Role Of Banking Sector In Singapore

1. Introduction

The banking sector is the section of the economy that holds financial assets for other people, investing financial assets as leverage to create more wealth and the regulation of these activities by government agencies.

Finance services sector is a category of stocks holding firms that provide financial services to retail and commercial customers. This services sector is inclusive of banks, insurance companies, real estate and investment funds.

Banking and finance services sector has significantly affected to Singapore’s economy. As Singapore’s banking and finance services system is the strongest in the world. The banking sector is involved in a wide range of financial services including deposit-taking functions and traditional

In this vein, the bank established a Wealth Management campus last year in Singapore, which runs a training program. This program lasts 18 months and includes six weeks of classroom courses, on the job training and an assignment in Switzerland. The campus also provides day courses to customers, such as new asset management strategies and new investment instruments. The overall aim of the campus is to build a pipeline of local specialists who can be groomed for management roles. At a broader level, it is meant to address a few problems facing private industry in Singapore. United Overseas Bank (UOB), one of Singapore’s outstanding regional banks, teamed up with the Singapore Management University (SMU) to provide an advanced diploma in private banking and its aim is to provide technical knowledge, as well as the relationship, sales and advisory skills for private banking. And by this time, UOB and SMU strived to customize the training program to fit varied needs

There has been talk recently about the security system and regulatory environment in private banking, with local regulations tightening and several global laws being enforced. Although bearing significant extra costs to develop training, IT infrastructure and monitoring capabilities is remained as a challenge, Today’s regulatory system and banking sector give lots of efforts to solve this issue.

The digital private banking solution was established last year in Singapore where the bank’s largest private banking operations outside Switzerland are based. Credit Suisse set up an innovation Hun in Singapore, where a 200 employees and vendors in development team have worked to develop and deliver the new platform, which is now available on the iPad.

The reason for the decision to develop a digital platform for private banking is a result from a survey in which shows that 82 per cent of high-net-worth individuals expect their wealth management relationship to be conducted mostly through digital channels. Additionally, the 83 per cent of people reemphasize the significance of digital platform and direct channel referring that they are more likely to leave wealth management firms if they cannot offer a direct channel