SINGAPORE TO STRENGTHEN POSITION AS FINANCIAL HUB

SINGAPORE TO STRENGTHEN POSITION AS FINANCIAL HUB

Feb 18, 2011

Singapore will work towards boosting its position as a financial centre by improving its capabilities in various areas, said Minister for Trade and Industry Lim Hng Kiang.

While Asia is not immune to risks from external shocks, particularly from the developed world, its potential and growth over the next 10 years are drawing global interest.

Singapore can serve as an ideal platform for investors to tap on a fast-growing Asia, said Mr. Lim.

To do this, Singapore will continue building on its traditional strength in financing and trading, he said.

“We will also continue to emphasise the importance of strengthening risk management, enhancing transparency, as well as (to) build depth and diversity in the offering of financial products and services.”

Risk management has become increasingly important after the financial crisis and in response, Singapore has been creating infrastructure to help industry players manage risks, he said.

The country is also working hard to increase the level of corporate governance, he added. The Monetary Authority of Singapore (MAS) has been promoting progress in the quality and disclosure of information available to investors, such as requiring real estate investment trusts (REITs) to hold annual general meetings (AGMs).

“These mandatory AGMs provide an important channel for communication between Reit managers and investors. This will also increase transparency and raise the accountability of Reit managers to investors,” he said.

Info courtesy- PropertyGuru.com.sg