STATEMENT BY SENIOR MINISTER OF STATE FOR FOREIGN AFFAIRS AND HOME AFFAIRS OF SINGAPORE SIM ANN AT THE FOURTH INTERNATIONAL CONFERENCE ON FINANCING FOR DEVELOPMENT MULTI-STAKEHOLDER ROUNDTABLE ON “MOBILIZING AND ALIGNING DOMESTIC PUBLIC RESOURCES” 30 JUNE 2025 SEVILLA, SPAIN

Excellencies,

Distinguished delegates

To close the financing gap, robust and predictable domestic revenue streams must be the foundation of our efforts. Effective domestic resource mobilisation engenders investor confidence in a country’s fiscal resilience, insulates economies from external shocks, and ensures national ownership of development pathways. This was a core tenet of the Addis Ababa Action Agenda, and we support its reaffirmation in the Compromiso de Sevilla. Singapore sees three pillars that require our commitment.

2 First, a well-designed and administered tax regime is fundamental. We must promote progressivity in tax systems, widen tax bases, and leverage digital transformation to enhance domestic resource mobilisation. Singapore mandates e-filing for corporations, and has simplified reporting measures for small businesses. Singapore also leverages data and analytics to detect fraud and maximise compliance. This efficiency translates directly into revenue for public investment.

3 Second, countries need ways to channel local savings into local development, and that requires dynamic capital markets. Singapore has built its bond market to do this. In addition, a robust, well-regulated banking sector is essential for intermediating savings, particularly for MSME financing. The issuance of Singapore Government Securities (SGS) has created a trusted benchmark, and made it safer and cheaper for companies to raise funds locally through their own bonds. Innovation is the next step. Singapore’s Project Guardian initiative, for example, explores tokenisation of bonds and other assets, making investment accessible to more people. Instruments such as the ASEAN sustainability-linked bonds tie funding directly to sustainable development outcomes, attracting investors focused on local impact.

4 Third, trust must be the bedrock of our financial systems. Illicit financial flows, estimated at up to US$2 trillion annually, drain global resources. Hence, Singapore enforces a rigorous, risk-based Anti-Money Laundering and Counter-Terrorism Financing Strategy, sharpening our focus on beneficial ownership transparency and leveraging technology for smarter supervision. Our Payment Services Act provides a regulatory foundation for digital payment innovations while mitigating risks. These measures, when coupled with strong institutions and the rule of law, protect domestic resources and boost investor confidence.

Distinguished Delegates,

5 Domestic Resource Mobilisation is nation-building in action. It funds infrastructure and social amenities such as schools and hospitals that empower citizens and drives inclusive economic growth. We must work together to improve our tax systems,strengthen cross-border cooperation, and ensure international finance complements and catalyses domestic resources, supporting national job creation and MSME growth. Let us empower every country to strengthen this foundation.

6 Thank you.

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