Exchange Rates
Singapore Dollars |
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1.4400 |
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2.0487 |
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2.3630 |
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0.2108 |
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Singapore Weather
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Monday - 8th Feb |  | Heavy Showers
| Max | : | 30°C (86°F) | | Min | : | 24°C (75°F) |
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Tuesday - 9th Feb | | Heavy Showers
| Max | : | 29°C (84°F) | | Min | : | 25°C (77°F) |
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Wednesday - 10th Feb |  | Light Showers
| Max | : | 30°C (86°F) | | Min | : | 25°C (77°F) |
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Singapore is the major business and finance hub of South East Asia. One of the four Tiger economies, the others being Taiwan, Hong Kong, and Tokyo, Singapore is the fourth largest foreign exchange centre in the world, after London, New York and Tokyo, and plays host to many businesses, multinational corporations, banks and financial investment companies. Often regarded as the world's most business friendly economy, Singapore certainly means business and when it comes to personal finance, Singapore private banking has become as efficient and productive as the city's other first class business interests.
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Private banking incorporates a range of financial services, banking and investments for individuals with sizable assets. They are termed as private to distinguish the services on offer from those of the mass market retail banking sector, although the term also infers a more personal approach to banking and one which is less influenced by mass market financial constraints. Individuals with a very high net worth may enjoy a higher level form of private banking, often termed wealth management. Singapore is one of the richest countries in the world per capita and the Singapore private banks and wealth management professionals are perfectly placed to offer their services to the most demanding of clients.
Singapore has worked hard to create the right background, facilities, services and personnel for private banking on the island state. This should come as no surprise given the cultural history of Singapore, which has always been service oriented towards business and trade. A South China Seas trading post for many centuries, Singapore is doing what it does best, attracting those for whom efficiency, courtesy and personal service are paramount considerations while conducting business.
The hard work has certainly paid off. Singapore private banks have seen increases as much as 25% year on year in managed private wealth. Much of this wealth is Asian, coming from sources such as India, Malaysia, and the Philippines, a direct result of booming Asian economies. Singapore's central bank, the Monetary Authority of Singapore estimated as much as $200 billion of private banking assets were being managed in Singapore, as of 2006. That figure looks set to increase dramatically due to Singapore's financial regulatory environment and legal system, considered to be better than most other banking locations.
A major part of the success of Singapore private banks is the unique Singaporean attitude to personal service. There is a Wealth Management Institute in the city dedicated to the training of private banking professionals. In addition to learning all the legal and financial aspects, students at the institute also take classes in social etiquette and personal skills, traits inherent in Singaporean culture.
The exhaustive and all-encompassing nature of private financial service provision in Singapore is clearly paying dividends and the world's major private financial institutions are certainly taking notice. That most famous of private banks Credit Suisse have offices in Singapore as do many others and while the small island state may have a long way to go to match the kinds of wealth managed in Geneva and Zurich, they are catching up fast.
Wealth management practices within Singapore private banks incorporate a range of financial services which may include individually tailored retail banking such as credit, debit, loans and mortgages. Estate planning may also be offered, in which the right procedures can maximise estate value by reducing expenses and taxes. A large part of the financial services on offer will certainly involve the management of income tax and other personal taxes, and investment management of securities and assets add a further dimension to the Singapore private bank's commitment to the individual. Additional services may include fund management, trustee services, foreign exchange, corporate administration, wire and electronic funds transfer and the issuing of letters of credit and trade finance.
Singapore private banks offer all the benefits of offshore banking, from the sympathetic legal and regulatory systems to dedicated personal service at the point of contact. As a city and nation state for which business, commerce and finance has been at the core of its foundation, development, and meteoric rise to become one of the world's great financial cities, Singapore forms a natural home for private banking. In uncertain financial times you need financial institutions and personnel you can trust and within Singapore private banking the Singaporeans, as ever, succeed through rigorous attention to detail and in providing levels of personal service second to none.
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