Singapore s asset management scale increased by 12.2% last year, exceeding 6 trillion yuan
Asset management scale includes investments made by sovereign wealth funds, pensions, institutional investors, corporate and individual investors in Singapore, which are managed by banks, fund managers, etc.
Xie Yanzhen said that the growth of the financial industry is comprehensive, the banking industry remains stable, and the total assets of the insurance industry increase by 3.6%. Singapore also maintained its leading foreign exchange center position in Asia, with the average daily foreign exchange trading volume exceeding 150 billion yuan last year. The issuance volume of the corporate bond market increased by more than 30% last year, exceeding 300 billion yuan.
Last year, Singapore's financial services industry grew by 6.8%, more than double the previous year's 3.1%. The industry's average growth rate reached 4.7% from 2021 to 2024, and is expected to meet the goal set by the Industrial Transformation Blueprint (ITM), namely, annual growth of 4% to 5% from 2021 to 2025.
Xie Yanzhen said that the HKMA recently announced the imposition of penalties on nine financial institutions that violated the anti-money laundering regulations, reflecting the authorities' expectations that financial institutions should adopt good and risk-prone anti-money laundering and combat terrorist financing measures.
The financial industry is also expected to achieve the employment target of the industrial transformation blueprint, namely, a net increase of 3,000 to 4,000 jobs per year, with an average of 4,400 in the past four years, and more than 90% of them are employed by Chinese people.
Xie Yanzhen emphasized that Singapore maintains a trustworthy and attractive position as a wealth management center with its high level of regulatory standards. "Singapore welcomes the inflow of legitimate wealth, as always."
Driven by traditional and alternative asset management, Singapore's asset management scale (AUM) increased by 12.2% as of the end of last year, exceeding the 6 trillion yuan mark for the first time. This is also the second consecutive year that my country's asset management scale has achieved double-digit growth.
The HKMA is working with Singaporean financial institutions to improve operational practices and achieve more stable, efficient and efficient. my country's financial ecosystem will maintain a strict attitude towards suspicious and illegal funds, and at the same time, it welcomes legal wealth and treats it efficiently. ”
Looking ahead, Xie Zhen expects that the financial industry will not maintain its growth rate in the past few years. Surrounded by various global uncertainties, the HKMA will continue to enhance the competitiveness and capabilities of the financial industry, as well as the resilience and security of digital financial services.
The Singapore Monetary Authority released its annual report as of the end of March this year on Tuesday (July 15). When the Director of the Monetary Authority Xie Jiezhen shared the performance of my country's financial industry in the past year when he spoke at the annual report press conference.
