Singapore has a developed commerce-oriented market economy. Singapore's economy has been ranked as the most open in the world, 7th minimum corrupt, most pro-business, with a very low tax rates. From 2000 to 2010, the GDP of Singapore almost doubled, elevating from S$163 billion to S$304 billion. Real GDP per capita also went up profoundly at a compounded rate of nearly 12% p.a., but inflation and unemployment rates averaged less than 2% p.a. and 3% p.a. respectively during the same period.
A set of profound macroeconomic policies aimed at delivering a conducive environment for long-term investment in the economy. Fiscal policy is directed majorly at enhancing long-term economic growth, rather than cyclical changes or disseminating income. The result of the Singapore’s healthy fiscal position and stagnant budget surpluses over the period of time, Singapore has achieved a high level of foreign reserves and the robust sovereign credit rating for long-term foreign-currency debt in Asia.
Singapore's longer-term economic strategies and regulations are consistently re-examined to accept to changing challenges and priorities over time. Presently, there are concentrated measures in place to grow Singapore as a global-class financial centre such as, the MAS has liberalised the regional banking and insurance market to huge foreign involvement. At the same time, the MAS has also adopted a more open and consultative approach in its supervision and growth of the financial segment, and has relocated the emphasis from regulation to risk-focused supervision.
Customers in Singapore put a high value on trust in relationships with financial services providers, which also vastly influence their choice of provider. Advocacy among customer is less and Singaporeans doesn’t indulge to pay much attention to recommendations when taking a decision on a provider or product.
Singaporeans comparatively have high intention to save, unlike consumers in other markets who are not inclined to choose their previous current account provider for their savings account. Mortgage product features generally includes payment holidays and the ability to offset against savings, reflecting socio-cultural attitudes of self-reliance and individual responsibility and the high level of saving among consumers.
Generally, Singaporeans tends to use local financial services providers, which is an impediment for foreign banks. In any case, loans are the only product where Singaporeans are not concerned about the origin of the provider. This is reflected from the fact that Citibank holds 11% of loans that are issued by traditional banks with a branch presence.
Topics covered in the Report
- Retail banking research report in Singapore
- Singapore retail banking Market
- Global retail banking industry
- Retail banking industry in Singapore
- Cards and Payment industry in Singapore
- Mobile payment market Singapore
- Singapore bill Payment Market Research
- Singapore Money Remittance Industry
- Alternative payment methods in Singapore
- Global Payment Industry Research Report
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