Here’s Why Singapore Banking Industry Is Growing Exponentially
The late 2000s saw a huge number of bank closures and failures around the world. Since the start of October 2002 till date, there have been around 160 banks that have suspended or ceased their operations in the United States alone as per reports. Singapore is slowly turning out to be the next banking destination for the richest of the USA. Here’s why major banks in the West are choosing Singapore to be their headquarters and why the banking industry in Singapore is undergoing exponential growth.
Private Wealth Management Made Easy
Singapore may seem like a tiny dot on the world map, but it is clearly the nation that is packing a giant punch. This small island nation is managing almost 5% of the globe’s private wealth. Yes, it may not be close to what Switzerland is managing being a veteran in this sphere.
But this is a noteworthy contribution on this nation’s part since it is a new player in the wealth management market. Banking became super competitive in Singapore, especially in the foreign investment market. Singapore is truly becoming a force to reckon with in the Asian sub-continent and fast becoming the business hub handling foreign investors and businesses.
Making Banking Safe
Singapore is said to be one of the safest banks in the world. A 2011 report by Global Finance ranked DBS higher than other older players in the market such as JP Morgan Chase, Deutsche, and Barclays. Singapore bank secured the 19th position. Cut 2 in 2021 it has reached the 11th position as the world’s best bank. It just goes to show it has crawled its way to the top at a steady pace. Add to that, the startling fact that Singapore never had a bank failure. Yes, that’s right! Even when the world was facing turbulent financial times, Singapore hold the fort strong.
Banking Secrecy is another feature of Singapore banks that is one of the most emerging facts. Over the years, banking secrecy laws now allow the freer exchange of tax information between the different participating nations. Banking Secrecy in Singapore comes under the Cap 19 of the Banking Act of Singapore.
The revised edition of Section 47 of the Banking Act Singapore has added a law to exchange information only for certain things such as willful tax evasion. However, the Singapore Bank makes it quite clear that the inquiries made by any public institutions are only allowed if it provides proper documentation to make a solid case of tax evasion.
Singapore’s main business language has been predominantly English and has been able to provide support from the English-speaking nations of the world. Also, it supports all important currencies in the world and dabbles in multi-currency. Like all major banks around the world, Singapore has given importance to digital banking across the world, so banking is as easy as clicking a button on your phone within the comfort of your home.
There are many opportunities available to hedge against and act on the dollar, euro, or other currencies devaluations. Also, they have VISA/ MasterCard cards that make transactions easy-breezy, There are minimum exchange controls for remittance and repatriation in and out of the country.
Banking For Overseas Countries
Internationally acclaimed banks like Citibank and HSBC bank allow foreign individuals to open bank accounts in Singapore seven if they are not residents of the island nation. It is said that foreign individuals need to keep at least 50-75% higher in their bank accounts than the amount required for locals.
Singapore banks also offer facilities also offer bank openings to individuals to open bank accounts without having to enter Singapore. For foreigners, these are certain facilities that may be a definite add-on if you want to avail premium account facilities where you can invest SGD 1 million or more.
Even overseas companies, based in Seychelles or the British Virgin Islands can open bank accounts in Singapore. You just have to make a personal visit on behalf of the enterprise ensuring the bank has all the documentation needed for the procedure. Soon, your Singapore bank account is up and running within the spate of 7 working days.
Singapore is giving tough competition to Hong Kong to become the new hub for wealth management in Asia and its popularity is only growing now we may soon be one of the world leaders as far as banking and wealth management is concerned.
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