Deputy Prime Minister Heng Swee Keat emphasizes the importance of good leadership and trust in navigating global challenges at the Asian Financial Leaders Programme Graduation Dinner.
Deputy Prime Minister and Coordinating Minister for Economic Policies, Heng Swee Keat, delivered an insightful address at the Asian Financial Leaders Programme (AFLP) Graduation Dinner on October 24, 2023. The event celebrated the achievements of five graduating cohorts despite the disruptions caused by the COVID-19 pandemic.
The AFLP, initiated in 2015 by the Monetary Authority of Singapore (MAS), aims to cultivate top talent in the financial sector, preparing them for significant leadership roles on both regional and global scales. The financial industry plays a pivotal role in Singapore’s economy, contributing approximately 14% to the GDP and employing nearly 190,000 individuals.
In his address, DPM Heng highlighted the competitive nature of the financial sector, emphasizing that a strong talent pool and regulatory framework distinguish leading financial centers. He also underscored the need for trust and good leadership in today’s volatile global landscape, citing geopolitical tensions and challenges such as climate change and technological disruption.
Addressing the urgent matter of climate change, DPM Heng emphasized the necessity of facilitating access to capital for green and transition projects. He advocated for the expansion of blended finance to attract more private capital into critical initiatives like energy transition infrastructure and nature-based solutions.
Regarding technological advancements, DPM Heng acknowledged their potential to revolutionize the financial system. He mentioned technologies like distributed ledgers, Generative AI, and tokenization of assets as key drivers of efficiency and seamlessness in the banking sector.
DPM Heng stressed that trustworthiness is the cornerstone of good leadership in the financial sector, as trust remains the primary currency. He emphasized the role of leaders in building and maintaining trust while effectively responding to new risks, challenges, and opportunities.
Furthermore, DPM Heng encouraged graduates to take charge of their own growth and development, advocating for overseas and HQ postings as a means to broaden their skill sets. He also emphasized the importance of networks, encouraging graduates to leverage the AFLP alumni network and platforms like the MAS’ Singapore Financial Leaders Network for peer support and collaboration.
DPM Heng concluded by emphasizing the responsibility of leaders to nurture the next generation of talent, highlighting the importance of mentorship in career development.
