S'pore has to accept risk of rogue actors to prosper as wealth hub, says minister

But the number of such entities has to be kept small to preserve trust: Chee Hong Tat

- Sheila Chiang Business Correspondent

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.

Speaking at the Bank of Singapore's 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.

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. "If 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 what we call a risk-proportional approach and encouraging innovation."

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

"They choose Singapore because this is a place that can be trusted. This is a space that is stable, so we mustn't lose that," he said.