The Business Times: Using Singapore As A Stepping Stone To ASEAN
June 21, 2022
Oliver Wyman’s Head of South East Asia, Seo Young Lee, spoke to The Business Times on the allure of Singapore as a base for companies to access South East Asian markets.
He identified several growth opportunities across various industries. Of note is retail financial services, where the rise of the middle class, coupled with rapid innovations in fintech, has accelerated the pace of financial inclusion across the region.
Meanwhile, in the manufacturing sector, he noted that there have been interesting developments in the region in high growth areas such as electric vehicles and batteries. Singapore has long held a strong position as a wealth management hub for the Asia-Pacific region, but “this has been getting an additional boost as recently a lot of wealth from China and Hong Kong has been flowing into Singapore through various vehicles, including the setting up of family offices,” said Lee.
The Republic must also position itself as a “home to global champions” – by fostering South East Asia-based talent while attracting global companies to base themselves in Singapore. Maintaining these key attributes will be what keeps Singapore relevant.
Read the full article here.