新加坡作为金融中心的历史早在1819年之前就已开始。本栏目文章介绍马六甲海峡与淡马锡港、莱佛士与自由港、1824年的条约、英国法的继受、转口港经济、代理行与信贷链条、宗族与公司（kongsi）、侨汇网络以及1867年后的直辖殖民地。本书第A部分已经完成，第B部分正随写作进度陆续发布。
1819年2月6日，莱佛士与天猛公及苏丹侯赛因订立条约，使英国东印度公司获得一处商馆。自由港是对这座城市影响最深远的决定。1824年3月17日的《英荷条约》和同年的《友好同盟条约》确保了这一据点，1826年的《第二司法宪章》则引入了英国法。
来自不同地方的商人使港口运转起来。代理行代售货物收取佣金并贴现汇票，华商则凭信誉（即“信用”）提供信贷。
海峡殖民地于1867年4月1日成为直辖殖民地。目前已发布的章节将这段历史讲述至该殖民地的法院、法令、公司法和财政收入。
后来的日期尚待书中讲述：1965年8月9日独立、1968年的亚洲美元市场、1971年1月1日起的新加坡金融管理局、1974年的淡马锡和1981年的GIC。
建议从关于起源的第A部分、莱佛士与1819年自由港或关于殖民地与商业的第B部分开始阅读。
海峡之地：淡马锡、新加坡拉与马来世界的海上贸易
Every financial centre begins with a place. Read more Singapore · Origins作为贸易走廊的马六甲海峡
The Strait of Malacca owes its importance to the winds. Read more Singapore · Origins14世纪的淡马锡与新加坡拉：考古与史志
The history of the island before 1819 rests on three kinds of written evidence: Chinese travel and geographical literature, Javanese court poetry and the Malay historical tradition. Read more Singapore · Origins马六甲、柔佛与廖内群岛
Malacca, founded around 1400 by the refugee prince from Singapura, became within a few decades the greatest port of Southeast Asia. Read more Singapore · Origins葡萄牙、荷兰与英国在海峡的角逐
The Portuguese who conquered Malacca in 1511 brought a new model of trade to the Strait. Read more Singapore · Origins殖民前港口的启示：区位与信任
The history of the Strait before 1819 shows that geography creates opportunity. The island of Singapore occupied an exceptional position that remained unchanged throughout the period. Read more Singapore · OriginsA Place on the Strait: Temasek, Singapura and the Maritime Trade of the Malay World（海峡之地：淡马锡、新加坡拉与马来世界的海上贸易）：摘要
The island of Singapore controls the southern exit of the Strait of Malacca, the shortest sea route between the Indian Ocean and China, a position that made it a potential market from the earliest… Read more Singapore · Origins莱佛士、东印度公司与1819年自由港
On 6 February 1819, in a ceremony on the plain beside the Singapore River, a servant of the English East India Company signed a treaty with a Malay prince whom he had recognised as sultan a few days… Read more Singapore · Origins英国东印度公司与对华贸易
The English East India Company, chartered in 1600, was by the early nineteenth century a hybrid without parallel: a joint-stock company whose shareholders met in London and a sovereign power that… Read more Singapore · Origins史丹福·莱佛士与威廉·法夸尔
Thomas Stamford Bingley Raffles was born on 5 July 1781 on board the ship Ann off Port Morant, Jamaica, and entered the service of the East India Company in London as a clerk in 1795, at the age of… Read more Singapore · Origins与苏丹侯赛因及天猛公订立的协议
Raffles’ expedition landed on St John’s Island on 28 January 1819 and arrived at the Singapore River the next day. Read more Singapore · Origins自由港原则：向所有国旗开放
The decision that shaped Singapore more than any other was the decision to make it a free port. Read more Singapore · Origins早期发展与第一代商人群体
The growth of the settlement in its first years was spectacular. In the first year, the value of trade was reported at 400,000 Spanish dollars. Read more Singapore · Origins1819年对金融中心的意义
The founding of 1819 established the institutional foundations on which the financial centre was later built. Read more Singapore · Origins莱佛士、东印度公司与1819年自由港：摘要
The East India Company founded Singapore in 1819 to secure the route of its China trade and to break the Dutch hold on the southern Strait, under a cautious mandate that sought a British station… Read more Singapore · Origins1824年条约与英属新加坡的法律基础
The treaty of 6 February 1819 gave the East India Company a trading post on an island whose legal status was contested. The Dutch disputed the authority of the sultan who had signed it. Read more Singapore · Origins1824年《英荷条约》
The dispute over Singapore was one of several questions that divided Britain and the Netherlands in Asia after the Napoleonic Wars. Both powers had an interest in a settlement. Read more Singapore · Origins1824年《友好同盟条约》
The agreement of 7 June 1823 had already transferred the judicial powers and land rights of the sultan and the Temenggong to the British in exchange for lifelong monthly payments of 1,500 and 800… Read more Singapore · Origins海峡殖民地与《第二司法宪章》
In 1826, the East India Company combined its three possessions in the Strait – Penang, Malacca and Singapore – into a single administrative unit, the Straits Settlements. Read more Singapore · Origins英国法的继受
