INTRODUCTION

Singapore has established itself as a leading global financial centre ranking 2nd in PWC’s City of Opportunity index and 6th largest wealth management centre in the world by Deloitte, as well as being also the third largest FX centre globally. As of 2016, Singapore hosts a total of 126 commercial banks, of which 5 are local banks and 121 are foreign banks, with extremely vibrant sectors in capital markets, asset management, insurance, and FinTech as well.

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 Gregoire Huguet, Commercial Director, Data and Analytics, SWIFT (Chair)
Mr Stefan Baumann, Director, Head of EMEA (ex-German, Austrian & Swiss) MNCs in APAC
Global Subsidiary Coverage, Corporate and Investment Bank, Deutsche Bank AG, Singapore Branch (Co-Chair)

HIGHLIGHTS

  • EuroCham banking position paper on enhancing the EU-Singapore regulatory dialogue
  • Roundtable and submission to the EU High Level Expert Group on sustainable finance
  • Briefing by Mr Bruno Gencarelli, Head of Data Flows and Protection Unit at the European Commission (DG Justice and Consumers)
  • Presentation by Mr Roy Teo, Head of Financial Centre Development Department at MAS, on the transformation of financial landscape in Singapore
  • Position paper on insurance regulation RBC2
  • Closed door dialogues with regulators on banking and insurance regulations (RBC2)
  • Financial services cyber security seminar

TOPICS

  • Banking and insurance regulations (MiFID II, EMIR, Benchmarks, Basel, RBC2, IFRC)
  • Green and sustainable finance
  • Data protection and privacy
  • Cyber security
  • Digital payments innovation and FinTech

STAKEHOLDERS INCLUDE

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

COMMITTEE MEMBERS INCLUDE