SRS 38^th Anniversary AGM cum Dinner on 22^nd March 2024 SRS President S. Nallakaruppan Speech
 
A very good evening to our VIP Guests, Members & Friends. A Warm Welcome to The Society of Remisier (Singapore) 38^th Anniversary Dinner.

It’s give me great pleasure to express my sincere appreciation to the following VIP Guests who have kindly accepted our invite :
1.  Mr Ian Chung – Executive Director of the Monetary Authority of Singapore
2. Mr Luke Lim – Securities Association of Singapore Chairman & Managing Director of Phillip Securities
3. Mr Lester Ngoh – Senior Vice President of The Singapore Exchange
4. Mr Andrew Ler – Senior Advisor of The Singapore Exchange
5. Mr Cheng Khin Tin – Executive Director of Lim & Tan Securities
6. Mr Jarod Ong – Executive Director of UOB Kay Hian
7. Mr Teo Chai Sio – Deputy CEO of CGS International
8. Mr Tony Lim – Executive Director of OCBC Securities
9. Mr James Wang – Director of KGI Securities
10. Ms Melinda Sam – CEO of the the Securities Association of Singapore
11. Mr Th’ng Beng – Director of AB Maximus, our Training Partner
12. Mr Franky Yap – Director of Alumagubi, our IT Partner
13. Ms Felicia Tan – Associate Editor of The Edge

I would like to highlight two critical areas in my speech. Firstly to evolve the Broking Industry & the Remisier Profession from a Transaction-based model to a Fee-based model. This is also the theme for tonight’s Dinner, Remisier’ Rejuvenate! Secondly, the urgent need for Government Policies to give fresh impetus to make our stock market much more vibrant just like it’s once glory days in the 1990s.

The landscape of the Broking industry has transformed quite a bit due to digitalization. The transaction-based model is steadily losing it’s shine as brokerage rates has been going lower & lower just like the limbo-rock game that has been highly commoditised. The joke going around in the industry is that the Traditional Brokers are already eating grass and the Online brokers want to eat that grass even!

The Traditional Brokers together with their Remisier besides having the existing transaction-based model will need to move-up the value chain to survive and thrive in this fast changing competitive environment. For this to happen, we’ll need MAS help to transform the Remisier Profession with fully funded training programmes to be Trusted Financial Adivisors & Investment Managers. Also, the Trading Representative Licensing Requirements will need to be updated to allow this to happen.

Remisier have accumulated a wealth of experience over many years if not decades. We have gone through many major market cycles and are still around. We can play a critical role as Trusted Financial Advisors and Investment Managers to our clients if the necessary upskilling opportunities are provided. The Government’s SkillsFuture Transition Programme for mid-career professionals is a great step in the right direction. Perhaps MAS together with IBF and the Wealth Management Institute could help curate specially tailored training programmes for Remisier & Dealers so that they could add good value to the Financial Industry. There are more than 2,000 Trading Representatives in the Broking industry who are looking up to the Government to transform this industry which is a critical component of our economy.

The second part of my speech is about the rebuilding of the vibrancy of the Singapore stock market. I left my Accountancy Profession in the 1990s to join the Stockbroking industry as the markets were so vibrant and dynamic. Every couple of weeks we had Initial Public Offerings and the oversubscription rates were just phenomenal. The market vibrancy was simply spectacular and we sincerely hope it can happen again when we have the right policies in place.

I wrote an article about my 30 year experience in the industry that was kindly published by The Edge last month. The crux of my article is that we’ll need impactful Government Policies to give fresh impetus to make our Singapore stock market much more vibrant. The stock market is a critical component of our economy and a great catalyst for our Small and Medium Enterprises as well.

I’m confident that if the Finance Ministry, Monetary Authority of Singapore, The Singapore Exchange, Securities Association of Singapore, The Society of Remisier (Singapore) and the Securities Investors Association (Singapore) can put their heads and hearts together to chart a mid to long term plan for our markets, we can have a vibrant stock market again just like it’s one glory days in the 1990s.

Singapore as a nation has survived and thrived against all odds and our dear stock market should be no different.

I would like to sincerely thank Vice President Jimmy Ho & his team , our Secretariat Esther & Florence for putting up an enjoyable evening. We’ll be giving our Lifetime Achievement Award shortly to our member Ms Rita Chew who is still working assiduously as a Remisier at a remarkable age of 90 years. It shows clearly that the Remisier Profession is one such unique Profession that has no retirement age as long as one is capable and willing to do so.

I would also like to thank The Singapore Exchange for kindly sponsoring one table.

This is the year of the Auspicious Dragon. Let’s have three boisterous cheers of “Huat Ah” to welcome this Auspicious Dragon and Bless All of Us with Lot’s of Good Health, Happiness and Prosperity.

“Huat Ah”, “Huat Ah”, “Huat Ah”.

Thank you very much and please do enjoy the rest of the evening.

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