Insurer Great Eastern (GE) held a special tribute session for Mr Lee Kuan Yew yesterday, attended by chairman Koh Beng Seng, director and acting group chief executive Norman Ip, as well as its management, staff and distribution force.

A minute's silence was observed.

Mr Koh, a former deputy managing director at the Monetary Authority of Singapore, said Mr Lee had the foresight to build Singapore into a global financial hub 40 years ago.

"You all know that many countries aspire to be a financial centre but few succeed. In such a competitive environment, what enabled Singapore to... succeed as a financial centre are the capability of our people, good infrastructure as well as a sound legal and regulatory system that Mr Lee and his team have built over the years."

In his tribute, Mr Ip said that among Mr Lee's values were being a life-long learner who "never relented on upgrading and improving himself".

Mr Koh led the 600-strong GE contingent to community tribute site Hong Lim Park to pay their respects to Mr Lee. GE is donating $50,000 to the Lee Kuan Yew Education Fund.