A CRISIS is fraught with danger, but also opportunity, according to an old Chinese saying.

It is a philosophy that guided some of Singapore's financial pioneers, who took advantage of risky times like the Great Depression to build their fortunes and some of the country's most enduring institutions.

That entrepreneurial spirit was celebrated on Sunday in Chinatown at the opening of the Pioneers' Memorial Hall. The museum, located on the ground floor of one of Singapore's oldest social clubs for Chinese businessmen, has a gallery of philanthropists such as businessman and community leader Tan Kah Kee, mining magnate Lim Chwee Chian, and businessman Lee Kong Chian.

Finance Minister Tharman Shanmugaratnam, who officiated the opening of the hall, said those men had 'an indomitable spirit in bad times, took calculated risks, seized opportunities and emerged stronger.

'But their greatest legacy may be in the way they contributed fervently to the society that they were part of,' he said.

The hall, started by the Tan Kah Kee Foundation, will be open by appointment to the public, in particular student groups. It could also host tourist groups from China or Taiwan 'looking for more cultural pursuits than the Merlion or the Jurong Bird Park', said the hall's deputy director, Han Tan Juan.

The museum is housed in the 113-year-old Ee Hoe Hean Club, which was re-opened following a renovation that cost $2.5 million. The four-storey building in Bukit Pasoh Road was badly damaged by nearby MRT construction works, members said.

Read the full story in Monday's edition of The Straits Times.