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.
INTRODUCTION
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
Ms Nynke Postma, Venture Lead, Blacksmith KYC, ING Bank N.V., Singapore Branch (Chair)
Mr Carl Otto van der Elst, Director, Regional Head Multinational Coverage ASEAN, Deutsche Bank (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)
Mr Pierre Maria, Senior Treasury Officer, Swiss Re Asia (Co-Chair)
HIGHLIGHTS
- Economic Outlook 2023: Fading Downsides
- Networking event: The Role of Big Data in FinTech
- EuroCham Position Paper: Green Finance in Singapore and ASEAN: Opportunities and Challenges
- Closed-door meeting with Mr Leong Sing Chiong, Deputy Managing Director (Marlets and Development) at MAS
- Closed-door dialogue on RBC2 with MAS
- What is the EU’s Taxonomy for Sustainable Finance
- An Introduction to the New World of Payments with SWIFT GPI Initiative
- Banking Position Paper on “Enhancing EU-Singapore Regulatory Dialogue“
- Briefing by Mr Bruno Gencaralli, Head of Data Flows and Protection Unit at the European Commission (DG Justice and Consumers)
- Dialogue with Mr Olivier Guersent, Director-General of DG FISMA, European Commission
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
