Singapore Could Be World’s Top Finance Hub by 2015

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Singapore will dethrone Switzerland in the next two years as the world’s top center for managing international funds, a study said on Thursday, as a global tax crackdown and tighter regulation weaken the Alpine nation’s appeal to investors.

Switzerland, still the world’s biggest offshore financial center with $2 trillion in assets, came ahead of rivals Singapore, London, Hong Kong and New York in the 2013 ranking, compiled by PricewaterhouseCoopers as part of its Global Private Banking and Wealth Management Survey.

But respondents to the survey, which questioned 200 finance industry professionals from 51 countries, also said they expected Switzerland to lose ground, with Singapore taking the top spot in the next two years.

Switzerland’s tradition of banking secrecy has helped its financial sector thrive but is under massive pressure from the United States and elsewhere, as cash-strapped governments seek to stop tax evasion and close loopholes.

Switzerland and other international financial centers will be forced to create special areas of expertise if they are to differentiate themselves in future, as transparency and increased regulatory standards create a more level playing field, the study said.

It added that centers located in emerging markets stood to gain in stature. Respondents also named Shanghai and Dubai as fast-growing centers, closely followed by Brazil, Miami and Mexico City. “Competition between traditional and newer IFCs and cities for the wealthy is expected to intensify,” the study said.

 

 

Source : CNBC | July 4, 2013

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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