France-based credit insurer Coface has upgraded Singapore’s country rating from A2+ plus to A1, the top-tier category in the latest country risk assessment report.
Asia’s financial services industry is flourishing and while existing players are expanding their resources, new entrants are steadily rising in the market. The bottom-line is that the future of wealth management is in Asia. Consequently, the future of financial advisers, hedge funds, boutique private banks and fund managers is also in Asia – more specifically, Singapore and Hong Kong.
India’s largest private-sector bank by assets – ICICI – was granted banking privileges by Singapore’s central bank. This bodes well for increased financial integration between the two countries. ICICI could also emerge as the preferred bank for Indian businesses who set up a branch in Singapore.
The British government recently announced that it will impose a 50% tax on bonuses in excess of £25,000 on employees of financial institutions.
A flourishing financial center only serves to complement Singapore’s position as a regional business hub and as an attractive offshore business jurisdiction.