As a result, CGC is now able to undertake some new business activities such as securitisation, portfolio guarantees and collateralised loan obligations (CLOs). These are aimed at raising alternative sources of funds as well as attracting medium-term funding from the capital markets for SMEs. CGC firmly believes that these exercises are also key drivers in the Corporation's efforts towards achieving financial sustainability. The Corporation has also identified a number of strategies to help it to achieve financial independence. Of importance is the expansion in the product range that include capital  BIS Review 75/2008  1  market activities. In view of our commitment towards making CGC a financially sustainable institution, we have even gone a step further by working closely with our financial partners to ensure higher business quality. To encourage active participation, CGC introduced for the first time in 2008, a new award called the Best Financial Partner Award. The award acknowledges and recognizes the financial partner that contributed the most towards quality assets for CGC. It also recognises the financial institutions' conscientious efforts in ensuring that scarce funds are channelled to SME borrowers identified to have the capability and capacity to maintain good credit standing. The Best Financial Partner Award will be a regular feature in the years to come and we look forward to the active participation of all the financial institutions. In addition to the Best Financial Partner Award, another two awards were also introduced.
Such availability has served as a valuable source of information in credit assessment and help expedite loan processing time. In the same vein, with greater availability of information on SMEs from the Bureau, the processing time for SME loans can be similarly shortened and decisions to grant financing can be made based on a more comprehensive set of information. We hope and encourage the financial institutions to avail themselves of the services provided by the Bureau and help create a healthier and more transparent credit culture amongst the SMEs and lenders. I would now like to take this opportunity to congratulate all the award recipients today. We hope the recognition accorded by CGC will help to create a better understanding of the spirit behind this initiative, which is aimed at fostering mutually beneficial working relationship between the CGC and the financial institutions for the over-arching objective of promoting SME sector development. You have certainly given us your unwavering support through your active participation in our guarantee schemes. We look forward to your greater participation in the future. On another note, I would take this opportunity, in conjunction with our 35th AGM, to thank all employees of CGC for their understanding and commitment in adopting and adapting to changes. This include the internal organizational change that we have been through in the past two years to face the challenges of the dynamic business environment of today. Thank you for the kind attention and have a pleasant day. 2  BIS Review 75/2008