Pundits often compare Singapore and Switzerland as being near mirrors of each other when it comes to … [+]
Singapore has long been seen as the Switzerland of Asia, a pro-business, largely neutral state with a huge financial services sector catering to an international clientele. Like Switzerland, Singapore is an integral part of the surrounding region yet also has a strong independent streak and never leans too far to one geopolitical side.
At the same time, Singapore has cultivated some of the same niches in the traditional financial services sector as Switzerland, notably wealth management, while its fintech sector is even larger and more internationally oriented than Switzerland’s.
However, when one takes a closer look, it becomes clear that the two countries are taking different approaches in the same segments of financial services due to their respective market positioning and different risk tolerance.
Safe Havens For Wealth
Switzerland has long been the world’s top wealth management market. It managed about US$2.6 trillion…