The Second Charter did more than establish a court. Read more Singapore · Origins土地、地契与财产权保障
A financial centre depends on secure property rights. Land is the most important form of collateral. A mortgage is worth only as much as the title on which it rests. Read more Singapore · Origins对当今执业者的实际影响
The history examined in this chapter is not merely of antiquarian interest. Several of its consequences confront the practitioner who advises on Singapore matters today. Read more Singapore · Origins法律基础与日内瓦的比较
Geneva and Singapore built their financial centres on different legal traditions. Read more Singapore · Origins1824年条约与英属新加坡的法律基础：摘要
The Anglo-Dutch Treaty of 17 March 1824 ended the Dutch objection to British Singapore, exchanged Bencoolen for Malacca and drew a border through the Singapore Strait that still separates Singapore… Read more Singapore · Origins转口港经济：中式帆船、港脚商人与商业网络
The free port of 1819 created the conditions for trade. The traders themselves came from every direction, bringing their own ships, goods, customs and systems of credit. Read more Singapore · Origins来自华南港口的帆船贸易
The oldest commercial link of Singapore was the link with China. Chinese junks had sailed to the ports of the Nanyang for centuries, as the first chapter of this part has shown. Read more Singapore · Origins武吉斯、阿拉伯、印度和欧洲商人
The Bugis traders of Sulawesi, who had made Riau prosperous in the eighteenth century, followed a different rhythm. Read more Singapore · Origins港脚商人与鸦片经济
No account of the entrepôt economy can omit opium. In the ports of Southeast Asia, Indian opium was a trade good, a medium of exchange and a source of government revenue. Read more Singapore · Origins腹地：甘蜜、胡椒与种植者的信贷
The entrepôt did not live from transit trade alone. From its earliest years the island had a plantation economy, run almost entirely by Chinese planters, most of them Teochew. Read more Singapore · Origins作为中介的代理行
The agency house was the central institution of the European commercial community. Its name described its function: it acted as agent for principals elsewhere. Read more Singapore · Origins转口港的基础设施：河流、货栈与信息
The physical infrastructure of the early port was simple. Read more Singapore · Origins连接欧洲、印度、中国与群岛的信贷链条
The entrepôt economy ran on credit. A typical transaction in cotton goods illustrates the chain. Read more Singapore · Origins转口港经济与日内瓦的比较
Geneva and Singapore both built their early commercial prosperity on networks of merchants who trusted one another because they belonged to the same community. Read more Singapore · Origins转口港经济：中式帆船、港脚商人与商业网络：摘要
The entrepôt economy of nineteenth-century Singapore brought together Chinese junk traders, Bugis prahu fleets, Arab and Indian merchant houses and European and Indian country traders, each… Read more Singapore · Origins宗亲、公司与信用：华人商业的道德经济
The Geneva volume opens its account of the financial centre with Calvin, because the moral economy of the Reformed faith shaped the way Geneva thought about credit, interest, work and wealth. Read more Singapore · Origins儒家伦理与商业：重议一场争论
The debate about religion and capitalism in China began with Max Weber. Read more Singapore · Origins方言群、宗亲会与会馆（huiguan）
The Chinese population of Singapore was divided by dialect, by district of origin and to a considerable extent by occupation. Read more Singapore · Origins公司（kongsi）与秘密会社：殖民政府之外的治理
The word kongsi has several meanings that shed light on the history of Chinese organisation. Read more Singapore · Origins信用：以声誉为抵押
Chinese merchants used the word xinyong to describe the quality that made a person worthy of credit. Read more Singapore · Origins侨批局与侨批网络
Chinese migrants in Singapore sent a large part of their earnings to their families in China. The instrument was the qiaopi, a letter accompanied by a remittance of money. Read more Singapore · Origins海峡华人：沟通两个法律世界的桥梁
Not all Chinese in Singapore were recent migrants. Read more Singapore · Origins从个人信任到机构信任
The transition from personal to institutional trust took place gradually. Read more Singapore · Origins海峡的道德经济及与日内瓦的比较
The first chapter of this part argued that the ports of the Strait succeeded when they offered protection, predictability and moderate costs. Read more Singapore · Origins宗族、公司与信用：华人商业的道德经济：摘要
