S'pore Must Balance Risks as it Seeks New Opportunities: Chee

Minister, who is also MAS deputy chairman, makes case for risk-proportionate approach

- Angela Tan

Singapore must be willing to take some risks to capture new opportunities in the burgeoning wealth management sector.

This was the thrust of a doorstop interview given on July 9 by Minister for National Development Chee Hong Tat, who is deputy chairman of the Monetary Authority of Singapore (MAS).

He told the media after a visit to DBS Bank that Singapore must be willing to take some risks even as it strives to maintain high standards and be a convenient and trusted financial centre.

"When we talk about risk, we take a risk-proportionate approach and not zero-risk approach because if we are overly 'kiasu', I think we would not be able to capture new opportunities," he said, using the local lingo that refers to a grasping attitude arising from a fear of missing out on something.

"So there is a need for us to strike a balance and go for high standards but a risk-proportionate approach, not a zero-risk approach."

Mr Chee was speaking after his visit to DBS, where he met the bank's chief investment officer for consumer banking and wealth management, Mr Hou Wey Fook, and several relationship managers.

He said the two goals of wanting to maintain high standards in the sector on the one hand, and making sure processes are efficient and convenient for customers on the other are not mutually exclusive.