Since the onset of the digital revolution, information flows and networks have spread across borders. We are now in a new era of technology since the advent of cloud computing. More than ever, technology pervades nearly every aspect of our lives. Whilst Asia is home to some of the world’s most digitized and innovative economies, I believe the potential of technology is yet to be fully realised in the region’s banking industry. With the constant challenge from the vast amount of data, banks that can successfully capitalise on rapid access to critical information and able to act quickly and effectively will distinguish themselves in the future. This challenge becomes magnified in post-regulatory reform, as demand is growing across the financial services industry for greater transparency, better information and analytics and improvements to risk management. There is also increased expectation for financial institutions to tap on the new targeted segments of the unbanked. This is where the force of technology can come into play. Technological advancement such as business analytics and mobility solutions can be tailored to markets across Asia to access a wealth of data that can be used beyond strategic risk management to open up the previously inaccessible and unprofitable customer segments – in reaching new customers without the cost of establishing extensive branch networks, and in improving relationships and cross-selling prospects with existing customers. These forces of change present immense opportunities for Asia’s banking industry.
To accommodate this, I understand that Deutsche Bank's trading floor in this building is one of the largest in Singapore. Singapore's economic growth for 2006 continues to stay strong at 7.7%, with almost 170,000 jobs created last year. Our market indices have breached the 3,000 point mark and our GDP per capita has exceeded $ We are also witnessing the strong growth of Asia propelled primarily by the two economic powerhouses of India and China. The economies in South East Asian have seen a resurgence with countries like Vietnam rushing forth and is one of the fastest growing economies in the region. Trade and investments among Asian countries, and between regions including the Middle East and Asia, have increased substantially. We have also seen substantial wealth creation in the Middle East and Asia. Asia is estimated to have about 2.4 million High Net Worth Individuals with assets over $ trillion and comprise almost 20% of global High New Worth wealth. This is projected to grow annually by about 6.5% to about $ trillion by 2010. All these represent substantial financial sector opportunities for Deutsche Bank in Asia, including trade & infrastructure financing and wealth management. Singapore, being at the heart of Asia, provides global financial institutions a unique location to harness the growth opportunities from this region. Singapore offers a stable and trusted environment for investments and businesses in the region. Companies in Singapore are supported by a robust network of infrastructure as well as an educated workforce, and coupled with open and consistent Government policies.