to catalyse equity, fixed income and fx trading activities. • second, we have to build deep skills and expertise relevant to the future and harness technology. these ‘ horizontals ’ of skills and technology will be the key drivers in the next phase of our financial centre ’ s growth. 28. mr ravi menon, md mas, spoke just yesterday about the new technologies that are transforming financial services and how mas and the industry could work together to take advantage of these technologies. i will talk now about how we can build the depth of skills and expertise, across all levels of the financial sector workforce, and how we aim to achieve quality jobs for singaporeans in a rapidly - changing financial environment. skillsfuture in financial services 29. the next 10 years will be both disruptive and transformative for financial institutions and markets. new technologies will have a significant bearing on the scale and nature of financial sector jobs – everywhere from the front - end of consumer transactions and advice, to the middle and back - end business of processing, risk management and data analysis. 30. many jobs in finance will be at risk around the world. but if we prepare well for the changes reshaping global finance, there is significant opportunity in this for singapore and for singaporeans working in finance. 31. our vision is to be a financial centre that is among the leaders globally in workforce skills and expertise, and one with a strong core of singaporeans at every level. 32. mas has been engaging the top leadership of key financial institutions, here in singapore and in headquarters overseas, on our initiatives. their response has been positive. they recognise and support our desire to develop deep skills and a strong pipeline of singaporean talent, as part of a vibrant and competitive global financial centre. it is in our collective interest that we do this, and in the interests of each financial institution over the long term. 33. as part of the national skillsfuture effort, mas in partnership with the industry and educational and training institutes is now embarking on further initiatives. we will strengthen support for every finance professional to learn continuously, develop his or her expertise, and have a good career. this includes developing singaporean leaders in finance, with the capabilities to take on responsibilities in asia and further afield. continual learning and deepening specialist skills 34. let me describe these initiatives briefly, starting with our efforts to promote continual learning and to develop deep pools of financial sector expertise in singapore. finance scholarship programme ( fsp ) 35. first

% p. a. and 7 – 8 % p. a. respectively, while activity in the asean - 5 economies is expected to expand at around 5 % p. a. 4. 6. the rosy outlook translates to two significant implications for capital markets : a. on the demand side, relatively favourable demographics, the emergence of a rising middle class and rapid urbanisation will stimulate more savings and investments ; b. on the supply side, there is much scope in asia to improve infrastructure, technology and innovation, the success of which will go a long way toward raising productivity and incomes even further. to finance these important structural needs, asia ’ s ability to raise long - term capital for sustainable growth would make cross - border capital market activities even more important. singapore is the gateway to asia ’ s bond market 1 / 4 bis central bankers'speeches 7. singapore is well - positioned to serve asia ’ s growing financing needs. we are a developed pan - asian asset management centre with more than 600 asset managers and over sgd 2. 7 trillion of assets under management, of which 20 % is invested in fixed income strategies such as asian or emerging market debt. these include global fund managers such as schroders, pimco, blackrock as well as our local fund managers such as fullerton and uob asset management. let me share a few highlights of our bond market : a. issuances volumes grew at a compound annual growth rate of around 9 % over the last five years to reach sgd 186 billion ( usd 129 billion ) in 2016. b. 60 % of corporate bonds issued in singapore are in foreign currencies including g - 3 and asian currencies, which encompass the rmb. c. 70 % of issuers are repeat issuers, returning to tap singapore ’ s bond market, after the favourable experience with their maiden issue. let me zoom in on three pillars of strength : i. international capital for asian companies singapore offers an excellent ecosystem for asian companies to raise international capital. asian corporates, including chinese and indian companies, looking to regionalise and 8. globalise are increasingly looking to international bond markets to raise capital and to diversify funding sources. a. over 50 international and regional banks locate their debt capital markets teams here in singapore. they are supported by international lawyers, accountants and rating agencies that provide essential ancillary services in issuing a bond. b. asian companies are coming to singapore to issue debt. bright food singapore holdings pt