Singapore, a leading international financial centre, is home to over 700 local and foreign financial institutions.
Singapore’s strong fundamentals stem from its reputation for trustworthiness, sound governance and a strong legal framework. In the World Economic Forum’s Global Competitiveness 2011-2012 Report, Singapore is the second most competitive economy in the world and is ranked first in corporate governance standards in Asia.
Standard & Poor Rating
Similarly, Standard & Poor’s affirmed the “AAA/A-1+” sovereign credit ratings in Singapore, making it the only Asian country with this rating. This is attributed to our robust and efficient legal and judicial framework and a well-regulated international financial sector.
Financial Services Industry
The industry currently contributes about 12% of Singapore’s GDP and employs 5.5% of the total workforce. Over the years, the range of financial services offered by the industry has expanded to include areas such as wealth and asset management, equity and bonds, foreign exchange and derivative markets. Today, Singapore is one of the most established capital markets in the Asia-Pacific and notably, the Singapore Exchange (SGX) is the preferred listing location of close to 800 companies.
The areas of global wealth management and fund management have grown significantly and Singapore is currently the most active foreign exchange trading centre in Asia (excluding Japan), the second largest over-the-counter derivatives trading centre in Asia and a leading commodities derivatives trading hub. With total assets of SGD 1.4 trillion under management, Singapore is also a premier asset management centre in Asia.
Having weathered the 2008 global economic crisis, the future of Singapore’s financial sector looks bright. Rising wealth creation in Asia will drive demand for private banking, asset management, treasury and insurance services. There are abundant employment opportunities for talented professionals.
Read more about the Singapore financial services industry here.
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Download industry factsheet.