A hub to bank on

The Business Times, Monday, 1st Apr 2013

How would you rate Singapore as a financial centre, and in particular the ability of financial institutions here to service the fast-changing needs of businesses? Going forward, how can Singapore maintain its position as a premier financial hub?

SINGAPORE’S ranking by the World Economic Forum as the fourth best financial centre in the world last year is certainly well-deserved. The country has a strong and stable currency, good corporate governance, favourable corporate tax structure, and healthy investment climate, coupled with political stability and general ease of doing business.

I believe that Singapore companies, especially those in the professional services sector like financial institutions, can be very innovative in devising products and services to address the fast-changing needs of individuals and businesses alike.

To maintain its competitiveness as a financial hub, Singapore will need to keep doing more of what has been working for the country. It will need to maintain and enhance its well-oiled ecosystem so that the country remains an attractive place for overseas companies to set up operations here, allowing foreign investment funds to flow into the country. This could be achieved through more attractive corporate tax breaks and other innovative measures.

Ronald Lee
Managing Director
PrimeStaff Management Services Pte Ltd