Singapore’s counterpart to the Calvinist ethic of Geneva was an institutional economy of trust built by Chinese migrants from families, dialect and district associations, temples, sworn brotherhoods… Read more Singapore · Colonial Economy直辖殖民地：1867年后的政府、法院与商法
On 1 April 1867 the Straits Settlements ceased to be a dependency of British India and became a Crown colony, governed from London through the Colonial Office. Read more Singapore · Colonial Economy1867年移交殖民地部管辖
By the 1850s the merchants of Singapore had accumulated a long list of complaints against the government in Calcutta. The most serious concerned currency. Read more Singapore · Colonial Economy立法议会与各项条例
The Crown colony was governed by a Governor appointed by the Crown, advised by an Executive Council composed entirely of official members. Read more Singapore · Colonial Economy法院、枢密院与法律职业
The transfer was followed by a reorganisation of the courts. The Judicial Duties Act of 1867 created the office of Chief Justice. Read more Singapore · Colonial Economy公司法、破产与货币
During the first half-century of the settlement, commerce in Singapore was conducted by individuals and partnerships. Read more Singapore · Colonial Economy无关税的财政收入：自由港的财政体制
The Crown colony inherited the fiscal model of the free port. It levied no customs duties on general trade and financed itself largely through excise revenue, above all from opium. Read more Singapore · Colonial Economy殖民地法典在当今金融犯罪实务中的应用
The Penal Code enacted by the colonial legislature in 1871 is still in force in Singapore today under the title Penal Code 1871, although it has been amended many times. Read more Singapore · Colonial Economy法律作为商业资产
For the merchants of Singapore, the legal infrastructure of the Crown colony was an asset. Read more Singapore · Colonial Economy直辖殖民地：1867年后的政府、法院与商法：摘要
The merchants of Singapore, frustrated by currency policy, convicts, weak policing and neglect from Calcutta, petitioned in 1857 for Crown rule and obtained it when the Straits Settlements became a… Read more Singapore · Colonial Economy代理行与汇兑银行
The merchants who built the entrepôt described in Part A needed two kinds of institution that the port did not at first possess. Read more Singapore · Colonial EconomyGuthrie、Boustead与欧洲代理行
Chapter IV of Part A described the agency house as the central institution of the European commercial community of early Singapore: a firm that sold goods on commission for principals elsewhere,… Read more Singapore · Colonial Economy渣打银行、汇丰银行与汇兑银行
Singapore had no bank during its first two decades. The first branch was opened in 1840 by the Union Bank of Calcutta. Read more Singapore · Colonial Economy贸易融资：汇票与跟单信用证
The basic instrument of trade finance in the nineteenth century was the bill of exchange. Read more Singapore · Colonial Economy保险、航运与服务经济
Modern insurance came to Southeast Asia with the merchants. Read more Singapore · Colonial Economy欧洲商行及其华人中间人
The exchange banks faced a problem that their charters could not solve. Read more Singapore · Colonial Economy当今金融中心中的历史遗产
Several institutions of the colonial trade economy still operate in Singapore. Read more Singapore · Colonial Economy代理行与汇兑银行：与日内瓦的比较
Geneva and Singapore both owed their nineteenth-century financial development to the combination of partnerships and joint-stock banks. Read more Singapore · Colonial Economy代理行与汇兑银行：摘要
From the 1820s onwards, European agency houses such as Guthrie & Co., Boustead & Co. and Behn, Meyer & Co. organised the trade of Singapore as partnerships that sold goods on commission, bought… Read more Singapore · Colonial Economy华人银行：从最早的海峡华人银行到华侨银行
For most of the nineteenth century the Chinese merchants of Singapore had no bank of their own. Read more Singapore · Colonial Economy新加坡最早的华人银行
The European banks arrived in Singapore long before any Chinese bank was founded. A branch of the Union Bank of Calcutta opened in 1840. Read more Singapore · Colonial Economy福建帮、潮州帮与广府帮银行
The Chinese of Singapore were divided into speech groups, each with its own associations, temples, trades and leaders. Chapter V of Part A described this dialect map and the institutions built on it. Read more Singapore · Colonial Economy大萧条与1932年的合并
The Chinese banks operated within a monetary system that offered them no protection. Under the currency board, local money could exist only if fully backed by sterling reserves. Read more Singapore · Colonial Economy海外华人资本与中国纽带
