Singapore to accelerate efforts to match Dubai

Singapore's Deputy Prime Minister Gan Kim Yong affirmed that Singapore needs to move faster and put in greater efforts to maintain its competitiveness in the wealth management sector, especially amid increasing competition from global financial centers such as Dubai, Hong Kong, London, and New York. He explained that being quick to adapt to global changes is one of Singapore's key strengths, particularly with international capital flows creating opportunities to boost the nation's status as a financial and regional hub. He also pointed out that the government continues to update regulatory frameworks to attract investments, implementing initiatives to support the asset management industry. These include tax incentives to enhance competitiveness with other financial centers, as well as developing cross-border electricity trade to support the transition to clean energy sources and strengthen regional energy security.

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