosystem supporting the growth of promising startups. today, we have over 4, 500 tech startups, 400 venture capital firms as well as 240 incubators and accelerators. through the startupsg initiative, enterprise singapore has supported many entrepreneurs and startups,

risks and try, it is not a guarantee we will succeed, but we have a chance to turn things around. just as pope francis advised our young people during his recent visit to singapore to have the courage to leave our comfort zones and take some risks, we shall do the same with our review, and be willing to try and take some calculated risks. in assessing our options, we will focus on what are singapore's strengths and what is our value proposition to investors and the companies who are seeking listing. for example, singapore has established ourselves as a leading reits hub by identifying a market need and creating a supportive regulatory framework and ecosystem to nurture its growth. today, we are the largest reits market in asia ex - japan2. i believe there can be other such opportunities for singapore's equities market – not to go head - on against the larger exchanges, but to identify areas where we can add value by playing to our strengths. a. for instance, could our market be a trusted venue to facilitate investor flows into mid - sized regional companies, who can enjoy better brand and investor familiarity within their own backyard compared to listing in a larger global market? being a big fish in a smaller pond can be a more attractive value proposition compared to being an ikan bilis or ikan kuning in a big ocean. i thought of these two fishes because they are often found in nasi lemak, which is one of my favourite local dishes. b. singapore and our region have also seen a strong burst of entrepreneurship and produced many good quality growth companies. singapore should aim to provide a platform for these asian companies to raise funds and support their future growth. a robust equities market provides a venue to facilitate successful ipo exits – which allows private equity and venture capitalist investors to recycle capital into other startups and early - stage growth companies. this completes a virtuous cycle of growth, innovation and a more vibrant financial market. this is why the government is considering policy measures and incentives to improve singapore's equities market and enterprise financing ecosystem. these are important elements of our business ecosystem to support a competitive economy. a. the equities markets review group that mas has set up will take a closer look at the challenges we face and recommend measures that can position singapore's equities market for growth. b. our objectives are clear ; to develop an equities market that provides an attractive venue for local and regional enterprises