heng swee keat : financial developments in singapore opening remarks by mr heng swee keat, managing director of the monetary authority of singapore, at the press conference on the monetary authority of singapore ’ s annual report 2009 / 10, singapore, 29 july 2010. * * * strong recovery from the recession 1. the singapore economy has recovered strongly from the recession. five quarters since gdp reached a trough, singapore ’ s output has exceeded its pre - crisis peak by 13. 3 %. the rapid climb from the trough can be traced to several inter - related factors. in particular, the domestic economy had been lifted by the cyclical upturn in global trade and financial market conditions since early 2009, supported by inventory restocking and unprecedented policy stimuli in the major economies. given its openness and competitiveness, singapore was in an especially strong position to benefit from these global forces through our externally - oriented sectors. in addition, investments made in the earlier years were completed in time to tap onto the global upturn. these investments introduced new activities in singapore ’ s economic landscape, including high - end manufacturing and tourism services, and strengthened the competitiveness of our existing industries. 2. global markets also recovered strongly after march as the financial system stabilised and investor confidence recovered. taking into account translation effects stemming from the stronger singapore dollar, interest and dividend income, as well as gains in the valuation of assets, mas recorded a net profit of $ 10. 12 billion during the financial year. 3. looking forward, considerable risks remain in the global economy and the global financial system. singapore ’ s financial system has, by and large, weathered the crisis well. however, we must not be complacent and we need to prepare ourselves to respond to any future challenges. there are three areas which mas has been working on and which we will continue to focus on in the coming year : first, sustaining macroeconomic stability in the postcrisis period ; second, strengthening the financial system ; and third, maintaining the growth of singapore ’ s financial services sector. sustaining macroeconomic stability in the post - crisis period 4. the strong pace of growth seen in the first half of this year is not expected to be sustained. growth is likely to have peaked at the middle of this year, and will moderate to a more sustainable rate, as external demand slows after the post - crisis bounce from stimulus measures and inventory effects wane worldwide. for 2010 as a whole, the singapore economy

ravi menon : fintech – harnessing its power, managing its risks panel remarks by mr ravi menon, managing director of the monetary authority of singapore, at the singapore forum, singapore, 2 april 2016. * * * fintech is fundamentally transforming the financial industry. • the smartphone is becoming our bank. • computer programmes are offering investment advice. • people can now lend directly to one another online. technology will replace many jobs in finance but will also create exciting new jobs. • calls for new and different skill sets – understanding technology and the ability to work with and harness the power of machines and algorithms • as someone in silicon valley put it, “ the geek shall inherit the earth ”. unregulated fintech companies are now providing many financial services. they will challenge traditional financial institutions ( fis ), disrupt and even displace some of them but will not replace them. • banks and insurance companies have something that unregulated entities do not have – trust. trust based on a track record of performance. • fis are not sitting still. – they are actively harnessing technology to enhance product offerings and improve efficiency. – they are setting up in - house fintech units to replicate the start - up mentality. many global banks have set up “ innovation labs ” in s ’ pore : citibank, stanchart, ubs, hsbc, to name a few. and insurance companies too : aviva, aon, axa, metlife. – they are also collaborating with or buying over fintech companies to tap their technologies. financial technology, or fintech, may well be the best hope for the future of finance. • the financial industry is facing many headwinds – • slower economic growth, narrower margins, tighter regulation, and greater competition from outside. fintech can potentially help the financial industry regain its dynamism and at the same time purposefully serve the economy and the people. but the fintech phenomenon is not without risk. • the rapid pace of innovation and adoption throw up many questions for the industry and financial regulators. • what should be the policy approach? will speak from the perspective of mas. first – take a differentiated approach to different technologies and their applications. fintech encompasses a wide range of technologies : we cannot take a “ one - size - fits - all ” approach. the nature of technologies, their benefits, and risks are very different. bis central bankers ’ speeches • digital payments, digital currencies –