Monday, 21 April, 2014

Published June 26, 2013
Growing as a global financial hub
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'Our business in Singapore has evolved with our client needs. Singapore is a hub for our regional businesses ....'
- Ronny Tan


WHEN the "big boys" of investment banking started moving into Singapore in the 1970s, little did they know that this city-state would become a global financial hub, the fourth largest foreign exchange centre in the world and a challenger to Switzerland's private banking crown. Yet they came, attracted by Singapore's position as a trading hub for the region.

Today, for global banks, Asia is pivotal for growth and being in Singapore is part of that strategy. The Business Times asks global bankers with interests here about their business performance, and how China's ascendancy may impact Singapore as a financial centre.

Siow Li Sen: What may have struck your predecessors about the Singapore banking scene when your bank decided to set up operations here?

Ronny Tan: We first established a presence in Singapore in 1972 as its position as a trading hub and key access point for South-east Asia meant a presence here was important for us early on. Twenty five years ago in 1988, Deutsche Bank was one of the first foreign banks to set up its regional headquarters for Asia-Pacific here under a Monetary Authority of Singapore incentive scheme.


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