INTRODUCTION

Singapore recently overtook Hong Kong as the number one financial centre in Asia. Overall, Singapore is ranked 3rd in the world, just behind New York and London. To further enhance its status as the preferred Asian financial destination, Singapore launched its 2025 Financial Industry Transformation Map in September 2022. By 2025, Singapore’s financial sector is expected to grow by an average of almost 5% per annum and create 3000-4000 jobs on average per year. With the signing of the EU-Singapore Digital Partnership, Singapore and the EU are committed to digitalisation of the financial sector. This is through the exchange of information and sharing best practices on digital finance partnerships.

Financial Services

OBJECTIVES

The EuroCham Financial Services committee represents European Financial Institutions (FIs) operating in Singapore and seeks to advocate on behalf of its members for an open and competitive regulatory environment. The committee serves as an effective platform between industry and regulators in Singapore, the region, as well as the European Commission. The committee comprises major FIs in the banking, insurance, and asset management sectors, as well as professional consultants.

LEADERSHIP

Mr Carl Otto van der Elst, Managing Director, Regional Head EMEA Coverage APAC, Deutsche Bank (Chair)
Ms Antonina Redko, Head of Business Development SEA, BNP Paribas (Co-Chair)
Mr Jan Krueger, Managing Director and Head of Financial Markets Asia/Pacific, Landesbank Baden-Wuerttemberg (LBBW) (Co-Chair)
Mr Sanjeev Kumar, Senior Country Manager, Singapore; and Head of South East and South Asia CIB, Natixis (Co-Chair)
Mr Giles Goh, Key Account Manager, Business Development, SWIFT (Co-Chair)

HIGHLIGHTS

TOPICS

  • Banking & insurance regulations (for example, MiFID II, EMIR, Benchmarks, Basel, RBC2, IFRC)
  • Green & sustainable finance
  • Data protection & privacy; cybersecurity
  • FinTech & RegTech
  • Digitalisation in the Financial Services Industry
  • Asset equivalence between the European Union and Singapore
  • Changes in Regional Trade Financial Landscape
  • Changing customer behaviour

STAKEHOLDERS INCLUDE

  • Monetary Authority of Singapore (MAS)
  • European Commission (DG FISMA, DG JUSTICE)
  • Singapore FinTech Association

COMMITTEE MEMBERS INCLUDE