They give me a feel of how Singapore is viewed. One of the top bankers told me that he saw Singapore emerging as one of the top financial centres in Asia in the longer term. Our strong fundamentals will enable us to play a role in Asia's transformation. Another CEO told me that his bank found skill levels and costs in Singapore competitive enough for them to outsource processing work, including operations and IT development from Europe to Singapore. 24. In 2004, our treasury and capital markets grew strongly. For instance, the Singapore debt market grew by 20% to $ billion. Our fund management industry has continued to flourish, with assets under management (AUM) rising to almost $ billion. On the Singapore Exchange, the structured warrants market has seen tremendous growth. 25. A vibrant and dynamic financial centre depends on a vibrant and dynamic talent pool. In today's competitive environment, knowledge and talent are what will set businesses and even countries apart. In fact, one of the critical factors limiting the quick expansion of Singapore's financial industry is the availability of talent. 26. We seek to build up this talent pool in three broad ways. First, at the pre-employment stage, we ensure that the curriculum at our universities and polytechnics prepare their graduates well for entry into the industry. This is imperative if our graduates are to be relevant in a fast and ever-changing financial industry. MAS and the Institute of Banking and Finance have been facilitating closer interactions between various stakeholders to achieve this. 27.
A key event is the Raffles Seminar, organised by the Lee Kuan Yew School of Public Policy. It will gather leading thinkers to debate the issues and challenges countries face in achieving and sustaining good governance. 36. S2006 will require close collaboration between MAS, other government agencies and the private sector, in particular, our banks. Some of you are already working with the organising committee. I would like to thank you for your support. Together, we can make S2006 a success for Singapore. Conclusion 37. Let me conclude. Winston Churchill said: "The optimist sees opportunity in every danger. The pessimist sees danger in every opportunity." We should be shrewd optimists - bold but not reckless, cautious but not timid. 38. For we are living in exciting times in Asia. The economic centre of gravity is shifting from West to East. This could be Asia's Century. No doubt there are serious challenges. But I believe if we are innovative, realistic and skilful, we can overcome them. And together ride the Asian wave to prosperity. Thank you. 4  BIS Review 83/2005