Our pro-business environment, effective regulatory environment, excellent infrastructure, and pool of highly skilled and experienced finance professionals have contributed to Singapore’s status as a global finance and fintech centre.
Many financial institutions and businesses have based themselves in Singapore, not only because of the ease of doing business in the country, but also because of the sound economic and political environment, conducive legal and tax policies, reputation for integrity, and strict regulations against crime and money laundering.
All of these factors have resulted in a vibrant marketplace that is conducive for trade, business networking and business events.
Singapore’s reputation as a financial hub is what draws banks, wealth management firms, insurance corporations, commodities traders and treasury-related companies to our island nation.
As a hub, we play a major role in connecting global markets to Asia’s growing developments. Our close connections with multilateral development banks have allowed us to support the development of the region by acting as a platform for Asian companies and infrastructure projects to gain funding, while our strong network of private investors helps us to generate wealth development opportunities.
To solidify our position as a leading global financial centre in Asia, our government has put together a Financial Services Industry Transformation Roadmap, which outlines steps for skills upgrading, continuous innovation and technology adoption. It is envisioned that the plan will help the industry to achieve 4.3 per cent growth per annum over the medium term and add 3,000 jobs each year within the financial sector6.
Because of the sheer proximity to economic activity and talent from the financial services sector, Singapore undoubtedly presents itself as a sensible location for both broad-scale international finance shows, as well as more intimate Asian business investment meetings.
To date, Singapore ranks among the top five fintech hubs in the world, with more than 1,000 firms based in Singapore. In 2019, these firms attracted a record $1 billion worth of investments.
As a Smart Financial Centre, Singapore has as one of its key aims – to facilitate innovation in the financial sector and encourage the adoption of technology for increased efficiency and growth opportunities.
To support this culture of innovation, the Singapore government has committed more than $250 million over the past five years to support technology adoption, innovation-driven growth and cyber-security capabilities. This has resulted in enhanced capabilities of existing firms, as well as the creation of new industry sectors, which include digital banks, mobile payment providers, cryptocurrency companies and insurtech firms.
For sustained growth, Singapore also hosts more than 40 innovation labs related to the financial sector today, up from almost none just five years ago. Together, they have embarked on close to 500 projects and created many new high-value jobs in the process.
This commitment towards developing ourself as a smart financial centre makes Singapore an ideal location for regulators, innovators and industry players to convene and shape the future of Smart Finance.
Recognising the risks for the financial sector brought about by climate change, a Green Finance Action Plan was implemented in 2019 to support a sustainable Singapore7 and boost the nation’s efforts to be a regional and global centre for sustainable finance8.
Part of this plan includes developing the green bond market, which Singapore currently sits at the centre of, having accounted for 55 per cent of ASEAN’s total green bond issuances from 2016 to 20199. In 2021, the Singapore government further announced that it would issue up to S$19 billion worth of green bonds to fund public infrastructure projects, including Singapore’s first integrated water and waste treatment facility – Tuas Nexus.
Another way that Singapore is developing its sustainable finance narrative is through advocating for the adoption of sustainability standards in corporate reporting. This includes promoting the use of environmental, social and governance (ESG) guidelines into the decision making processes of companies in the financial services sector.
In 2016, Singapore Exchange (SGX) introduced mandatory sustainability reporting for listed companies. As a trusted market infrastructure and key player in the ecosystem, with climate action as a key priority, SGX is working towards becoming a leading sustainable and transition financing and trading hub offering quality, end-to-end products and solutions.
As a thought and practice leader in this area, Singapore will continue to play an important part in shaping the future of sustainable finance both in the region and beyond.
Singapore has hosted a number of top financial-related services conferences and exhibitions, giving it the necessary expertise and experience to support your event. Growing from strength to strength, local and regional events are now attracting large international events such as InsureTech Connect Asia.
The first such FinTech festival in Asia, providing a platform for collaboration with Singapore and the region. The quality of the show is testament through the industry initiatives that have come out of the event, including a first-of-its-kind national payment systems linkage between Singapore’s PayNow and Thailand’s PromptPay.
Singapore Iron Ore Forum is the anchor event of Singapore International Ferrous Week, which is Asia’s largest event for the ferrous metals industry. This event attracts global steelmakers and end-users from sectors such as construction, automotive and consumer electronics, who gather to discuss the industry’s most pressing issues and the global trends shaping the iron ore sector.
Hosted by Blockchain Association of Singapore and co-organised by NexChange Group, Singapore Blockchain Week is the largest government-supported virtual blockchain event in Asia. It features a unique digital environment that brings together regulators, business and technology industry leaders, academics and innovators from around the world.
Home to the Asian edition of the world’s largest event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology.