SINGAPORE (July 27): Singapore has edged out Hong Kong in the fight to be the top premier wealth management hub in Asia, according to The Deloitte International Wealth Management Centre Ranking 2018.

The city-state was ranked second globally, just behind Switzerland.

“Technology-driven innovation cycles have become even shorter, and digitally enabled business models are becoming the ‘new normal’,” Deloitte says.

According to the firm, Singapore remains Asia’s most mature and respected wealth management centre. It benefits from international clients representing about 80% of assets under management and administration (AMA) who value its stable environment.

This has been boosted by an open economy, coupled with a respected regulator, strong rule of law, and global accounting and legal standards.

The nation’s regulatory regime — one of the world’s most prudent — ensures a high level of stability which, in turn, supports growth.

In addition, measures by the authorities to facilitate ease of doing business, together with low tax rates, attract clients.

According to the 2016 Singapore Asset Management Survey published by the Monetary Authority of Singapore (MAS) in September 2017, Singapore had total assets under management (AUM) of $2.74 trillion, of which 78% was sourced from outside the country.

MAS managing director Ravi Menon says Singapore continues to do well in asset management, with AUM increasing an average 12.7% a year over 2016 and 2017.

What’s next for Singapore as it tries to raise its profile as a wealth management hub another notch?

Find out more in this week’s issue of The Edge Singapore (Issue 841, week of July 30), on sale now at newsstands.

Subscribers can log in and read Singapore remains a global and Asian premier wealth management hub

Or click here to subscribe