Banking in Singapore
Encyclopedia
Banking in Singapore is a service industry that has grown significantly in recent years. Total banking assets under management in Singapore
rose from about $92 billion in 1998 to about $350 billion in 2004.
Singapore has attracted assets formerly held in Swiss banks for several reasons, including new taxes imposed on Swiss accounts and a weakening of Swiss bank secrecy
. Credit Suisse
, the second largest Swiss bank, moved its head of international private banking
to Singapore in 2005.
Tax evasion
is illegal in Singapore; however, according to an Organisation for Economic Co-operation and Development
official, Singaporean authorities tend to cooperate with other countries' tax authorities only when evasion of Singaporean taxes is involved.
The finance industry in Singapore is regulated by the Monetary Authority of Singapore
.
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
rose from about $92 billion in 1998 to about $350 billion in 2004.
Singapore has attracted assets formerly held in Swiss banks for several reasons, including new taxes imposed on Swiss accounts and a weakening of Swiss bank secrecy
Bank secrecy
Bank secrecy is a legal principle in some jurisdictions under which banks are not allowed to provide to authorities personal and account information about their customers unless certain conditions apply...
. Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
, the second largest Swiss bank, moved its head of international private banking
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...
to Singapore in 2005.
Tax evasion
Tax evasion
Tax evasion is the general term for efforts by individuals, corporations, trusts and other entities to evade taxes by illegal means. Tax evasion usually entails taxpayers deliberately misrepresenting or concealing the true state of their affairs to the tax authorities to reduce their tax liability,...
is illegal in Singapore; however, according to an Organisation for Economic Co-operation and Development
Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade...
official, Singaporean authorities tend to cooperate with other countries' tax authorities only when evasion of Singaporean taxes is involved.
The finance industry in Singapore is regulated by the Monetary Authority of Singapore
Monetary Authority of Singapore
The Monetary Authority of Singapore is Singapore's central bank and financial regulatory authority...
.
See also
- List of banks in Singapore
- Citibank International Personal Bank SingaporeCitibank Singapore IPBCitibank International Personal Bank Singapore, or Citibank IPB Singapore, is a division of Citibank Singapore Limited that caters to people who want to invest in other countries through offshore banking. It is a pioneer in the offshore banking business in Singapore with more than 20 years of...