Sunday, March 14, 2010

Singapore ranked 4th as a global financial centre

This study, in which 1700 financial services executives took part in, is based on 64 factors some of them which are:
  • Business environment
  • Infrastructure
  • Market access
  • General competitiveness
Apparently, it is stated that in general, a good financial hub must also have a fair, consistent and predictable tax policy and supervisory environment.

My thoughts:

This rankings further reiterate our government's emphasis on making Singapore one of the major hubs for financial services. Just look at the new launch of Bank of Singapore, it is a means to grow Singapore's private wealth management.

Also, Singapore is also the 3rd largest oil trading country in the world (once again, behind New York and London), but it is really quite an achievement, considering the fact that we are a small country.

As you can see, Singapore is heading towards these kind of 'high returns' kind of industry. Basically industries they can bring in LOTS of money.

Just a few days back, I was thinking..why are bankers one of the highest paid people in the industry? And why do banks earn sooo much money?

If you actually think about it, ALL industry eventually will need to rely on banks for financial assistance in some way or another. So a bank has a role to play in ALL aspects in the economy. Hence by earning a little bit from EVERYONE in the economy, they actually make tons of money.

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