While much has been said about the future of economic globalisation, most of the popular discourse has been on the international trade dimension. Relatively less attention has been paid to financial globalisation which is not only complex but also a multi-dimensional concept. While in theory financial globalisation has significant potential benefits for emerging economies, in practice such benefits are not automatic and subject to a number of caveats. In addition to uncertain benefits, embracing financial globalisation potentially comes with some major risks including leading to financial crises in some instances. This public lecture revisits the components of financial globalisation, its potential benefits and hazards and how emerging economies in Asia could safeguard against such risks. The lecture goes on to discuss Singapore's unique approach to financial globalisation which has been characterised by an abundance of caution and pragmatism over the last few decades.