Singapore, 2 Oct 2000... The Monetary Authority of Singapore (MAS) hosted the financial community to the MAS Evening at ArtSingapore at the Ministry of Information and the Arts Building this evening. Reflecting the growing rapport between MAS and the financial sector, this is the first time such an event has been held.

2   The event was to thank members of the financial community for their participation in, and contribution to, the financial sector reform initiatives MAS started in 1997. It also acknowledged the need to interact constantly with market participants so as to be in touch with market developments and to understand the needs of the financial players. About 400 senior representatives from local and foreign financial institutions in Singapore attended the event.

3   According to Deputy Prime Minister Lee Hsien Loong, Chairman of the MAS, the event was also very much in line with MAS' new philosophy and culture of openness vis-a-vis the private sector. "These past three years of collaboration and co-operation have nurtured a closer rapport between MAS and the financial industry. It is imperative that we continue to work effectively towards deeper mutual understanding," said DPM Lee.

4   Said Teo Swee Lian, Senior Executive Director (Financial Sector Promotion and Insurance), "This is the first time we are organising such an event for the financial community. Close interaction with industry players is important as their views and feedback will help us develop policies and strategies necessary for the development of Singapore into a dynamic global financial hub."

Click here for DPM Lee Hsien Loong's Welcome Remarks.