The Chinese banks of Singapore looked north as well as south. Ho Hong opened its Hong Kong branch in 1923 and branches in Batavia and Shanghai by 1927, when it had nine branches in all. Read more Singapore · Colonial Economy作为社群机构的华人银行
The directors of the Chinese banks were also the leaders of the community. Read more Singapore · Colonial Economy华人银行：从最早的海峡华人银行到华侨银行：实际影响
The history of the Chinese banks may seem distant from the regulated banking of today. Read more Singapore · Colonial Economy华人银行：从最早的海峡华人银行到华侨银行：与日内瓦的比较
The crisis of 1931 struck Geneva and Singapore at the same time and through the same channel, the collapse of the international gold standard. Read more Singapore · Colonial Economy华人银行：从最早的海峡华人银行到华侨银行：摘要
The Chinese merchants of Singapore founded their first deposit banks in the early twentieth century, starting with the Cantonese Kwong Yik Bank in 1903, whose collapse in 1913 through insider… Read more Singapore · Colonial Economy锡、橡胶与海峡元
Singapore has never mined a ton of tin or tapped a commercial rubber estate of any size on its own soil. Read more Singapore · Colonial Economy锡矿繁荣与马来亚腹地
Tin had been worked in the Malay Peninsula for centuries, but the modern industry began with a discovery in the district of Larut, in northern Perak. Read more Singapore · Colonial Economy橡胶：从植物学试验到全球大宗商品
Tin had been known in the peninsula for centuries, whereas rubber was a botanical import. Read more Singapore · Colonial Economy价格周期、投机与大宗商品危机
An economy built on two commodities lived with their price cycles. The tin industry experienced its first serious slump in the mid-1870s, just as the Residential system was being established. Read more Singapore · Colonial Economy海峡元与货币发行局制度
The tin and rubber trades were conducted in silver dollars. Read more Singapore · Colonial Economy大宗商品：通往贸易枢纽的第一环
The tin and rubber economies taught Singapore the functions that a commodity hub performs. Read more Singapore · Colonial Economy锡、橡胶与海峡元：与日内瓦和香港的比较
Geneva and Singapore reached monetary stability by different routes. Switzerland introduced the Swiss franc by the federal coinage law of 1850 and joined the Latin Monetary Union in 1865. Read more Singapore · Colonial Economy锡、橡胶与海峡元：摘要
The discovery of tin in Larut in 1848 drew Chinese miners and Straits capital into the western Malay states, whose disorders led to the Pangkor Treaty of 1874, the Residential system and in 1896 the… Read more Singapore · Colonial Economy苏伊士、蒸汽与电报：第一次全球化中的新加坡
In November 1869 a new waterway opened between the Mediterranean and the Red Sea. Read more Singapore · Colonial Economy苏伊士运河与新航线
The Suez Canal was built under French direction and opened in November 1869, after ceremonies that began at Port Said on 15 November. Read more Singapore · Colonial Economy加煤站与海军基地
Steamships needed coal, deep water and repair facilities, none of which the Singapore River could provide. Read more Singapore · Colonial Economy电报与市场的速度
The first attempt to connect Singapore by submarine cable failed. A line laid between Batavia and Singapore in 1859 worked for only a few days. Read more Singapore · Colonial Economy移民、劳工与汇款
Steamships carried people as well as goods. Read more Singapore · Colonial Economy两次大战之间与新加坡的防务
The First World War brought prosperity to Singapore through the demand for tin and rubber, while the fighting itself remained far from the colony. Read more Singapore · Colonial Economy实务影响：互联互通、咽喉要道与信心
The history of the first globalisation shows that Singapore’s principal asset has always been its connectivity. Read more Singapore · Colonial Economy苏伊士、蒸汽与电报：第一次全球化中的新加坡：与日内瓦的比较
Geneva and Singapore were transformed by the same technologies at almost the same time. Geneva was linked by rail to Lyon in March 1858 and to the Swiss network via Lausanne in June of that year. Read more Singapore · Colonial Economy苏伊士、蒸汽与电报：第一次全球化中的新加坡：摘要
The opening of the Suez Canal in 1869 and the spread of the compound steam engine made steam the dominant mode of shipping between Europe and Asia, so that steamers overtook sailing ships at… Read more Singapore · Independence昭南岛：占领、货币与信任的摧毁
On the evening of 15 February 1942 the British garrison of Singapore surrendered to the Imperial Japanese Army. Read more Singapore · Independence1942年2月新加坡的沦陷
The Japanese attack on Malaya began on 8 December 1941, when the 25th Army landed on the coast of the peninsula. Read more Singapore · Independence占领时期的经济及其货币
