People Moves

Singapore Is Home To 40 Private Banking Firms - Minister

Vanessa Doctor Asia Correspondent 14 August 2013

Singapore Is Home To 40 Private Banking Firms - Minister

Editor's note: A perusal of the MAS's own website suggests that the number of banks providing wealth management and private banking services may be far higher than the figure quoted by the minister below, although the minister may have used a very narrow definition of private bank. This publication is checking the MAS's definition and will update readers on the issue in due course.

Singapore is home to around 40 financial institutions that offer private banking services, according to Tharman Shanmugaratnam, deputy prime minister and minister in charge of the Monetary Authority of Singapore.

The statement is in response to a question by Parliamentary member Gan Thiam Poh on the local private banking industry and its corresponding employment numbers. This is part of a series of questions by members of the Parliament related to the overall health of the city-state's financial industry.

Shanmugaratnam notes that Singapore's location gives it a key advantage in view of both the wealth being generated in Asia and the opportunities to invest clients' monies in the region. The availability of a diverse pool of local and international talent, as well as its relatively developed capital markets, also contribute to the city-state's success as a global financial hub.

To-date, the private banking sector employs around 9,000 individuals, of whom over two-thirds are Singaporean citizens. Jobs range from management, to client relationship management, legal and compliance and back-office functions. Shanmugaratnam adds that the MAS continues to seek ways to build and create jobs for its talent pool.

The two other Parliamentary questions answered on 12 August were related to stress tests for Singapore banks and the rising household debt. 

Register for WealthBriefing today

Gain access to regular and exclusive research on the global wealth management sector along with the opportunity to attend industry events such as exclusive invites to Breakfast Briefings and Summits in the major wealth management centres and industry leading awards programmes