The third pool of local talent that we want to tap on is our network of overseas Singaporeans. Overseas Singaporeans in finance and in technology are well placed to excel in Singapore’s international financial centre. They have a solid understanding of overseas markets, useful networks, and good experience working in a cross-cultural environment. Indeed, many returning Singaporeans have progressed well in their careers and taken on leadership roles here. Take for example Melissa Lim who returned from Germany. Melissa is a Technology & Innovation Strategy Director at Standard Chartered Bank, where she is involved in driving the bank’s tech strategy and other transformation projects. Prior to that, Melissa spent five years in Frankfurt, Germany, where she was the Head of Investment Platform Transformation at Allianz Global Investors, leading a global team to deliver strategic investment transformation programmes. Melissa is one of the panellists for the Relocation Fireside later today, so do tune in to hear more from her. I hope that more overseas Singaporeans – when you are ready to return home – will take up opportunities in Singapore’s vibrant financial sector, grow further in your careers, and make a difference here in Asia. As important as growing the Singaporean Core, we must continue to welcome and embrace high quality global talent. I know questions have been raised on Singapore’s continued openness to global talent. First, the pandemic-related border controls were very difficult for many of our expatriate staff and their families. Many firms faced challenges bringing in foreign manpower due to our border controls.
But the ongoing recovery of the global economy from the Covid-19 pandemic and associated restrictions will provide support to economic activity. The financial sector should grow at least as fast as the overall economy. More importantly, the Asian growth story remains intact, and Singapore’s financial centre is well positioned to support and grow with Asia. The Asian Development Bank estimates that strong exports and domestic demand will drive developing Asia’s growth at more than 5% per annum in the coming years. Demand for financial services typically grows faster than income as the middle class and mass affluent base expands. We are seeing the development of new capabilities which will add more engines of growth to our financial sector. In private markets, Singapore’s private equity and venture capital ecosystem is providing smart capital and business networks to the rapidly expanding pool of growth companies here and across the region. In wealth management, Singapore’s thriving family office ecosystem is helping wealthy Asian families to professionalise the management of their wealth and support their growing interest to invest for impact, as wealth is transferred to the next generation. In insurance, new capabilities are being developed to provide risk advisory services for complex and structural risks in Asia, like cyber-attacks, pandemic, and climate risks. The increasingly pervasive use of technology in our financial sector will be another key driver of growth. Financial institutions in Singapore are making significant investments in technology.