The occupation destroyed the banking system that Chapter B.II describes. Read more Singapore · Independence华人社群遭受的迫害与强制捐献
The occupation fell hardest on the Chinese community of Singapore and Malaya. Read more Singapore · Independence英国统治的恢复与货币问题
Emperor Hirohito announced Japan’s surrender on 15 August 1945. British forces landed in Penang on 3 September and in Singapore on 5 September 1945, where they were greeted by cheering crowds. Read more Singapore · Independence对一个建立在信任之上的金融中心的启示
The occupation demonstrated that money is a promise whose value depends on the credibility of the issuer. Read more Singapore · Independence比较：香港与日内瓦
Hong Kong, occupied by Japan from December 1941 to August 1945, offers the closest comparison. There too the local currency was largely replaced by Japanese military notes. Read more Singapore · Independence昭南岛：占领、货币与信任的摧毁：摘要
Singapore surrendered to Japan on 15 February 1942 and became Syonan-to, a military base whose banks of the Allied powers were closed and whose population was compelled to use unbacked military… Read more Singapore · Independence从自治到分家：1959年、1963年、1965年
Between 1946 and 1965 Singapore changed its constitutional status four times. Read more Singapore · Independence战后殖民地与非殖民化政治
The Straits Settlements, whose constitution as a Crown colony Chapter I of Part B described, did not survive the Second World War. Read more Singapore · Independence1959年的自治
The first election under the new constitution took place on 30 May 1959. It was the first general election held with universal suffrage and compulsory voting. Read more Singapore · Independence1963年与马来西亚合并
The decisive impulse came from Kuala Lumpur when, on 27 May 1961, the Malayan Prime Minister, Tunku Abdul Rahman, publicly proposed a closer association of Malaya, Singapore and the British Borneo… Read more Singapore · Independence1965年分家与独立
The PAP’s campaign for a “Malaysian Malaysia”, in which citizenship would carry equal rights regardless of race, set it against the communal settlement on which the Alliance government rested. Read more Singapore · Independence分家的经济后果
Separation ended the hope on which the industrial strategy of 1959 had rested. Singapore lost the prospect of a common market of about 12 million people, on which its planners had counted since 1959. Read more Singapore · Independence实务影响：1963–1965年的法律遗产
The legal technique of 1965 still shapes practice. Read more Singapore · Independence与日内瓦和迪拜的比较
Geneva’s history offers the closest parallel and the clearest contrast. Read more Singapore · Independence从自治到分家：1959、1963、1965：摘要
After the Straits Settlements were dissolved on 1 April 1946, Singapore moved through limited elections in 1948, the Rendel Constitution of 1955 and the State of Singapore Act 1958 to full internal… Read more Singapore · Independence经济发展局与生存战略
In October 1960 a team of experts sent by the United Nations began a survey of a small island whose government had been in office for little more than a year. Read more Singapore · Independence联合国考察团与经济发展局的成立
When the People’s Action Party formed the first fully elected government of self-governing Singapore on 5 June 1959, the city faced conditions that its leaders described as desperate. Read more Singapore · Independence以外国直接投资推动工业化
Separation from Malaysia on 9 August 1965, examined in Chapter II of this part, removed the premise of the early strategy. Read more Singapore · Independence英军撤离
On 18 July 1967 the British government announced that it would withdraw its forces from Singapore and Malaysia by the mid-1970s, because the British economy could no longer bear the cost of… Read more Singapore · Independence劳工、土地与国家的政策工具
The industrial relations that Winsemius feared had deep roots. In 1955 Singapore recorded 275 strikes involving 57,000 workers and a loss of 946,000 man-days. Read more Singapore · Independence国家作为市场的设计者
The institutional legacy of the 1960s is a dense network of statutory boards and government-linked companies. Most of the state and semi-state enterprises were founded between 1968 and 1972. Read more Singapore · Independence对投资者及其顾问的实际影响
For a company considering a significant investment in Singapore, the EDB remains the first point of contact. Its officers present the location, coordinate with other agencies and negotiate incentives. Read more Singapore · Independence经济发展局与生存战略：与日内瓦的比较
