Mr Leong Sing Chiong was appointed as Deputy Managing Director for Markets and Development on 1 February 2021. He oversees the Markets & Investment, Development & International, FinTech & Innovation, as well as Sustainability Groups. Prior to this, Mr Leong served as Assistant Managing Director overseeing the Monetary & Domestic Markets Management Department and the Reserves Management Department since June 2018. He also served as Assistant Managing Director of the Development and International Group from 2013-2018.
Mr Leong began his MAS career with the Reserves Management Department in 1993 and served as Staff Assistant to the Managing Director from 1997-1998. In 1999, he joined the Monetary Management Division and was responsible for the implementation of MAS’ monetary policy and money market operations. Thereafter, Mr Leong was appointed Chief Representative of MAS’ London Representative Office from 2002-2004. Mr Leong spent six years with the International Department from 2004-2010 and was appointed as the Executive Director of Financial Centre Development Department from 2010-2013.
Mr Leong is a recipient of the Public Administration Medal (Silver). He holds a B.Sc Economics (Monetary Economics) from the London School of Economics and is married with two children.
Hall 1, Singapore EXPO
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This session will explore how CBDCs and blockchain can be harmonised with traditional financial architecture, offering insights into the potential benefits and obstacles ahead.
Hall 2, Singapore EXPO
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Instant cross-border payments are fast becoming an imperative in the financial industry. Globally, 75 instant payment systems (IPS) are operational and another 20 are under development. Supported by their real-time and 24/7/365 capabilities, connecting IPS across borders has the potential to enhance the speed and lower the cost for cross-border payments, supported by greater access and transparency.
One of the most ambitious projects to-date is Project Nexus by the BIS Innovation Hub (BISIH) which seeks to enable instant cross-border payments at scale by connecting IPS globally via a multilateral approach. In the next phase of the project, BISIH will support a group of first mover countries (India, Malaysia, the Philippines, Singapore and Thailand) to implement Nexus in the real world to deliver benefits both individuals and businesses.
This session will explore the challenges and opportunities of connecting IPS across regions, and discuss the potential of a multilateral connectivity approach such as that outlined in Project Nexus:
1. Promote the operationalisation phase of Project Nexus, announcing key milestones and strategic vision for Nexus’ rollout and adoption.
2. Discuss the transformative potential of a next-generation financial market infrastructure such as Nexus to create a seamless, efficient, secure cross-border payments ecosystem.
3. Encourage international dialogue and collaboration among central banks, financial institutions and technology providers to support the successful implementation of Nexus.
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