Singapores Banking and Financial Services Sector

capital of capital of capital of capital of capital of capital of Singapores Banking and Financial service Sector door guidanceBanking and monetary run orbit as the part of fiscal system, it includes banking work, securities run, insurances work and other services. With the corresponding the agency includes the bank, securities Company, insurance company and other finance related company. Thanks to location, policy and other factors do,Singapore banking and fiscal services area discipline quickly. Singapore not only famous with the banking services and other pecuniary services, provided in addition famous with the foreign transfer and stock exchange the Singapore Exchange(SGX), is the 3th largest stock market in the Asia area. Attracted a lot of companies listed here, especially is the Asia area. Singapore successful with the banking and monetary is no coincidence, the famous newspaper THE ECNONMIST says WHEN it started life as an independent, separate artless in 196 5, Singapores prospects did not look good. Tiny and underdeveloped, it had no natural re radicals and a state of relatively recent immigrants with little shared history. Why did Singapore run short an economic success? First, its strategic location and natural harbor helped. It is at the m give awayh of the Malacca Strait, through which perhaps 40% of world ocean transaction passes. Second, under Mr Lee, Singapore welcomed foreign trade and investment. Third, the g all overnment was unplowed small, efficient and honestqualities absent in most of Singapores neighbors. (ECNONMIST, 2015). This article get outs synopsis banking and monetary services celestial sphere contribution on Singapore scrimping and repugn. With the corresponding strategic planning to keep the contribution and facing the challenge. partForeign direct investment (FDI) means that is an investment in a business by an investor from another country for which the foreign investor has control over the company p urchased. (Shawn Grimsley, 2012). With economic globalization the company are need to expanding upon the market in the oversea and the other country also replete some actions to coax the foreign company. With the booming of banking and financial market Singapore has successful attract lots of foreign direct investment. sometime if the country can attract lots of foreign direct investment in some sector mean that this country in this sector has much perfect configuration. First is the perfect law to protect this sector profit, second is that has mature market, and finally is this sector in this country has preferential policy. Singapore attract lots of famous company to come here investment, for fount CitibankStandard Chartered Bank HSBC, and etc. Singapore ranked third, up two notches from last family, making it the highest-ranked country in Asia.Singapore was also rated the surpass among all countries in terms of the efficiency of its goods and labour markets and second fo r its financial market sophistication. (Sameera Anand, 2009). In interaction, Singapore banking and financial services sector attract many foreign companies and it makes Singapore economy better and better t as an Asia-pacific financial Centre.Provide a lot of habit opportunities. Since Singapore developed this sector, many jobs has been creating. A report shows that when Singapore just out of Malaysia the unemployment rate in this country was reach up to 12%. later development the banking and financial services sector, the unemployed rate decline year by year. This sector derivate banking employees, Securities industry professionals, Employees Insurance and so on. And it achieved remarkable results just like a newspaper say Singapore had a universe of discourse of 5.165 million in 2010. 2.795 million of the populations are part of the labour force. In the same year, Singapore had an unemployment rate of 2.2 percent. Singapores unemployment rate is one of the lowest in the world .(ECNONMYWATCH, 2010). Nowadays much and much local students and international students graduate in Singapore. And the baking and financial services sector provides a lot of jobs for them. repugnSingapore facing the competition from other regions. Singapore has development banking and financial services sector many years, so Singapore has more experiences and more perfect law than the other countries. solely with the other countries focus on this sector, more and more countries are narrow the distance with the Singapore. For example Asian financial center in Hong Kong has been long days, Sydney is in the field of trade business and electronic form their own unique niche, relying on the rapid growth of Chinese economy, and Shanghai its financial center is gradually recognized. A report shows that According to Financial Development 2009 by the World stinting Forum (WEF), Hong Kong ranks 5th worldwide in terms of financial sector development. Along with Tokyo and Singapore, it stands as one of the premier financial centers in Asia. (Dan Steinbock, 2010). With the rise of these areas, Singapore will face the great challenge.Another challenge is Singapore market is too small, which truly dependency of global economy. Singapore is a small country that their local market is very limited. In order to development Singapore have to expansion the oversea market. But when some exceptional circumstances Singapore financial sector will shocks, For example the 1997 Asia financial crisis and the 2008 America financial crisis was effect Singapore this sector. So this is the Singapore should face the challenge with their banking and financial service sector.Last but not to the lowest degree, Foreign exchange and capital market activities and other traditional financial services sector in the number and position showed a downward trend. Foreign exchange and financial services sector is very important for Singapore, is the one the most important part in Singapore economy. If it downward trend, it mean in the future Singapore will lack the competitive in this sector. And this is cannot no be ignore challenge for Singapore banking and financial services sector.Strategic planningBanking and financial services sector also need many different skill in this sector. At the same time also need some Professional cognition to work in this sector. So the training and training is the best way to achieve this target. And Singapore also cooperation with many company to training and education their students. Citi bank is a example Singapore Citi Singapore and Singapore commission University (SMU) have jointly launched the first structured financial literacy program for teenage adults. The program seeks to equip young adults between the ages of 17 and 30 with meaty personal financial knowledge and skills to give them a firm prat in managing their money and a financial head-start early in their functional lives. (Author, 2012). And to training and education the students that can make the Singapore financial sector Continuity and innovation.Establishment Orientation is Singapore in development banking and financial sector should. To become a regional financial center, because Financial Services is Singapores financial sector to maintain good competitiveness and an important source of competitive advantage, in order to encourage local personal financial center to remain competitive, governance must keep on politically strong, economically stable and industrial management plan.Create a more attractive business environs. The government should take more communication and prove cooperation with the company. Further strengthen Singapores tax environment and Provide better employment environment for the financial services sector. Last but no least is Enhance Singapores financial sector in the international share.5. Conclusion(1) monetary Authority of Singapore (MAS) is Singapores central bank, founded in 1971, executed by government departmen ts and professional management, which combines the functions of the Bank to Finance, and many other financial functions, including the development of financial and monetary policy to ensure stable economic growth, sustainable development financial services industries. MAS also support to education and training. SKBI is MAS cooperation with the SUM co-founder to help the students get better education in financial, which to training financial talents. And the MAS also keep communication with many company get the advise to them. Sometime MAS set the rules and regulation bank Provide a good environment for the operation of the banking and financial services sector. And do that to support the banking and financial services sector development in Singapore.(2) Banking and financial services is a critical part of the Singapore economy, is the highest value-added service industry. Today Singapore can so well developed and well famous in the world, these achievements are inhering from the s upport of the banking and financial services sector. So Singapore in the future Continue the development of this sector. Build more and better service in the world, attract more foreign company to invention in Singapore. tour keeping the good side and need to innovation, with digital media revolution the banking and financial services sector should innovation. To do that make this sector make more contribution in Singapore economy.