The Monetary Authority of Singapore published its annual report on Tuesday, indicating that the region’s assets under management had risen to S$2.36trn (£1.11trn, $1.73trn, €1.58trn) in 2014 from S$1.82trn in 2013.
According to the report, allocation to Asia-Pacific investments accounted for two-thirds of the total AUM.
“Given Asia’s sound economic prospects, sovereign wealth and pension funds have continued to set up in Singapore to access the investment opportunities in the region,” said Ravi Menon, managing director of the MAS.
Several major companies also set up offices in Singapore last year, including the Swiss National Bank, the Investment Company of People’s Republic of China, Norges Bank Investment Management and La Caisse de depot et placement du Québec.
“This helps strengthen Singapore’s ability to assist in bona fide cases of wilful or fraudulent tax evasion"
The Korean National Pension Service also set up an office in Singapore in 2015.
Lisensed advisers
The MAS report indicates that the number of licensed financial advisers rose slightly to 60 in 2015, from 58 in 2014. However, both years were down in numbers compared to 2013 when there were 62 licensed advisers, and 67 in 2012.
The figures also show that foreign exchange trading increased by 40%, reaching US$480bn in October 2014.
Foreign investment gains amounted to S$10.4bn in the 2014-15 financial year, compared to foreign investment gains of S$10.6bn in the previous year.
Wilful tax evasion
The MAS pointed to its ongoing work around the exchange of information framework, which makes it easier for countries to access information on individuals’ tax affairs.
It said it was working to strengthen this framework by lifting the dual criminality requirement so that Singapore can offer mutual legal assistance for foreign requests involving serious tax evasion offences, regardless of the type of tax evaded.
“This helps strengthen Singapore’s ability to assist in bona fide cases of wilful or fraudulent tax evasion,” the MAS said.
