Singapore’s Financial Cluster in Light with Internal and External Forces

• Main Authors: Jerome Jean Maurice Hernad, 何杰鴻
• Other Authors: Alex Chiang
• Format: Others
• Language: en_US
• Online Access: http://ndltd.ncl.edu.tw/handle/9usa79

碩士 === 國立政治大學 === 亞太研究英語碩士學位學程(IMAS) === 102 === The Republic of Singapore has long had a voluntary policy of developing its financial sector, and making it an essential part of its economy. This thesis aims at filling in the gaps of the current knowledge about Singapore’s financial cluster, through an in-depth analysis of Singapore’s unique set of banking and financial regulations, and recent developments that include the education of financial managers, the rise of Islamic finance, and the internationalization of the Renminbi. The time frame used to analyze it spans from the liberalization of Singapore’s financial and banking sector, which started in 1999, till 2014. The framework of Porter’s ‘Diamond model’ has been used to outline the strength, and weaknesses of the financial cluster. Shortcomings and successes of Singapore’s financial cluster have been evaluated by analyzing primary sources available, and by examining the local environment. Singapore’s financial cluster still lacks critical mass in comparison to that of its rival, Hong Kong. Furthermore, weaknesses remain in regards to the educational level of financial and banking managers. The recent developments to set Singapore as an offshore Renminbi center can only be acclaimed, however its main focus on the People’s Republic of China, needs to be broadened, to include the overall Southeast Asian region.