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Singapore Government's Plans to Enhance the Financial Sector

Updated on Saturday 04th November 2017

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Singapore-governments-plans-to-enhance-the-financial-sectorDuring the last several years, Singapore has developed quite a lot from a financial point of view, however, with new technologies taking over, improvements and even growth can still be brought to one of Asia’s largest financial centers. With this in mind, the representatives of the Monetary Authority of Singapore (MAS) have presented the new transformation roadmap for the financial industry.

Our Singapore company formation consultants can advise on the current legislation related to the financial industry. We can also assist those interested in setting up a business in the financial sector in Singapore.

The new MAS program has 3 goals

The Singapore central bank has projected a 4% growth for the financial sector in the following year, as well as the creation of thousands of new jobs which will support this increase. The 4% increase should be delivered by the use of technology which has already started shaping the financial industry and which is now known as fintech.

With respect to the Singapore Monetary Authority’s plans, these are:

  • -          to become a top international wealth management center;
  • -          to strengthen its position among Asian fund management hubs;
  • -          to become a major foreign exchange center in Asia.

Singapore is now the 3rd largest Forex center in the world, which is why the central banks wants to further improve the regulations for participants in Forex transactions to benefit from more liquidity and efficiency.

The MAS is also working with leaders of the financial sector in order to enhance capital raising and financing options for Singapore companies.

Our company registration experts in Singapore can help investors interested in setting up a crowdfunding business here.

The adoption of new technology is essential for Singapore financial companies

In order to become a major financial center, Singapore must first embrace technology, which is why the MAS has started taking the first steps by cooperating with financial institutions with the aim of providing common utilities for certain services. Electronic payment methods will also be developed. The central bank also plans in investing research and development facilities.

At last, the MAS will start negotiating new cross-border cooperation agreements with other financial centers in the world. This will help foreign fintech companies seeking to expand operations in other countries.

If you want to start a fintech business in the city-state and need assistance, please contact our company formation agents in Singapore.

 

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