Geneva never had an Economic Development Board. Read more Singapore · Independence经济发展局与生存战略：摘要
The Economic Development Board, established on 1 August 1961 on the recommendation of a United Nations mission led by Albert Winsemius, was the instrument through which the government of… Read more Singapore · Independence1968年的亚洲美元市场
In October 1968 the Singapore branch of Bank of America began to accept deposits in United States dollars from non-residents and to lend them on to borrowers outside Singapore. Read more Singapore · Independence欧洲美元市场与亚洲时区
The Asian Dollar Market was the regional counterpart of a market that had developed in Europe during the previous decade. A Eurodollar is a dollar deposit held with a bank outside the United States. Read more Singapore · Independence亚洲货币单位
The practical arrangements were worked out during 1968. Read more Singapore · Independence离岸银行业务的税收优惠
The first and most important incentive concerned the tax on interest. Read more Singapore · Independence1970年代离岸银行业的发展
The growth of the market in its first decade was extraordinary. Read more Singapore · Independence亚洲美元市场：后续战略的范本
The Asian Dollar Market is more than an episode in banking history. It established a method that Singapore has applied repeatedly. Read more Singapore · Independence1968年的亚洲美元市场：实际影响
The Asian Dollar Market belongs to history, but its legacy shapes the work of practitioners today. Read more Singapore · Independence亚洲美元市场：与日内瓦、香港和伦敦的比较
Geneva and Singapore both became financial centres by serving wealth and money that originated elsewhere. Their methods differed. Read more Singapore · Independence1968年的亚洲美元市场：摘要
The Asian Dollar Market began in October 1968, when Bank of America opened the first Asian Currency Unit in Singapore to take dollar deposits from non-residents during the hours when London and New… Read more Singapore · Independence新加坡金融管理局的创立
On 1 January 1971 a new statutory body opened its doors in Singapore. Read more Singapore · Independence1971年以前的货币职能
Singapore entered independence with a monetary system inherited from the colonial period. Read more Singapore · Independence《1970年新加坡金融管理局法》
The legislation came before Parliament in 1970, in a session that also dealt with the reform of banking law. Read more Singapore · Independence货币发行局
The Board of Commissioners of Currency, Singapore operated under the Currency Act 1967. Read more Singapore · Independence以汇率为中心的货币政策
The Authority was born in turbulent times for the international monetary system. In August 1971, months after it opened, the United States suspended the convertibility of the dollar into gold. Read more Singapore · Independence监管理念：审慎与声誉
The supervisory approach of the young Authority was shaped by its lack of a track record. Read more Singapore · Independence新加坡金融管理局的创立：实际影响
For institutions and their advisers, the founding design of the Authority has lasting consequences. Read more Singapore · Independence新加坡金融管理局的创立：与日内瓦和香港的比较
Switzerland followed a sequence that reverses Singapore's. Read more Singapore · Independence新加坡金融管理局的创立：摘要
Before 1971 the functions of a central bank in Singapore were scattered across a currency board and several departments, an arrangement that Goh Keng Swee called “an untidy system of units” and that… Read more Singapore · Global Centre国家资本：中央公积金、淡马锡和GIC
Few financial centres are shaped as strongly by the savings of their own state as Singapore. Every working citizen and permanent resident pays a share of wages into the Central Provident Fund. Read more Singapore · Global Centre中央公积金
The Central Provident Fund grew out of a debate of the early 1950s about how to provide for workers in old age. Read more Singapore · Global Centre淡马锡控股
By the early 1970s the government owned stakes in a wide range of enterprises created during the industrialisation drive of the 1960s, which Chapter C.III describes. Read more Singapore · Global CentreGIC与储备管理
GIC owes its existence to the persistent surpluses of the 1970s. Read more Singapore · Global Centre治理、透明度与圣地亚哥原则
The protection of the reserves is written into the Constitution. Read more Singapore · Global Centre国家资本：金融中心的定锚
The most direct contribution of state capital to the financial centre has been through mandates to external managers. Read more Singapore · Global Centre对资产管理人、银行和顾问的实际影响
