Pandemic’s tapering brings opportunities for Singapore to attract global capital, talent
But Singaporeans must be willing to accept some uncomfortable truths
WE are at the pandemic’s tail end, and one of the last vestiges of the crisis – masks – have come off since Aug 29 (save in hospitals and on public transport). We have fared well, even by international reckoning. With few deaths from the virus, a high vaccination rate and a well-managed supply chain for essential goods and services, our nation is seen as a safe and secure place to weather future health emergencies, bring up families and do business.
Hong Kong used to be the principal Asian international financial centre, with Singapore a poorer cousin. Unfortunately, the political unrest in the Fragrant Harbour, plus its extended lockdown from the mainland’s zero-Covid policy, has corporates looking for alternative, or additional, bases for their capital and their listings in Asia.
Singapore has, at the same time, been working on enhancing its attractiveness. In capital markets, the Singapore Exchange (SGX) has rolled out initiatives to entice large corporates to list, or seek a dual listing, here. It also introduced a special purpose acquisition company (SPAC) regime ahead of regional markets, and has garnered 3 SPAC listings.
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