Focused thinking | 2 min read | June 2025
Singapore will continue to look for ways to strengthen its position as a trusted financial center, as global financial institutions set up and expand their regional businesses in the city-state.
Opportunities Ahead
Singapore is a leading financial center in Asia and its key objectives are to connect global markets, support Asia’s development and better serve companies in Singapore.
It will continue to look for ways to strengthen its position as a trusted financial center, as global financial institutions set up and expand their regional businesses in Singapore.
This was the key message from Mr. Chee Hong Tat, Minister for National Development and Deputy Chairman of the Monetary Authority of Singapore, at the Nomura Investment Forum Asia 2025.
“The trust premium is something that we have built up over the years and we must continue to nurture it. Businesses choose Singapore because they know that they can count on a stable environment, on clear rules, consistent policies and a business-friendly environment.”
Deepening financial connectivity is another priority as it can support and catalyze trade linkages between like-minded economies and trade partners. He cited examples of progress in enhancing and expanding regional payment linkages both within and beyond ASEAN, as well as the development of the ASEAN Taxonomy which provides a common framework for classifying green and transition assets and economic activities.
Continually reviewing rules and processes to improve Singapore’s competitiveness in financial services is also top-of-mind for the country’s financial regulator. Mr. Chee cited as an example how MAS had significantly shortened timelines for family office tax incentive applications to less than three months. MAS is also seeking feedback on proposals to streamline prospectus requirements and to broaden investor outreach channels for IPOs.
“We have new services, new business models, new requirements, and it is incumbent on us to be able to keep up with these new changes. And in doing so, we can improve our efficiency, we can reduce business costs and make ourselves more attractive to businesses and investors,” he said.
One way the MAS engages closely with the industry is to set up regulatory sandboxes to test out new ideas and concepts in a safe environment.
“Even if you try and fail, it is contained within the sandbox. But if it works well and succeeds, we can then look at how we can scale up some of these ideas and extend them across the system.”
“So the trust that we have built up and the ability to work across the tripartite ecosystem - government, industry and the unions and workers - that is one of the key strengths we have in Singapore, and I hope that it will help us to better deal with the current crisis that we are facing and, in the process, seek out new opportunities for our businesses and our people,” Mr. Chee concluded.
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Economics | 4 min read June 2025
