President's Message

Adapt and Evolve – Riding the Wave of Change

Dear Fellow members of FMAS

The last few years have been a roller coaster ride and yet exciting times for all of us given the opportunities. We must always remain relevant and seize new opportunities. Just as the industry is evolving as well as embracing the digital transformation to evolve, we also must do the same to keep up with the change. I strongly believe this view still holds true and we have to evolve and remained resilient. These are traits that we must hold tight to. Likewise, I am glad to say that FMAS, as an association, has learned to adapt, ride through the waves, and emerged stronger than before. I am proud of what FMAS has achieved in 2022

Last year, FMAS organised a 2-day in-person charity event. Due to COVID-19, it was challenging to hold an in-person event however we did it with great success. A charity golf event was first held at Tanah Merah Country Club and then after Charity Gala Dinner at The Ritz Carlton Grand Ballroom with almost 500 attendees. We managed to raise S$ 966,000 from this charity event for our beneficiaries. Funds raised were distributed through the FMAS Trampoline Fund for needy through a thorough of our Grant committee and with the help of The Majurity Trust (IPC). The 2022 donor reports and where the grants had been distributed to is on FMAS website. I believe our collaboration with The Majurity Trust has made our social impact in our charity giving much better over the last couple of years.

Unfortunately, due to the changes in the government’s guideline, we did not receive the additional $250,000 Tote Board and government top-up grant as FMAS was considered a third-party fundraiser as we are not registered as a charity to qualify for the grant according to the new guidelines. We were unfortunate to miss out on this top-up grant given FMAS has been fundraising for the last 29 years. My committee is looking into how our Philanthropic giving segment could be formally recognised as a charity organisation.

Last October, FMAS organised the Asia Financial Markets Forum. This was held in-person and was very well-received, which was a very good sign because it reflected that FMAS is being recognised by the financial industry and we are attracting the right sponsors, attendees and many accolades for our contribution to the industry. A big thank you to all our sponsors and members for joining us and especially to our co-host Bloomberg for the tremendous help and support provided.

This year 2023 will be another milestone year for FMAS. FMAS will be hosting the 61st ACI world congress on 21st and 22th September at the Sands Expo and Convention, Marina Bay Sands. This 2-full day event will be held in-person and we are expecting about 500 attendees for this event, including many of our Financial Markets colleagues from overseas. As part of the World Congress, we will also be hosting the Global ACI FMA management meeting in Singapore the days before the actual conference. There will be a huge reception and many days of activities with global ACI members in Singapore. I am officially reaching out to you and calling for all the support and sponsorship so that we will be able to fly the Singapore flag high and cast FMAS in the spotlight. Mr Leng Hoe Lon, the chairperson of the organising committee, will be sharing more details on this later. Hence, given the importance of the Global ACI World Congress event, we may scale down the charity gala dinner for this year to reduce sponsor fatigue but we will for sure will have the charity golf and post-golf reception, which will be held on 19 May at Tanah Merah Country Club, Tampines Course. We will be updating members on the details in the weeks to come.

Besides the Asia Financial Markets Forum, FMAS has also stepped up our activities to drive up FMAS income and this has also benefitted our members. Under our education segment, we had carried on the momentum of offering Financial Markets education-related courses. These courses are designed to fill the gaps in what others may not be able to offer. Our Education sub-committee chaired by Mr Kenneth Kan, is always trying to add relevant courses. All these courses are IBF accredited with CDP hours and with prevailing Government Grants. So do sign up and support us if it suits your organisation upskilling plans.

On the association’s financials, our financial year for last year, ending October 2022, were in a deficit as compared to the previous year but this was mostly due to the higher inflated cost of holding a physical Asia Financial Markets Forum event as compared to the previous year’s hybrid format with limited in-person attendees which did not cost us much in terms of organising (in particular the cost of the venue and set up cost). But I do believe that the Asia Financial Markets Forum is an important event we have formed that brings huge recognition to the FMAS and the Singapore financial markets ecosystem. FMAS, I believe has truly done much to profile the association in the last few years and this is important. It is about leaving a legacy and being proud of being part of it.

And, this leads me to the subject of the future of the FMAS. I have been FMAS President since 2014 for almost 8 years and 4 years as Deputy President before that and I am proud of the achievement FMAS have managed over the years. I have been discussing renewal with my leadership to ensure continuity and I do want to ensure that I hand over the baton so that the legacy of the FMAS continues. Hence it is my plan that I will see through this year and the World Congress and then will step down in Jan 2024 for a new president and new blood to step up. For the same reason of renewal, Mr Samuel Koh has volunteered to step down from his position of Deputy President A to become the Honorary Treasurer. The Deputy President A position, with one year left is now technically vacant. The EXCO, under the provision of the constitution Clause 8D, will be able to appoint an eligible member to fill the vacant Deputy President A position. With that, the leadership has decided that we will appoint Mr Jacky Tai to Deputy President A and this will be formalised once the new EXCO is formed. I truly believe we have a strong team to bring the association forward through the next decade and carry on this legacy beyond our 50 years now.

It is now for me to sincerely thank the 49th FMAS Executive Committee and Secretariat Team led by Mr Ravi for the job well done.

To many good years ahead.

Andrew Ng

Financial Markets Association of Singapore

171 Tras Street #03-179, Union Building
Singapore 079025

+65 6732 0430

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