You gave your time freely and shared your ideas selflessly. Thank you. We are also indebted to our partners and trainers who have contributed on a pro-bono basis to IBF’s learning resources – working on impossible timelines to deliver high-quality training standards and study guide materials. There is a final group that I want to acknowledge, the unsung heroes of the IBF story – the past and present staff of IBF. •  From administering the CMFAS examinations to developing new industry examinations;  •  from reviewing and accrediting training programmes to certifying individuals under FICS;  •  the management and staff of IBF have been unrelenting in their commitment to raising industry standards. As we look back at IBF’s 40 years, we can take pride in what it has achieved. •  Some 200,000 participants have benefitted to-date from training courses offered or accredited by IBF. •  Close to 2,000 practitioners have been certified under the FICS Standards. One of the reasons why IBF has done well is that it has renewed itself periodically, to stay relevant and effective amidst a changing environment but always focused on its core mandate of promoting competency in finance. Today, IBF embarks on the next phase of its journey to raise industry standards. Our new mission is to “empower practitioners with capabilities for a robust Asian financial industry”. To equip our finance professionals for the next phase in Singapore’s development as a financial centre, IBF will focus on two new dimensions.
First, we will put together programmes which will not only develop depth in core competencies but also breadth across related functional capabilities. A successful career in finance today requires versatility across different areas, be it to offer comprehensive solutions to customers or manage risks holistically across multiple business lines. 2  BIS central bankers’ speeches  Second, we will build expertise and capabilities to serve and operate not just in Singapore but in a pan-Asian financial market. With the surge of opportunities in Asia, those with the knowledge and skills to operate across regional markets will be in high demand. These are capabilities that we must consciously seek to build amongst our professionals. IBF does not operate in a vacuum but in the larger context of what it takes to develop and grow the financial sector – to create meaningful jobs for Singaporeans, support the needs of the economy, and serve the larger region. It is now my pleasure to welcome our Guest-of-Honour, Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam, to talk to us about this larger context. It is especially appropriate that DPM Tharman is doing this as he is himself an IBF Pioneer who, as IBF Chairman some 14 years ago, transformed IBF to set competency standards for the industry. DPM Tharman, please. BIS central bankers’ speeches  3