S'pore's unique tack on financial globalisation
It's a pragmatic and opportunistic approach rather than ideology-driven, with a willingness to alter or even reverse policy actions if and when the need arises.
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ACCORDING to the 2016 update of the Global Financial Centres Index (GFCI) compiled by the London- based research firm Z/Yen Group, Singapore is ranked third out of 86 global financial centres after London and New York, and marginally ahead of Hong Kong.
Singapore's ascendancy into the world's elite financial centres is a notable achievement, considering that it was only in the late 1960s that the Republic began to proactively establish itself as a financial centre.
Today, the financial services sector accounts for about 13 per cent of the country's gross domestic product (GDP) directly, 14 per cent of its services exports, and 6 per cent of its employment. It has also been a significant growth driver in recent times, the current headwinds confronting banks notwithstanding.
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