Singapore Aims to Become the Asian Financial hub

Singapore aims to strengthen its standing being the financial hub in Asia that targets greater than 4 percent of its sector and generate many jobs.

It is important for the financial sector of the country to stay updated and relevant amid the technological advancement according to the  Monetary Authority of Singapore on Monday.

It aims to be the top international wealth management hub which includes fund management for Asia. At the same time, they aspire to become the main of foreign exchange price discovery and liquidity in the Asian time zone, being the third largest foreign exchange center globally. It is anticipated to have a share of global investment flows which and motivate traders to position and match trades which makes it advantageous to have better liquidity and higher efficiency in conducting money transactions, as mentioned by the central bank.

The MAS will operate on the financial industry to become the “Asian center”  and increase capital and finance enterprise which includes infrastructures, Asian insurance, and risk transfer. This is presumed to induce a bigger share of global investment flows. Their plan includes the adaptation to advanced technologies to have better efficiencies.

As of the latest reports, the MAS would work with financial institutions to establish common tools utilized in services such as electronic payments and investing on research and development to come up with “distributed ledger technology” applicable for inter-bank payments and trade finance.

Other than that, the MAS will also establish cross-border cooperation agreements with other fintech centers that will support the growth of the country as the base for international fintech start-ups which would strengthen technology and easier regulatory compliance. Of various financial institutions.

Statistically, the industry targets to 4.3 percent value-added annual growth in the financial sector and generate 3,000 net jobs in financial services, and 1,000 net jobs in the fintech sector annually, according to the central bank said.