Keynote Address by MOS Dinesh Vasu Dash at PwC’s Asset and Wealth Management Conference 2026

1.    A very good afternoon. 

2.    Thank you for inviting me to spend time with you at this year's Asset and Wealth Management Conference. 

3.    The theme for this year is “AWM 2030: Capital in Motion”. This couldn’t be more timely given shifting capital flows globally. As PwC’s Asset and Wealth Management (AWM) Revolution Asia Pacific 2025 report found, Asia Pacific is projected to be the fastest-growing region for asset and wealth management, with assets under management expanding at a growth rate of 6.8% through 2030. 

4.    Two key elements that have enabled Singapore’s success, safety and security, are multilateralism, where we do business and have trade links with many countries, and multiculturalism, where we see ourselves as a melting pot of cultures, working together and growing as a family. These two key ingredients have allowed Singapore to prosper and thrived amidst recent uncertainties. 

5.    In such times, it is important to double down on the formula that has worked for us over the years. We continue to strive to be an oasis of stability in a tumultuous world. This adds to the perspective of what it means to be Singapore and to have the asset and wealth management be based in Singapore. 

6.    Allow me to highlight three areas of reflection before you start the discussions and panels. 

Reflection One: Staying Open to the World

7.    First, just as investors diversify across asset classes and geographies, Singapore has always stayed open to the region, and to the world. This openness is why over 7,000 multinational corporations, and 300 venture capital and private equity have chosen to set up shop here. They range from technology giants establishing regional headquarters, to pharmaceutical companies setting up advanced manufacturing facilities locally. Despite our small domestic market, we have found a niche to be useful and be relevant. 

8.    But openness isn’t just about attracting companies to our shores. It is also about helping local companies go abroad, to tap on overseas growth and opportunity. Afterall, we are in a neighbourhood of opportunity and potential. The IMF projects a growth rate of 4.2% for ASEAN in 2026, much higher than the 1.8% for Advanced economies[1]. In an era of rising protectionism, Singapore’s continued commitment to openness remains essential for maintaining our competitive edge. 

9.    I also have a role at the Ministry of Manpower, where we live by this principle as well. We recognise that talent, like capital, must flow freely to maintain our innovative and competitive edge. Personalised schemes such as the Overseas Network and Expertise (ONE) Pass help to anchor top global talent. This complements a strong local workforce, which has relevant skills and knowledge, and are Global Ready. 

Reflection Two: Having A Long-Term View

10.     I have spoken about staying open to the world. Let me now touch on my second reflection – having a long-term view. 

11.      The financial sector in Singapore, in partnership with the Monetary Authority of Singapore, exemplifies this. The 1990s saw a strategic shift to serve as a hub for asset and wealth management. This continues till today, with new focus areas like philanthropy and sustainable finance, and regulatory innovations like the Variable Capital Companies (VCC) framework to reduce compliance costs for fund managers. With the advent of emerging technologies, regulatory sandboxes allow innovation to flourish safely, in areas like blockchain technology, asset tokenisation, digital payments, and robo-advisory. There will be many more such examples in the coming years. 

12.      Beyond the financial sector, innovation has been a mainstay of our economic strategy, particularly in an increasingly competitive global landscape. This is why the Government launched the Economic Strategy Review, within which Minister of State Alvin Tan and I co-lead the sub-committee to look at how we can support entrepreneurs in Singapore. 

13.        We are planning to see how else we can allow for promising start-ups in Singapore to scale and grow, for venture capitalists to recirculate their capital, and more importantly to set up a culture of innovation and enterprise in Singapore. 

Reflection Three: Building Trust in Brand Singapore

14.     Thirdly, we believe very strongly in building trust in Brand Singapore. There has been a lot of collaborations and engagements between the Government and the business sector to help us understand the views of employers and employees. We have a unique system of tripartism, where the Government work hand-in-hand with employers and unions to smoothen out kinks and allow for a win-win-win partnership to ensure that no one is left behind. This is one of the ways we keep industrial relationship harmonious, so that businesses can thrive and improve. 

15.      As we undergo the Economic Strategy Review, we are taking a page from this book by consulting widely with companies, workers and co-creating solutions together. We value the inputs from our public engagements to gather feedback to inform our policy development, an example of which is the Alliance for Action on Integration of Foreign Professionals which Marcus co-chairs with me, to determine how businesses can support mixing between foreign professionals and locals in our workplaces and communities. 

16.      Let me take this opportunity to commend and thank PwC for your consistent contributions to this public-private partnership. You have contributed valuable inputs through your joint Budget recommendations with the Singapore Business Federation, and to the MAS Equities Market Review. This has placed Singapore on the map and strengthened Brand Singapore. 

Conclusion

17.      Given the rate and pace of change, together with the changes we see in technology, we can expect volatility internationally. In such times, it is important to circle back on our principles and values. I hope the three reflections which I mentioned will be useful for us to keep in view as we go through this interesting point in history. We stand together with you as we navigate the challenges that are ahead of us. 

18.      I wish you a fruitful conference ahead. Thank you.

[1] Source: IMF World Economic Outlook, Jan 2026