Singapore's longer-term economic strategies and policies are constantly re-evaluated to adapt to changing challenges and priorities over time. Currently, there are focused measures in place to develop Singapore as a world-class financial centre. For example, the MAS has liberalised the domestic banking and insurance industries to greater foreign participation. At the same time, the MAS has also adopted a more open and consultative approach in its supervision and development of the financial sector, and has shifted the emphasis from regulation to risk-focused supervision. Various initiatives have also been implemented to give fund managers greater access to domestic funds, develop the debt market and overhaul corporate governance. These initiatives together with Singapore's political and macroeconomic stability, excellent telecommunications and infrastructure, strategic geographical location and a skilled and educated workforce have contributed to Singapore's rapid development into a dynamic business and financial hub in Asia.