In Singapore, the MAS conducts courses in banking supervision and capital markets which we have extended invitations to both our Asian and Middle Eastern counterparts to participate in. We must think of many other platforms and vehicles which could facilitate people-to-people interactions, including those involving think-tanks, universities, training institutes, and private sector financial bodies like the Association of Banks for example. There is also a financial stability dimension to these networks. As cross-border financial transactions increase, effective supervision will require countries to foster greater cooperation with their regulatory counterparts. The Monetary Authority of Singapore, for example, is in discussions to conclude MOUs with the UAE’s Emirates Securities and Commodities Authority and Qatar’s Financial Centre Regulatory Authority to provide for training and supervisory cooperation. I have highlighted earlier that investment agencies in our two regions are now managing sizeable foreign reserves. There is much scope for our investment agencies to touch base with each other, exchange knowledge of global markets, share the latest in reserve management techniques, and help each other navigate in one another’s regional hinterlands where appropriate. We could even co-invest in specific investment opportunities when they arise. Building educational bridges Finally, a few remarks on education, and how we can bring our young people together. We all know how much education matters, for all our societies. It is the bedrock for human development, and the means for whole societies to realise their potential. But there is further significance in education as we address the issue of strengthening ties between Asia and the Middle East.
And there is scope for greater deployment of our savings within our two regions, as investors in both regions look for improved returns. We are seeing the beginnings of a fruitful and meaningful relationship in financial sector cooperation. There is much scope for regional financial centres like Singapore and Kuala Lumpur to provide a gateway for fund flows between the Middle East and Asia. Singapore can by no means be a complete financial centre for the Middle East. That role will be played by financial centres in the Middle East. But we can and will complement and work in partnership with financial centres in the Middle East, and other Asian centres like KL. We can provide a gateway to take Middle Eastern investors into Southeast Asia and China, and to take investors from the region into the Middle East. What can we do to facilitate and spur on these financial ties and build sturdy bridges? Allow me to make three observations. First, the wealth management industry can play a pro-active role in helping investors to diversify their portfolios by introducing them to opportunities in Asia and the Middle East. In so doing, we will also help Asian and Middle Eastern capital markets grow and become deeper and more liquid. We are already seeing asset managers based in Singapore receiving investment mandates from investment agencies in the Middle East.