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Singapore must strike a balance between maintaining high standards and promoting efficiency within the wealth management sector, Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat said.Speaking aSingapore must take right approach to create opportunities in wealth management: Chee Hong Tat
Singapore must strike a balance between maintaining high standards and promoting efficiency within the wealth management sector, Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore (MAS), Chee Hong Tat said.Speaking at a doorstop interview on Wednesday (July 9), Chee said that Singapore needs to take a «risk-proportionate approach» to capture new opportunities while remaining a «trusted financial sector».He was speaking on the sidelines of a visit to DBS Bank headquarters, where he met with relationship managers to discuss the bank's plans to grow their wealth management business.«We want to maintain high standards. At the same time, we also want to make it convenient and business friendly for our clients,» Chee said, adding that the two objectives are not mutually exclusive.He highlighted three of MAS' recent initiatives to boost efficiency within Singapore's wealth management sector, saying that MAS has been «working closely» with industry partners and financial institutions (FIs). Read more