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Box Story 8

Establishment of Financial Research Institutes and the Financial Research Council

Financial research plays an important role in supporting the development of the financial industry. The financial crisis has altered the economic and financial landscape, and highlighted the need for financial centres to deepen their research and intellectual capabilities to better understand and respond to the changing needs of international finance.

Since 2006, MAS has been working closely with local and foreign universities, as well as research institutes to build a vibrant eco-system of flagship training and research centres in Singapore. Flagship research institutes here include the National University of Singapore-Risk Management Institute, Singapore Management University-BNP Paribas Hedge Fund Centre and INSEAD Asia-Pacific Institute of Finance.

In the past two years, the emergence of two new research institutes – the Singapore Management University-Sim Kee Boon Institute for Financial Economics (SKBI) and the EDHEC-Risk Institute further have added to the vibrancy of the financial research landscape in Singapore. SKBI aims to be a leading academy in Asia Pacific for research in the area of financial economics with strong practical application and relevance for the industry. EDHEC-Risk Institute, Asia, which will be officially launched in 2H 2010, aims to introduce new global research programmes in asset and risk management and adapt their existing investmentfocused research to the Asian context. Complementing its research activities, the Institute will be offering an Executive MSc in Risk and Investment Management and a PhD in Finance for Asia-based investment professionals.

In January 2010, MAS set up the Financial Research Council (FRC) which comprises industry and academic leaders. The council has been tasked to chart out highimpact research areas and identify research strategies that may introduce new innovation and thinking, with a view to grow the depth and breadth of Singapore’s financial sector in the next three to five years.

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