So as more wealth is being managed and structured and deployed from Singapore, what changes operationally for financial tech companies that are serving that ecosystem?

Yeah, that's a great question, Sheryl.

Um, so I think increasingly in our space, in digital assets, Singapore isn't a fast follower anymore.

It's not just, you know, the regional hub for companies that are headquartered somewhere else, right? It's increasingly the innovator and the leader, and I can give you a couple of examples of that.

One is, uh, MAS's Project Guardian, which was kicked off in 2022, um, to explore, you know, how to tokenize real world assets, and now there's more than, um...

There are, you know, some re- really major industry participants involved in Project Guardian.

There's HSBC, Citibank, Fidelity, and it's producing actual frameworks that other institutions, central banks, and regulators around the world, like Germany's Deutsche Bundesbank and the Eurosystem, are getting involved in, which means that Singapore is becoming the innovator that other regulators around the world are learning from.

... should Singapore take if it wants to be a really trusted base for this next phase of market infrastructure in, in this regard?