Fund formation and FinTech: Singapore’s next battles - Roundtable

Singapore was rainforest, fringed by mangrove swamps, with about 150 people when the British acquired it as a colony in 1819. It soon thrived as a trading city because it lay sheltered from storms, right at the bottleneck where ships passed from the Pacific to the Indian Ocean.

In 1965, when it became independent, Singapore had almost 2 million people, crowded slums, negligible natural resources, and an economy dependent on shipping. But Singapore’s one-party government used this sense of crisis to build a wealthy, modern city by using strict controls. They lowered the birth rate, moved nine of ten Singaporeans into new high-rise condominiums, and developed new banking and manufacturing business while expanding shipping even more. By 2015, Singapore had about 5.6 million people and a high standard of living. Its GDP per capita is ranked 3rd in the world, only behind Qatar and Luxembourg. Singapore has the world's highest percentage of millionaires, with one out of every six households having at least one million US dollars in disposable wealth. This excludes property, businesses, and luxury goods, which if included would increase the number of millionaires, especially as property in Singapore is among the world's most expensive.

Fund formation and FinTech: Singapore’s next battles

Singapore’s economy is diversified, with financial services, manufacturing, oil-refining as top contributors. For many years, Singapore was, from a cost and regulatory perspective, the perfect Asian hub for fund startups. However today, the traditional Singapore package of First World operating and living environment at 40% of London costs with a chance to keep a much bigger part of the top-line after tax, is not really the case anymore. Today, all the countries – including Singapore – are subject to the same regulatory and economic pressure, which means that cost of doing business increase and regulatory requirements are high.

This leads to a structural change in the industry... Download the new Opalesque Singapore Roundtable here:

www.opalesque.com/RT/RoundtableSingapore2016.html

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Prime Minister Julia Gillard has dismissed the need for a sovereign wealth fund, saying the nation's trillion-dollar superannuation pot already does the job. (more...)

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Australia’s superannuation regime is strong enough to stand in the place of a sovereign wealth fund, according to the Prime Minister, Julia Gillard. (more...)

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Singapore's sovereign wealth fund, Temasek, was able to act ahead of the curve, unloading large chunks of Bank of China and China Construction Bank recently at about HK$3.60 and HK$6.20 a share, respectively. (more...)

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Singapore's sovereign wealth fund Temasek Holdings bought 97.117 million shares of Bank of China for a total of about HK$288 million, or an average price of HK$2.972 per share, on August 22, reports Oriental Morning Post, citing a company filing. (more...)

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Suspending collection of levies from diesel and petrol sales to the state Oil Fund will help headline inflation drop by 0.5 per cent each month until the measure expires, Dr Naris Chaiyasoot, Director-General of the Fiscal Policy Office (FPO) said Tuesday. (more...)

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Qatar Investment Authority has denied media reports that it is close to a deal to take over the world famous Silverstone racing circuit in the UK. (more...)

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The two companies that purchased 1,439 homes in London’s Olympic Park may sell as much as a fifth of the properties to overseas investors, according to two people with knowledge of the situation. (more...)

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Qatari investors’ decision this week to pump half a billion euros into the merger of Greece’s second and third largest banks is part of a strategy to both expand the Gulf nation’s European investments and boost its international standing, analysts said Tuesday. (more...)

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Norway's oil fund has increased its investments in small-capitalization companies in debt-burdened European countries such as Italy and Greece over the past 18 months, the head of the $544 billion fund said. (more...)

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The country's $550 billion sovereign wealth fund, set up in 1996, owns through its investments some 1.9 percent of the European stock market and holds about 1 percent of traded global shares. (more...)

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