Post-Brexit London will retain many of its strengths
Singapore
WHILE uncertainties over the terms of Britain's withdrawal from the European Union will pose challenges to financial institutions, post-Brexit London will retain many of its strengths. The City will still benefit from the free movement of capital, sound and predictable regulation, strong rule of law, and international connectivity. In the East, Singapore offers the same benefits to the financial industry as a global Asia hub.
Many institutions maintain a presence in both London and Singapore to serve cross-border flows in the European and Asian markets respectively. The latter has particular strengths in offshore banking, reinsurance, asset management, foreign exchange, and fintech. But the scale is different: London is much bigger. I do not expect its position to weaken significantly. And, to the extent that there is any shift of financial activities out of London, it is unlikely Singapore will be the main beneficiary.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
‘Competition for talent’ a poor excuse to keep key executives’ pay under wraps
OCBC should put its properties into a Reit and distribute the trust’s units to shareholders
Why a stronger US dollar is dangerous
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access