IMAS Digital Summit 2022 Keynote Speech By Loh Boon Chye, CEO Of SGX Group

3 weeks ago 23

Susan Soh, Chairman of IMAS Executive Committee

Ladies and gentlemen

A very good morning to all and thank you to IMAS for inviting me here today.

Primed for innovation and growth

1. The global asset management industry has emerged strongly from the pandemic and Singapore is no exception. With Asia hosting some of the fastest-growing economies in the world, the industry is primed for further innovation and growth.

2. This is not to say there are no headwinds. The ongoing uncertainty and volatility in global markets pose challenges for investment managers – the situation in Ukraine shows no sign of abating, and investors have to deal with inflation, economic slowdown and soaring energy prices.

3. But amid these challenges, let’s not forget the tailwinds. If we look further out in the horizon, there is tremendous potential for asset and wealth management in Asia.  Investable assets continue to grow. Capital and wealth are flowing into Singapore from the region and globally. More funds and family offices have set up in Singapore since the Variable Capital Companies (VCCs) framework was launched, and there is now an even wider diversity of ecosystem players.

4. IMAS has done a commendable job working with the various stakeholders to strengthen Singapore’s position as a leading asset management hub to access pan-Asian and global opportunities. The association has been driving digital transformation and talent development, enhancing the industry’s capabilities.

5. With stronger public and private partnerships across the ecosystem, we are also seeing further deepening of investment expertise in technology and new economy sectors. This is a critical success factor for Singapore in attracting new economy companies to set up and raise capital in Singapore.

Technology can disrupt and enable

6. Susan noted in her welcome speech that technology is seen by asset managers as both an enabler and disruptor.

7. If we use robo-advisory as an example, when it first started, not everyone embraced it immediately, but now it’s part of almost every asset manager’s offering. Two years ago, before Covid, who would have thought that wealth managers can onboard new clients and provide financial advice, all without meeting them in person? But now, ...

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