Ms Brenda Hoffman, Chief Technology Officer, Nasdaq
Mr Bob McCooey, Vice Chairman, Nasdaq
Ms Virginie Barbot, Managing Director Southeast Asia, Nasdaq
Mr Ng Yao Loong, Head of Equities, SGX Group
Ladies and Gentlemen

1. Good morning. We are delighted that Nasdaq is opening its brand-new office here and expanding your presence in Singapore. I arrived very early this morning and initially thought I might even be joining the lion dance at the start. Instead, we had a very good conversation for about twenty minutes. Brenda, I understand that you enjoyed visiting Gardens by the Bay and seeing the lights there.

2. In fact, if you noticed, the past week in Parliament was a very busy one. During that week, I shared some exciting news about the expansion of Gardens by the Bay. We are continuing to grow the gardens, and we are building a bridge across one part of the gardens to connect it to another.

3. As I was preparing what to say today, I realised that this idea of building bridges is very similar to what we are trying to do between Nasdaq and the Singapore Exchange. We are building a bridge across two markets. It is a much longer bridge — a digital bridge that stretches across the Pacific.

4. This is important because the Global Listing BoardMAS Proposes Legislative and Regulatory Changes to Facilitate Dual Listings on Global Listing Board will help connect two dynamic markets — Asia and the United States. This initiative is one important component of the work of the Equities Market Review Group, which is focused on strengthening Singapore’s equity markets, both locally and regionally.

5. There are also other important efforts underway. I co-chair the Committee on Entrepreneurship under the Economic Strategy Review, where we are working to spur entrepreneurship and support entrepreneurs in Singapore.

6. Last week, we announced a S$1 billion boost to the Startup SG Equity scheme. We also announced a S$1.5 billion injection into the Anchor Fund. In addition, my colleague, Minister Chee Hong Tat, will be leading the Growth Capital Workgroup.

7. Together, these initiatives — along with the Global Listing Board — help build a strong ecosystem for our startups and companies to access capital and, potentially, to list in the future. All these efforts represent important steps forward.

8. We thank Nasdaq for being a very important part of this journey. You have not just started this office here — you have been present in Singapore for over twenty years. For those who may not know, Mr Alfred R. Berkeley, III, then-President of Nasdaq, served on the inaugural Monetary Authority of Singapore (MAS) International Advisory PanelDPM Pays Tribute to Private Sector Contribution to Financial Sector Reform .

9. Nasdaq’s relationship with Singapore and MAS spans more than two decades, and today we are simply building further on that metaphorical bridge.

10. So congratulations to Nasdaq, and we look forward to many years of this partnership ahead. Thank you very much.

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