The news was met with pronounced delight by the managing director of Singapore’s central bank, Ravi Menon, who gave a speech at the office’s inauguration on 11 July.
In his speech, Menon said SNB’s decision to open its branch in Singpaore is “significant” and reflects the “growing importance of Asian markets in the portfolios of many long-term investors such as the SNB”.
Part of Singapore’s attraction, according to Menon, is the scale of its asset management industry, with more than 500 players managing assets of around US$1.1trn.
Menon went on to compare the similarities between the two countries, pointing out that many in the popular media often describe Singapore as the “Switzerland of Asia”, something Menon said the country takes a “great compliment”.
“Switzerland is known the world over for its stability, prudence, efficiency, and diligence – all attributes that we in Singapore also aspire to,” said Menon.
“Both Switzerland and Singapore are small trading nations with a shared interest in promoting free trade and maintaining an open, rules-based global economy.”
Switzerland is Singapore’s fifth largest trading partner in Europe, and Menon said many Swiss multi-nationals have a strong presence in the country and are a source of “high value-added investments”. Meanwhile, Singaporean companies are “actively making direct investments in Switzerland”, with Singapore Switzerland’s fourth largest trading partner in Asia.
