MAS' International Advisory Panel Discuss Strategies for Singapore's Financial Sector
Singapore, 13 October 2003...The International Advisory Panel (IAP) of the Monetary Authority of Singapore (MAS) met today to discuss the challenges and opportunities for Singapore against global trends in the financial industry and regional developments. The IAP, chaired by Mr Lim Hng Kiang, Minister, Prime Minister's Office, Second Minister for Finance, and Deputy Chairman of MAS, comprises business and finance leaders from the international community.
2 IAP members observed that the global trend of outsourcing and offshoring of back and middle office functions by financial institutions will intensify. This could benefit several centres including Singapore. IAP members also noted that globally, consolidation in the financial sector is ongoing.
3 On the regional financial landscape, the IAP recognised the opportunities presented by a growing middle class and high savings rates in Asia. They noted the importance of continuing to enhance the regulatory and business environment to attract more investments to the region.
4 IAP members agreed that Singapore is well-positioned to take advantage of these trends with its political and economic stability, strong supervisory framework, highly skilled labour force and pro-business outlook. Singapore should continue with its efforts to improve the operating environment including cost competitiveness for international players. The IAP noted that Singapore could build on its strengths in areas such as wealth management, risk management, insurance and treasury activities.
5 IAP members also met with Prime Minister Goh Chok Tong and Senior Minister Lee Kuan Yew.
Notes to editor:
Formed in 1998, the IAP advises MAS on Singapore's financial sector reforms and strategies. The knowledge and expertise of this distinguished advisory panel provides MAS with a global perspective on financial sector issues, and helps MAS keep abreast of market developments and trends in major international financial centres.
MAS IAP members who attended this year's meeting:
Mr Lim Hng Kiang, Minister, Prime Minister's Office, Second Minister for Finance and Chairman, IAP
Mr Claude Bebear, Chairman of the Supervisory Board, The AXA Group
Sir Andrew Crockett, Former General Manager, Bank for International Settlements
Mr Tom Glocer, Chief Executive Officer, Reuters Group Plc
Mr Rijkman Groenink, Chairman, ABN AMRO Bank NV
Mr John Mack, Chief Executive Officer, Credit Suisse First Boston
Sir Peter Middleton, Chairman, Barclays Bank Plc
Mr Tasuku Takagaki, Senior Adviser, The Bank of Tokyo Mitsubishi