{"id":27289,"date":"2026-01-10T04:45:51","date_gmt":"2026-01-09T20:45:51","guid":{"rendered":"https:\/\/sgbuzz.com\/?p=27289"},"modified":"2026-01-10T04:45:51","modified_gmt":"2026-01-09T20:45:51","slug":"spore-has-to-accept-risk-of-rogue-actors-to-prosper-as-a-wealth-hub-chee-hong-tat","status":"publish","type":"post","link":"https:\/\/sgbuzz.com\/?p=27289","title":{"rendered":"S\u2019pore has to accept risk of rogue actors to prosper as a wealth hub: Chee Hong Tat"},"content":{"rendered":"


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SINGAPORE – Singapore must not lose its trusted branding as a business and wealth hub, but it is not realistic to take a zero-risk approach either, said Minister for National Development Chee Hong Tat. <\/p>\n

Speaking at the Bank of Singapore\u2019s 2026 outlook conference on Jan 8, Mr Chee, who is also deputy chairman of the Monetary Authority of Singapore, said there will be a chance of some rogue actors from time to time in any jurisdiction when embarking on a particular area. <\/p>\n

But the number has to be kept small, he told an audience of around 900 mostly private banking clients at the event, held at Marina Bay Sands. \u201cIf the number grows too big, we have a problem. If we can do that (keep the number small), we can preserve that trust element and that trusted reputation while encouraging taking of calculated risk \u2013 what we call a risk-proportional approach \u2013 and encouraging innovation.\u201d <\/p>\n

It is also crucial to detect and deal with those rogue cases in a firm and decisive manner to give investors confidence, he noted. <\/p>\n

\u201cThey choose Singapore because this is a place that can be trusted. This is a space that is stable, so we mustn\u2019t lose that,\u201d he said. <\/p>\n

\u201cIf we end up compromising on our trusted branding, we have more to lose. So I would rather preserve that \u2013 but don\u2019t go for zero risk, because then you have no leeway to be able to innovate, to try new ideas.\u201d <\/p>\n

When banks give out loans or do business with clients, they cannot be 100 per cent certain that there would be no errors either, he noted. <\/p>\n

He said Singapore should not be only a place where it is safe to park money. It not only aims to attract family offices and entrepreneurs to grow ideas, talent and capital here, but also seeks to support those who wish to use Singapore as a philanthropy hub to do good and make a positive impact. <\/p>\n

Mr Chee also touched on stablecoins, saying that the Republic should <\/p>\n

view the digital asset in a balanced and sensible manner<\/p>\n

<\/a> and understand the value and safeguards behind it, while avoiding chasing after trendy developments. <\/p>\n

Stablecoins are a type of cryptocurrency that aims to maintain a stable value by being pegged to a certain asset, such as fiat currencies. <\/p>\n

\u201cSo how can Singapore position itself to be able to enter this space, knowing that there will be competition, whether it is from Hong Kong, Dubai… We have to be quite clear-eyed about it. It doesn\u2019t mean that we don\u2019t do anything, but it also doesn\u2019t mean that we want to do everything,\u201d he said. <\/p>\n

Singapore must not end up being pressured to do something out of a fear of missing out, because it may end up making the wrong decisions, he added. <\/p>\n

Addressing the wider region, he said ASEAN still has many untapped opportunities, such as its digital economy not realising its full potential. <\/p>\n

\u201cThe individual ASEAN economies will all want to have their own development plans. I think that\u2019s fair… But it doesn\u2019t mean that we cannot build or facilitate smooth flow of payments in the digital economy. It can be done,\u201d he said. <\/p>\n

\u201cThere\u2019s still a lot of upside for us to further strengthen this.\u201d <\/p>\n

He also pointed to the ASEAN power grid initiative, saying that it will be a game changer if the region manages to carry it out successfully. <\/p>\n

\u201cThe future of our economic development, whether it\u2019s artificial intelligence centres, automation or manufacturing, you need clean, green power, and this is something which we won\u2019t be able to optimise for the whole region if (we) all do (so) by ourselves, but we really look at how we can integrate and do it together,\u201d he said. <\/p>\n

He also noted that the Johor-Singapore Special Economic Zone has allowed Johor and Singapore to look at a win-win outcome, but it should not be limited to just companies from Johor shifting to Singapore, or Singapore companies shifting to Johor. <\/p>\n

\u201cThat\u2019s not growth. That\u2019s just reallocation. We should really be working together to try and attract new investments \u2013 investments that will otherwise not even consider coming to this part of the world.\u201d <\/p>\n

The tie-up between Johor and Singapore will offer investors the best of both worlds, he said, adding that many such opportunities in ASEAN are still untapped. <\/p>\n<\/div>\n

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