Private banking in Singapore : analysing the factors for success and potential challenges of the future

In this study, we aim to identify the factors contributing to Singapore’s current success as an offshore banking centre for the world’s rich. On top of that, we seek to identify the issues that challenge the private banking sector in the current context of increasing fiscal responsibility requiremen...

Full description

Saved in:
Bibliographic Details
Main Authors: Wang, Heqiao, Tan, Phyllis Si Qian, Toh, Keith Wei Kang
Other Authors: Nanyang Business School
Format: Final Year Project
Language:English
Published: 2013
Subjects:
Online Access:http://hdl.handle.net/10356/51309
Tags: Add Tag
No Tags, Be the first to tag this record!
Institution: Nanyang Technological University
Language: English
id sg-ntu-dr.10356-51309
record_format dspace
spelling sg-ntu-dr.10356-513092023-05-19T06:16:15Z Private banking in Singapore : analysing the factors for success and potential challenges of the future Wang, Heqiao Tan, Phyllis Si Qian Toh, Keith Wei Kang Nanyang Business School Siriwan Chutikamoltham DRNTU::Business::Finance::Banking In this study, we aim to identify the factors contributing to Singapore’s current success as an offshore banking centre for the world’s rich. On top of that, we seek to identify the issues that challenge the private banking sector in the current context of increasing fiscal responsibility requirements. Based on that, we will examine potential strategies that enable Singapore to maintain its competitiveness amidst the challenging conditions. A study of the overall financial ecosystem that exists within Singapore will reveal that the conditions today are very conducive towards attracting the funds of potential investors. With Singapore’s extremely stable political environment and overall low country risk, it forms the core foundation of conditions that will enable private banking services to flourish here. Combining that with strict and efficient central bank policies, strong economic growth, incentive based tax environments and the high returns with safe foundations that are existent, makes Singapore an extremely attractive location for private banking. Especially, among the various advantages that we hold against other key offshore banking centres such as Hong Kong and Switzerland. With Asia being the key growth driver, the future for private banking in Singapore is bright. That is if they are able to maintain the stability that exists within the ecosystem currently, which is shown to be more than possible, combined with the fact that sustainable incentives continue to be the name of the game among key decision makers. With all these considerations in mind, Singapore has received immense praise from private bankers of key institutions. Our paper corroborates these views but brings to awareness the issues that Singapore cannot afford to rest on their current efficiencies amidst an environment of rising costs and competition. We have provided recommendations that will conquer the challenges that lie ahead for Singapore to maintain its edge over key rivals. BUSINESS 2013-03-28T03:38:02Z 2013-03-28T03:38:02Z 2013 2013 Final Year Project (FYP) http://hdl.handle.net/10356/51309 en Nanyang Technological University 68 p. application/pdf
institution Nanyang Technological University
building NTU Library
continent Asia
country Singapore
Singapore
content_provider NTU Library
collection DR-NTU
language English
topic DRNTU::Business::Finance::Banking
spellingShingle DRNTU::Business::Finance::Banking
Wang, Heqiao
Tan, Phyllis Si Qian
Toh, Keith Wei Kang
Private banking in Singapore : analysing the factors for success and potential challenges of the future
description In this study, we aim to identify the factors contributing to Singapore’s current success as an offshore banking centre for the world’s rich. On top of that, we seek to identify the issues that challenge the private banking sector in the current context of increasing fiscal responsibility requirements. Based on that, we will examine potential strategies that enable Singapore to maintain its competitiveness amidst the challenging conditions. A study of the overall financial ecosystem that exists within Singapore will reveal that the conditions today are very conducive towards attracting the funds of potential investors. With Singapore’s extremely stable political environment and overall low country risk, it forms the core foundation of conditions that will enable private banking services to flourish here. Combining that with strict and efficient central bank policies, strong economic growth, incentive based tax environments and the high returns with safe foundations that are existent, makes Singapore an extremely attractive location for private banking. Especially, among the various advantages that we hold against other key offshore banking centres such as Hong Kong and Switzerland. With Asia being the key growth driver, the future for private banking in Singapore is bright. That is if they are able to maintain the stability that exists within the ecosystem currently, which is shown to be more than possible, combined with the fact that sustainable incentives continue to be the name of the game among key decision makers. With all these considerations in mind, Singapore has received immense praise from private bankers of key institutions. Our paper corroborates these views but brings to awareness the issues that Singapore cannot afford to rest on their current efficiencies amidst an environment of rising costs and competition. We have provided recommendations that will conquer the challenges that lie ahead for Singapore to maintain its edge over key rivals.
author2 Nanyang Business School
author_facet Nanyang Business School
Wang, Heqiao
Tan, Phyllis Si Qian
Toh, Keith Wei Kang
format Final Year Project
author Wang, Heqiao
Tan, Phyllis Si Qian
Toh, Keith Wei Kang
author_sort Wang, Heqiao
title Private banking in Singapore : analysing the factors for success and potential challenges of the future
title_short Private banking in Singapore : analysing the factors for success and potential challenges of the future
title_full Private banking in Singapore : analysing the factors for success and potential challenges of the future
title_fullStr Private banking in Singapore : analysing the factors for success and potential challenges of the future
title_full_unstemmed Private banking in Singapore : analysing the factors for success and potential challenges of the future
title_sort private banking in singapore : analysing the factors for success and potential challenges of the future
publishDate 2013
url http://hdl.handle.net/10356/51309
_version_ 1770566029639942144