Financial sector in Singapore

• Main Authors: CHOW, Hwee Kwan, PEI, Sai Fan
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2019
• Subjects: Financial industry; financial governance; financial crisis; government policy; Singapore; Asian Studies; Finance; Finance and Financial Management
• Online Access: https://ink.library.smu.edu.sg/soe_research/2240; https://ink.library.smu.edu.sg/context/soe_research/article/3239/viewcontent/Financial_sector_in_Singapore_av.pdf
• Institution: Singapore Management University

This chapter reviews the financial development strategies adopted by the Singapore government as it navigates internal and external changes to build a vibrant center of finance in the Asia Pacific region. Sections 2 and 3 provide an overview of the structure of the financial system and the financial governance framework respectively. This is followed by a discussion, in Section 4, on the outward looking development strategy that underpinned the successful development of Singapore’s financial sector. Section 5 highlights the reforms undertaken in the aftermath of the Asian financial crisis that led to the building of a well-diversified and thriving international financial center. We conclude in Section 6 with the challenges Singapore faces in the new global financial landscape.