Citibank Singapore Chief Praises Singapore’s Financial Infrastructure

Share Article

In a recent interview with the Wall Street Journal, Michael Zink, Citibank's country officer, pointed to effective government policy as well as cutting-edge technologies as secrets to Singapore’s success in becoming a global leader in private banking and wealth management. This is a strong indicator of the current economic stability in Singapore, says leading local company registration specialist, http://www.rikvin.com/

Form a Singapore company

Singapore Company Registration Specialists

Singapore’s stock markets have traditionally been a safe haven in an era of international economic instability, leading to a rise in company registrations from overseas.

Government policies that favour low taxation and draw the wealthy to park their cash in Singapore have helped the private banking sector tremendously, as has the increasing population of wealthy Asians, said Citibank Singapore country officer Michael Zink. Singapore’s stock markets have traditionally been a safe haven in an era of international economic instability, leading to a rise in company registrations from overseas, said a representative of Rikvin Singapore.

In the interview with the Wall Street Journal, Zink mentioned that the Singapore Stock Exchange (SGX) is fourth, just behind London, New York, and Tokyo. "[Singapore's government] understands that they have to stay out at the cutting edge of technology and regulation and everything else to stand apart," he said.

He also felt that Singapore’s sophistication was underappreciated by many in the global financial community.

“If you think about the big North American global banks—Citi, J.P. Morgan Chase & Co., Goldman Sachs Group Inc., Bank of America, Morgan Stanley—all five of those banks have their commodity hubs here. So there's probably a lag that people are working on,” he said.

According to a recent Channel NewsAsia report, the SGX will roll out two new initiatives to improve market transparency and trading safeguards.

SGX will now publish real-time indicative equilibrium prices (IEP) during the opening and closing routines. This acts as an indication of the eventual opening or closing prices and allows punters to better assess market conditions, and adjust their orders accordingly.

This enhances safeguards against attempts to manipulate the opening and closing prices, such as from the sudden entry or withdrawal of large orders. The changes will come into effect on 26 September 2011.

"We are pleased to be able to better meet customers' need for increased transparency, richer functionalities, greater capacity, and improved latency with these initiatives. Improvement and innovation are necessary to enhance Singapore's edge as a leading financial centre. We will continue to offer new market features and initiatives for the benefit of all market participants," said Gan Seow Ann, president of SGX.

Although a stable and business-friendly country, applying to set up a corporate entity in Singapore is a relatively complicated and lengthy process, with possible rejection from the smallest error in paperwork, particularly if the applicant is unfamiliar with local business compliance practices. Company registration specialists such as Rikvin Singapore assist such parties by handling the entire registration process from beginning to end.

About Rikvin:
Rikvin offers business solutions for both local and foreign investors and entrepreneurs. The firm’s specialties include company registration services, offshore company setup, incorporation and other related corporate services. Rikvin also provides professional services on accounting, taxation, immigration and application of Singapore work visa for foreign workers to work and relocate in Singapore. For enquires on setting up a Singapore company, visit our website at http://www.rikvin.com/.

Rikvin PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Lines : (65) 6438 8887

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Satish Bakhda
Visit website