Speeches
SPEECH BY MR ONG YE KUNG, MINISTER FOR HEALTH, AT NTU EVENT TO CELEBRATE 30 YEARS AS NBS AND COMMEMORATE DR WEE CHO YAW’S LEGACY
22 August 2025
Mrs Wee Cho Yaw
Mr Wee Ee Cheong, Deputy Chairman and CEO, UOB
Family members of Dr Wee Cho Yaw
Ms Goh Swee Chen, Board Chair, NTU Board of Trustees
Professor Ho Teck Hua, President, NTU Singapore
Friends, colleagues
Ladies and gentlemen
1. Thank you, Professor Ho for the very lively, professorial-type speech. I am very heartened to hear that Dr Wee Cho Yaw had great foresight. At that very early involvement in Nantah at the time, he already felt that it’s important for faculty salaries to be competitive. I’m glad to say that he has succeeded.
2. It is my pleasure to be here with you today to celebrate 30 years of the Nanyang Business School.
3. Nanyang Business School has come a long way since it was launched in 1995. Today, you have 5,000 enrolled students with a 68,000-strong alumni. You are globally recognised for your strong performance in technology integration, teaching, and international partnership. You have built a reputation for developing graduates who have a global mindset, possess skills and knowledge that are industry relevant, and are technologically savvy and they are future ready.
4. Many hands and minds contributed to the success of Nanyang Business School today – the deans, faculty, staff, industry partners, donors, and of course, students, and the alumni. They are the ultimate testimony of the quality of the school’s education.
5. We should also never forget the contribution of pioneers, who believed in the transformative power of education and laid the foundation of Nanyang Business School today.
6. One of these pioneers is the late Dr Wee Cho Yaw. Thirty years ago, Dr Wee officiated the renaming of the ‘School of Accountancy and Business’ to ‘Nanyang Business School’, cementing its identity and setting it on the path to become a well-regarded institution today. More broadly, Dr Wee was a pillar in both Singapore’s business world and the Chinese community. Let me highlight three aspects of his legacy.
Contributions of Dr Wee Cho Yaw
7. First, Dr Wee played a pivotal role in growing Singapore’s banking sector. He led UOB through half a century of growth, transforming a single-branch bank into a familiar name across the region.
8. His friendships with business leaders around the world helped him to foster international cooperation between Singapore and other countries. For example, he paved the way for closer banking and trade ties between China and Singapore through initiatives such as the Wee Cho Yaw Singapore-China Banking Forum.
9. The first forum was held in Beijing in 2010 to mark the 20th anniversary of diplomatic relations between Singapore and China. Over the years, this forum also served as a platform for knowledge exchange, and for industry leaders and academia to explore collaboration and strengthen business linkages.
10. Second, Dr Wee was a leader of the Chinese community. He was a strong advocate for Chinese language and culture, and served as the president of prominent Chinese associations, including the Kim Mui Hoey Kuan, the Singapore Chinese Chamber of Commerce and Industry, and the Singapore Hokkien Huay Kuan.
11. His leadership of these major community organisations in turn paved the way for his role in uniting the Chinese community, through the establishment of the Singapore Federation of Chinese Clan Association (SFCCA). Dr Wee was the founding president of the SFCCA. During his tenure, he oversaw the tripling in number of member groups under SFCCA, making it the primary leadership body for our local Chinese community.
12. Most visibly, we have Dr Wee to thank for creating the annual River Hongbao, currently in its 39th edition this year, and a cherished opportunity for families and hundreds of thousands of Singaporeans to gather and celebrate the Chinese New Year every year. I was once the Chairman of the Chinese Community Liaison Group for the government and oversaw the River Hongbao. I must say, it is one of the highlight festivals of Singapore today. Thanks to Dr Wee for starting it.
13. Dr Wee helped establish, and later chaired, the Chinese Development Assistance Council (CDAC), with the mission to uplift the less privileged in our community. During CDAC’s first fundraising drive, Dr Wee pledged funds not only to CDAC, but also to Yayasan Mendaki and the Singapore Indian Development Association (SINDA). This reflects his belief that he should extend help to vulnerable Singaporeans from all backgrounds, from all communities.
14. I am now the current chair of CDAC – big shoes to fill. I can see that Dr Wee’s kindness and conviction continue to live on in the organisation.
15. Third, Dr Wee had been a strong advocate of education. He believed that education is a primary force for building a better future. He committed resources and energy to help grow NTU including the Nanyang Business School, opening doors for many young people.
16. From 2004 until his passing in 2024, Dr Wee served as NTU’s Pro-Chancellor, helping to guide the University through key phases of development. He supported the University’s vision to make Nanyang Business School a centre of excellence for business education in the region. One of his key contributions to School was the establishment of the UOB Professorship in Banking and the Wee Cho Yaw Master of Science (Finance) Scholarship.
17. Earlier this year, UOB and the Wee Foundation made another significant donation to NTU – S$110 million to support education at the University. It will be used to inculcate entrepreneurism, promote
out-of-classroom learning, and uplift students from disadvantaged backgrounds.
Wee Cho Yaw Plaza
18. Although Dr Wee is no longer with us, his legacy endures. He has helped grow an education institution that continues to nurture future generations of leaders for all fields, a platform that ensures that his past contributions continue to reverberate for generations to come. These are his lasting gifts to our tertiary education landscape, and to Singapore.
19. In recognition of Dr Wee’s contributions, the building we are in today, formerly called Gaia, will be renamed the Wee Cho Yaw Plaza. Launched in 2023, this is a unique structure – the largest wooden building in Asia, and an engineering and architectural marvel. The fact that it is made of 98% wood, perhaps is an apt reminder of the Chinese saying ‘十年树木，百年树人’, emphasising the patience and hard work in developing talent.
20. The building was purposefully designed as a space for learning, research and to foster cross-disciplinary innovation and discovery. Since its opening, it has become one of NTU’s most iconic landmarks. Today, we are proud that this building will house an exhibition paying tribute to the late Dr Wee. Every student who walks through these doors will learn about his work, his contributions and his legacy.
In Closing
21. In closing, let me congratulate the faculty, students, alumni, and partners of Nanyang Business School for three decades of achievements. May you continue to uphold the spirit of curiosity, growth, and enterprise. May you never forget the attributes of self-reliance, resilience, and always striving for progress, whatever the odds – attributes that are rooted in the university’s history. Thank you.