Singapore Deputy Prime Minister and Minister for Trade and Industry said on
Wednesday the city-state must accelerate development to maintain its
financial-hub standing as competition from other wealth centres — including Hong
Kong, Dubai, London and New York — intensifies. "We have long competed with
financial centres around the world, including Hong Kong, Dubai, London and New
York," he said. He said Singapore will continue to update its financial
regulatory framework to improve the operating environment for wealth management
and family offices, and is pressing ahead with efforts to deepen its role in
green finance; authorities are also pursuing cross-border power trading to meet
rising demand for renewable energy and to deepen ASEAN economic integration.
