Incoming chairman of the Association of Banks Wee Ee Cheong spoke about Singapore’s rise as a global financial hub, underlining critical areas of focus to maintain its ascent such as talent and sustainability.
«Singapore has a clear advantage as a trusted hub,» said Wee Ee Cheong, also deputy chairman and chief executive of UOB during a panel discussion on the city-state’s banking sector.
«The COVID-19 crisis has differentiated us. The geopolitical situation globally has also enhanced ASEAN’s position as a destination for business expansion and supply chain shifts.»
Major Focus
According to the panelists, Singapore should focus on three major areas: Asia, technology and sustainability.
The three panellists included Wee alongside Ravi Menon, Monetary Authority of Singapore managing director, and Samuel Tsien, retiring OCBC CEO and outgoing chairman of the Association of Banks.
«Smart Nation»
According to the panelists, Singapore’s self-proclaimed title as a «smart nation» is not just a slogan but a strategic pivot to be positioned for the future.
«It is important for a small country like Singapore to be able to attract and to retain talent. We need responsible innovation. To be a smart nation, we need smart people,» Wee explained.
«In the area of digitalization, we need to focus on the big things that will move the needle. As a country, we are short of technologists and engineers. We also need to ensure that our people are genuinely trained to be future-ready.»
Trust
What remains to be true for any city seeking to obtain and sustain its status as a global financial center is the prerequisite of confidence in the system.
«In banking, trust is of paramount importance as reinforced during the crisis,» Wee said. «As such, culture and conduct to promote trust are critical.»
Regional neighbor and rival hub Hong Kong also underlined the value of trust with chief executive Carrie Lam stating in her annual speech last year that her administration was seeking ways to get the city «out of the impasse and to restore people’s confidence as soon as possible» after months of unprecedented social unrest.
