Exchange Rates
Singapore Dollars |
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1.2798 |
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1.7290 |
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2.0645 |
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0.1942 |
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| The major South East Asian center for finance, commerce, and business, Singapore is well placed to offer private banking to those of high personal wealth. Along with the other so called Tiger economies of Tokyo, Hong Kong, and Taiwan, Singapore has contributed much to the regions economic growth and stability. As one of the world's largest foreign exchange centers, Singapore offers a natural home to Private Banking as it does to the many multinational corporations, banks and business in the city. In every private bank Singapore displays all the characteristics which contribute to its continued economic success.
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The financial and personal services offered by private banks are numerous and varied, but always specifically tailored to those individuals with sizable assets. A financial concept distinct from the mass market retail banking ideals, private banks rely, as the name suggests, on a personal approach to financial services, and one which is less prone to regional limitations. An extension of private banking is the area of wealth management, suited for those of a very considerable net worth. For its size, Singapore is one of the world's richest nations and within a Singapore private bank, wealth managers and private banking professionals are well equipped with the tools for the job.
The history and culture of Singapore is indelibly stamped with the credentials for trade and commerce. As a key gateway to the South China Seas, Singapore is well versed in the customs of personal service, courtesy and efficiency and applies these well-defined character traits to create the perfect groundwork for private bank facilities, personnel and services. In usual, seemingly effortless style, every Singapore private bank has is doing excellent business, and their number increases consistently year upon year.
An indication of the success of the private banks in Singapore is the annual increases in the value of managed private wealth, sometimes increasing as much as a 25% annually. The business and financial boom in the Asian economies, particularly those of Malaysia, India, and the Philippines have provided the source for much of the managed wealth in Singapore, which is estimated by the Monetary Authority of Singapore to top $200 billion of private banking assets, as of 2006. With an amenable regulatory environment and legal system which allows each new private bank to flourish, the trend looks set to continue.
The creation of a Wealth Management Institute in the city ensures a steady stream of trained professionals ready for the challenges of modern private finance. In typically Singaporean style, students also study the finer points of social etiquette to enhance their already considerable inter-personal skills.
In the concerted and considered approach to setting up a banks in Singapore is clearly succeeding. Traditional private banking centers such as Swiss banks have representative outlets in Singapore as do many of the most important private banking institutions in the world. Whether one day Singapore will rival Switzerland in the value of managed wealth remains to be seen but certainly the rate of growth in the private banking sector in the island state is impressive by anyone's standards.
The private financial services on offer to individuals encompass a range of issues. All the classic retail banking services are available such as credit and debit facilities, mortgages and loans. Another feature is estate planning, whereby the value of an individual's estate can be maximized. Income tax advice and other personal tax matters are a part of the financial service provision and securities and assets investments will be a significant factor too. Other services on offer in any Singapore private bank will also likely include trustee services, credit and trade finance letters, foreign exchange, fund management, electronic and wire funds transfer, and corporate administration.
Singapore scores high in all the necessary prerequisites which define the best Private Banking locations. The regulatory and legal systems are regarded as among the best anywhere and the commitment to delivering a professional and personal service is, as always, at the forefront of banking. Singapore has taken to private banking with the same determined professionalism so evident in the nation's existing business, commercial and leisure interests. A country forged through the need for trade and service, Singapore offers the ideal base for private banking practices and ideals.
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