Speech at Official Opening of Standard Chartered @ Changi 2

Minister Lim Swee Say, Standard Chartered @ Changi 2

1. I congratulate Standard Chartered on the opening of your new office in Changi Business Park (or CBP 2). Standard Chartered has grown its business in Singapore over many years. You opened your first branch in Singapore in 1859, 157 years ago. Today, Singapore serves as the ASEAN and South Asia hub. It is the 2nd largest contributor to the group in terms of income and profit. Several of Standard Chartered’s global functions are also based in Singapore. CBP 2 is a major investment. It reflects the bank’s continued confidence in Singapore.
2. As a globally competitive business location, Singapore has served Standard Chartered well. Likewise, as a globally competitive company, Standard Chartered has served Singapore well too.
3. You have contributed to Singapore’s position as a leading banking and financial hub. More importantly, you have also provided good employment to our people.
4. Standard Chartered Bank (Singapore) Limited (SCBSL) is the local arm with a strong Singaporean core. It has a total PMET employment of 1,400, out of which more than 90% of the jobs go to our local PMETs. Foreign PMETs (Employment Pass holders) account for only 7% of the PMET employees of the local arm.  
5. Standard Chartered Bank (Branch), which is the regional and international arm of the bank here, has a much larger PMET employment of more than 5,000. Given the regional and global orientation of the Corporate HQ functions which requires a greater diversity of knowledge and experience, the spread between local and foreign PMETs is hence wider compared to the local arm. This is not unexpected. Even so, locals still account for a majority share, about two-third of the total PMET employment. It is also worth noting that the regional and international arm actually employs more local PMETs than the local arm, over 3,500 local PMETs in the international arm vs over 1,000 local PMETs in the local arm.  
6. In other words, having the regional and international functions of a global player, in this case Standard Chartered, located in Singapore is a big plus for us, both in the number and quality of jobs. These regional and global jobs could have been based in other countries employing people from other places. By having them in Singapore, in the case of Standard Chartered Bank, means a gain of more than 3,500 PMET jobs for our people, rather than a loss of 1,800 PMET jobs to Employment Pass holders.    
7. Moving forward, we strive to do more and do better. As we transform our economy, it is in our mutual interest to work together to facilitate the growth of global players such as Standard Chartered through Singapore. At the same time, it is also in our mutual interest to partner with you and all Singapore based corporations even more closely to strengthen the Singaporean core. This has to happen at all levels, especially at the senior level. Together, we can nurture more of our local talents to play bigger and better roles in your future growth.
8. Just recently, I met Shee Tse Koon (46 years old, Singaporean), the CEO of Standard Chartered Bank Indonesia. Prior to his current position, Tse Koon spent 4 years in Dubai as Head of Governance (West), supporting 49 countries across Europe, Middle East, Africa and Americas. He has also assumed a wide range of roles across various functions in his 20 years in the bank. Tse Koon has certainly benefitted from the talent development programme here at Standard Chartered.
9. Tse Koon was not the only one I met. There were 6 of them. All are very promising, and impressive too. Like Tse Koon, they have been put through overseas assignments, holding positions such as the CEO in Brunei, and Head of Retail Clients in Taiwan. Today, back in Singapore, they are holding challenging appointments, such as Head of Retail Banking in the local subsidiary, and Managing Director and Global Head of Wealth Markets in the international arm of the bank. If they continue to perform well, and with the talent development efforts of the bank, I believe they, together with many other Singaporean talents, will have the potential and opportunities to progress up the corporate ladder to become global talents of the bank in future. 
10. At the national level, as we transform our economy, sector by sector, our most valuable asset is our people, our human capital. One of our priorities is to nurture more of our local talents into global talents, or “Glocal” talent in short. Not just at SCB, not just in the banking industry, but across all major sectors of our economy. 
11. I am encouraged that quite a number of leading corporations are doing the same as Standard Chartered to nurture our local talents, and some of them into "Glocal" talents. We are stepping up our efforts to make such fair and progressive practices even more pervasive. This is not a trivial challenge. But through a strong partnership with industry leaders based in Singapore, we can get there. 
12. In fact, we are going to partner many of these leading global corporations in human capital development. They will be our Human Capital Partners (HCP). Hopefully, we will form a growing community of HCPs in Singapore as we move forward. And I hope Standard Chartered Bank will join us in this journey. 
13. In conclusion, one main reason why economic growth is important for Singapore is because it can lead to good job creation and good career development for our people, which helps to keep our unemployment down and wages up. 
14. This is why as an economy and a nation, Singapore is not only pro-business to help businesses to grow and expand, but also pro-people and pro-worker to help Singaporeans take on better jobs and build better careers.
15. The two (pro-business and pro-worker) are not in conflict. Working hand-in-hand, it can lead to win-win outcomes for both of us: we (Singapore and Singaporeans), and you (global leaders operating out of Singapore).
16. The opening of CBP 2 complements CBP 1 as the Global Learning Centre for Standard Chartered. It will add to the bank’s efforts in human capital and talent development. It marks yet another milestone in the long history of Standard Chartered in Singapore.
17. I thank you for the long and strong partnership. Let’s make it even longer and stronger to grow your global business and strengthen our Singaporean Core, both at the same time.
18. I wish Standard Chartered great success in the years ahead.