Regulatory stability and skilled workforce: How S'pore plays a vital role in British bank's Asia-Pacific growth

BEGINNING with just a handful of employees in 1973, Barclays in Singapore has grown from a minor outpost into the British bank's Asia-Pacific hub, offering an extensive suite of services that supports its growth agenda in the region.

Beyond serving as the headquarters for South-east Asia, Singapore also acts a strategic hub for Barclays' Asia-Pacific as well as Middle East operations, housing several regional management functions.

In the half-century since its establishment, Barclays in Singapore has crossed several key milestones, from becoming a member of the Singapore Stock Exchange in 1989, to being firmly established as one of the leaders in corporate and investment banking, global markets and private banking in the region.

"These milestones underline the critical role that Singapore plays within our global organisation," says Alexander Harrison, Barclays' country chief executive officer for Singapore and chief operating officer for Asia-Pacific, Middle East and Africa.

An ideal base for success

Singapore's favourable business and regulatory environment has been a significant driver of Barclays' growth in the region. The city-state's strategic location also serves as a gateway to South-east Asia, providing Barclays with access to key markets.

Meanwhile, the bank has capitalised on the country's highly educated and technically proficient workforce, as well as political and regulatory stability. Furthermore, Singapore's unique position in the global economy, and its role as Asia's business and financial hub have also been conducive for growth.

"Singapore has consistently been acknowledged as a global business hub for its skilled, multilingual workforce, strong regulatory regime, political stability and strong governmental support for both domestic and international talent," explains Harrison. He joined the bank in 1998 in the UK and has taken on various roles in Barclays spanning multiple functions and geographies.

Powering possible

Placing the client at the centre of all it does, Barclays differentiates itself by helping clients navigating change to find opportunities. By leveraging the power of its global teams through its "Power of One" approach, the bank serves its clients through an integrated suite of services across international corporate banking, investment banking, global markets and private banking, ensuring that clients' needs are met holistically and seamlessly.

"The 'Power of One' approach is about colleagues uniting across businesses to put our clients' needs, opportunities and experience first. By collaborating, sharing expertise and information, and truly working as a cohesive unit, we can power exceptional growth by creating extraordinary outcomes for our most important clients," says Harrison.

"Singapore is an example of us bringing the entire bank to clients; many of our Global Markets businesses are run out of here. Singapore is also the origination hub for Investment Banking in South-east Asia, which is integrated with a robust International Corporate Banking business."

Barclays' private banking arm also focuses strategically on the Singapore-United Kingdom corridor, adding value for clients in an area where the bank excels.

"We are not trying to be everything to everyone. Rather, we are investing in areas of strength and expanding internationally where it makes sense," Harrison notes.

Globally, the 333-year-old bank boasts several notable competitive advantages. These include its internationally recognised markets capability, its position as the top European bank on Wall Street, its traditional strength in the UK and European markets, and strategic presence in key growth markets across Asia-Pacific like Singapore, Australia, mainland China, Hong Kong SAR (special administrative region), India, Japan and Taiwan.

As Barclays embarks on its next chapter in Singapore, it remains committed to the Asia-Pacific region.

The bank is planning targeted investments in technology, people and business lines, with plans to expand its footprint in key markets. The growth potential of the South-east Asian investment banking and corporate banking business will continue to be a focal point, and Barclays' markets platform, credit business and equity-linked financing framework can also be expected to expand.

"We believe that Barclays cannot be a top global CIB (corporate and investment bank) without a strong presence in Asia-Pacific. Our strategy is to grow prudently and organically in the region, and we have done so in many locations," says Harrison.

Marking 50 years

To celebrate its 50th anniversary in Singapore, Barclays will be holding a number of events and initiatives to mark the milestone this year, from positively impacting 50,000 lives in Singapore to recognising its longest-serving employees.

In November, the bank will celebrate the anniversary at its annual client flagship event for the Asia-Pacific business community, the Barclays Asia Forum. Now in its 17th edition, the forum brings together some of the world's most thought-provoking authors, policymakers, philanthropists and business leaders, for conversations about the challenges and opportunities ahead.

Shares Harrison: "We are excited to celebrate the 50th anniversary with our colleagues, clients and community partners. We especially look forward to welcoming our global leaders to Singapore at the Barclays Asia Forum, and celebrate this milestone at this event."