heng swee keat : developments in asia and singapore ’ s insurance industry keynote address by mr heng swee keat, managing director of the monetary authority of singapore, at the ge / fics award ceremony, singapore, 24 july 2008. * * * mrs fang ai lian, chairman, great eastern life, mr tan hak leh, managing director, ladies and gentlemen, it is my pleasure to be here on this happy occasion, made all the more significant as great eastern life ( ge life ) celebrates its centennial this year. for a corporation to achieve success for 100 years is a significant achievement. it attests to the agility and business acumen of its leaders, as well as the commitment of several generations of staff. today, we celebrate ge life ’ s achievement as the first insurer in singapore to acquire accreditation as a fics assessment service provider. this reflects well on ge life ’ s commitment towards staff development. developments in asia and singapore ’ s insurance industry despite the recent financial turmoil, the life insurance industry has held up relatively well in this region. while regional economies would not be insulated from the global economic slowdown, the medium - term outlook for the region remains good. the pace of economic growth and wealth creation in the region will drive demand for a range of insurance products. indeed, estimates from swiss re show that life and general insurance premiums have been growing at a faster pace than gdp in most emerging asian economies. an insurance company like ge life, which is located in the heart of a dynamic growth region, is well - positioned to capture the growing opportunities. achieving sustainable long - term growth, however, is highly complex. among the many segments in financial services, the life insurance industry has probably the longest time horizon. the industry takes on assets and liabilities that literally last a lifetime. good actuarial data and analysis provide an important basis for risk pricing and management. but future trends and developments such as increasing longevity or medical breakthroughs are harder to predict. hence, a sound framework on asset - liability management and a continual focus on risk management are critical. at the same time, markets are changing and innovating rapidly. competition comes from many sources, while the needs of customers will continue to evolve. to keep up with the competition, intermediaries have to continue to invest in research and development, and provide value - adding products and services in risk management, underwriting, actuarial analysis, investment and financial advice

ravi menon : the institute of banking and finance at forty welcome remarks by mr ravi menon, managing director of the monetary authority of singapore and chairman of the institute of banking and finance, at the institute of banking and finance 40th anniversary dinner, singapore, 10 june 2014. * * * deputy prime minister and minister for finance, tharman shanmugaratnam, pioneers of ibf, distinguished guests, ladies and gentlemen, on behalf of the council and staff of ibf, let me welcome you to ibf ’ s 40th anniversary dinner. ibf is where it is today because of what previous generations of council members and staff, industry practitioners and training providers accomplished together. they are the pioneers of ibf, whose contributions and achievements we are gathered here to celebrate. it is the inspiring vision and tireless efforts of these pioneers to build competencies in finance that helped create the international financial centre that singapore has become today. i am delighted that several of them are here with us this evening. ibf was set up in 1974 with the support of the monetary authority of singapore ( mas ) and the association of banks in singapore ( abs ). those were early days in singapore ’ s development as a financial centre. the birth of ibf helped to fill a critical gap in the training of singapore ’ s financial sector workforce. the subsequent growth of ibf has been a story of each generation building on the efforts of previous generations and helping to strengthen the capabilities of singapore ’ s finance professionals. let me begin by thanking the first group of ibf pioneers : the past chairmen of ibf. • mr michael wong pakshong, as ibf ’ s inaugural chairman from 1975 to 1977, laid out the vision for ibf – to develop a strong suite of educational programmes to support the growth of singapore ’ s banking industry. • mrs elizabeth sam, as ibf chair from 1977 to 1981, introduced ibf ’ s first and most widely - recognised diploma programme – the diploma in banking and finance. • mr ng kok song, who served as ibf chairman from 1981 to 1982, introduced a new foreign exchange training programme that helped alleviate the shortage of fx dealers in those early years when singapore was establishing itself as a global treasury hub. • mr koh beng seng, ibf ’ s longest serving chairman – from 1982 to 1997 – oversaw the introduction of many new training programmes beyond banking to cater to the broader range of financial sector activities that took root during those years. • mr tha