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Building Singapore as a financial services hub

Wednesday 8 June 2011 - by Ng Nam Sin

Monetary Authority of Singapore assistant managing director Ng Nam Sin
Singapore plays a key role as an important gateway to Asia, facilitating trade and investment flows, writes Ng Nam Sin, assistant managing director of the Monetary Authority.

Singapore's success as an international financial centre is premised on its effective regulatory regime and robust supervisory framework.

These underpin the stability of the financial system as a whole, as well as support sustainable development of the financial services sector through efficient and responsive regulation that is not unduly burdensome.

In addition, Singapore has a track record of good corporate governance standards, which have been fundamental to fostering strong investor confidence.

Located in the heart of Asia, Singapore continues to play a key role as an important gateway to Asia, facilitating trade and investment flows.

With many of the world's leading banks and financial institutions represented here, Singapore presents an international financial centre that offers a broad range of services including banking, treasury services, capital markets, wealth management and insurance.

As the most active foreign exchange trading centre in Asia, except-Japan, Singapore is also the second largest over-the-counter derivatives trading centre in Asia, and a leading commodities derivatives trading hub.

Singapore has developed into a leading insurance centre with a rich mix of direct insurers, professional reinsurers and captive insurers.

It is also currently the largest Real Estate Investment Trust market in Asia (excluding Japan), and offers investments in shipping, aviation and infrastructure trusts.

Singapore is recognised as one of the premier asset management centres in Asia. The 2010 Singapore Asset Management Industry survey results showed that assets under management by fund managers in Singapore have reached a new high of S$1.4tn, representing a 13 per cent year-on-year growth.

Taking a longer time frame, the five-year average growth rate for the industry was a healthy 16 per cent.

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