MAS Deputy Chair: «Uncertainty Has Become Our New Reality»
Turbulence is now the norm and Singapore must avoid complacency to maintain its status as a top financial hub in Asia, according to Chee Hong Tat, deputy chairman of the local regulator.
Deputy chairman of the Monetary Authority of Singapore, Chee Hong Tat, spoke at a DBS event that featured a conversation with the bank’s CEO Tan Su Shan. In his speech, Chee, who is also the city-state’s minister for national development, underlined that volatile times are here to stay and that Singapore would need to adapt.
«Global uncertainty has become our new reality. Yet, as the old saying reminds us, 'We cannot command the wind, but we can adjust our sails.’ The question for us is: how do we navigate the stormy seas ahead and importantly find new ways to grow?» he said. «Even amidst global headwinds, I believe that Singapore — as part of Asia, including ASEAN — and the region can continue to offer resilience and opportunities.»
Four Strategic Priorities
Singapore’s financial sector has seen strong growth across the board with total assets in the banking sector experiencing a compound annual growth rate of 6.8 percent in the past three years and assets under management increasing 50 percent in the last five years to S$6 trillion ($4.6 trillion). However, Chee warned against complacency and highlighted four strategic priorities to strengthen the nation’s position as a top financial hub in Asia.
First, Singapore will build on its competitive strengths in key areas, including asset and wealth management, insurance, foreign exchange and capital markets. Second, it will proactively establish new growth pillars from emerging opportunities like AI, where 30 financial institutions have already set up related functions locally. Third, strengthen regional and global connectivity by deepening trade, payment and financial linkages. Fourth, bolster its talent pipeline.
Equities Market
Chee also spoke about efforts underway to improve Singapore’s stock market, noting that authorities have opted against «quick fixes, such as asking GIC or Temasek to pump-prime the market by mandating them to invest a certain amount in local equities».
Initiatives include the S$5 billion Equity Market Development Program, which will see the appointment of a second batch of managers; new measures to be announced in November that aim to support listed companies to deliver greater shareholder value and to actively engage shareholders on their business plans; commitment to a more pro-enterprise regulatory approach; and increased connectivity by deepening ASEAN market integration.
«The Review Group will complete our review by end of the year, and we are encouraged to see some green shoots emerging from our initial proposals,» Chee added. «Trading activity in Singapore equities including in small- and mid-cap stocks has picked up, with average daily turnover in 3rd quarter of 2025 increasing by 16 percent to S$1.53 billion, the strongest level since Q3 FY2021.»
«We Mean What We Say»
In conclusion, Chee noted that Singapore will continue to take a long-term view on developing its financial services industry while maintaining an approach he described as «trusted, consistent and reliable».
«We mean what we say, and we say what we mean. And what we commit, we will do,» he said.
