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 senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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