For practitioners, Singapore’s state capital is first a set of counterparties. Asset managers seek mandates from GIC and Temasek. Read more Singapore · Global Centre新加坡与日内瓦：国家资本与私人财富
The contrast with Switzerland could hardly be sharper. Switzerland has no sovereign wealth fund in the sense of GIC or Temasek. Read more Singapore · Global Centre国家资本：中央公积金、淡马锡与GIC：摘要
The Central Provident Fund, launched on 1 July 1955 as a compulsory savings scheme, became after 1968 the instrument through which Singapore financed home ownership, health care and retirement,… Read more Singapore · Global CentreSIMEX、巴林银行与市场纪律
On Sunday 26 February 1995 administrators were appointed to Barings, the oldest merchant bank in London, after a trader in its Singapore futures subsidiary had run up losses that exceeded the… Read more Singapore · Global Centre新加坡证券交易所
Trading in shares in Singapore began informally among brokers who dealt in the securities of rubber and tin companies, banks and trading houses, whose development Part B described. Read more Singapore · Global CentreSIMEX与金融期货
The futures market of Singapore grew out of a commodity exchange. The Gold Exchange of Singapore traded gold futures. Read more Singapore · Global Centre1995年巴林银行倒闭
Barings had been present in London merchant banking for more than 230 years. In the late 1980s it entered new businesses, above all securities trading through Baring Securities Limited. Read more Singapore · Global Centre监管应对与市场纪律
The collapse produced two official inquiries, one in each country. Read more Singapore · Global Centre合并为新加坡交易所
By the late 1990s both exchanges faced a changed environment. Electronic trading allowed orders to cross borders instantly, while new trading systems competed with the traditional exchanges. Read more Singapore · Global CentreSIMEX、巴林银行与市场纪律：摘要
Singapore’s stock exchange grew from a brokers’ association of 1930 into a market shared with Malaysia until 1973, while the Pan-Electric crisis of 1985, which closed the exchange for three days,… Read more Singapore · Global Centre1997年亚洲金融危机
Financial centres are tested in crises. Their institutions, their banks and their currencies reveal in a few months of turmoil the strengths and weaknesses that years of growth had hidden. Read more Singapore · Global Centre危机在区域内的起源
The economies of Southeast Asia had grown rapidly for a decade before 1997. Read more Singapore · Global Centre新加坡的风险敞口与韧性
Singapore was hurt less than its neighbours, as the Deputy Prime Minister and chairman of MAS, Lee Hsien Loong, explained in Tokyo in September 1998. Read more Singapore · Global Centre货币与财政应对
Singapore conducts monetary policy through the exchange rate, managing the Singapore dollar against a trade-weighted basket of currencies within a policy band. Read more Singapore · Global Centre对区域银行业和贸易的影响
The crisis exposed a weakness of the local banks that had little to do with their regional loans. Read more Singapore · Global Centre危机：战略的转折点
The most important consequence of the crisis for Singapore was strategic. Paradoxically, the review of financial sector policy had begun before the crisis reached Singapore. Read more Singapore · Global Centre1997年亚洲金融危机：实务影响
The crisis of 1997 remains relevant for those who use Singapore as a financial centre today. Read more Singapore · Global Centre与香港和日内瓦的比较
Hong Kong faced the same crisis with a different monetary regime. Its currency board, which links the Hong Kong dollar to the US dollar, left no room for depreciation. Read more Singapore · Global Centre1997年亚洲金融危机：摘要
The Asian financial crisis began with the floating of the Thai baht on 2 July 1997 and spread through Southeast Asia and Korea, causing output to collapse in the most affected economies in 1998. Read more Singapore · Global Centre1998年后的自由化：银行、市场与金融业开放
For three decades after independence, Singapore built its financial centre on a paradox. Offshore, in the Asian Dollar Market and on SIMEX, it was one of the most open markets in Asia. Read more Singapore · Global Centre金融业检讨小组
The review that transformed the financial sector began as a response to global trends and only later became a response to a regional crisis. Read more Singapore · Global Centre向外国银行开放银行业
Before 1999 the many foreign banks in Singapore had only limited access to the domestic market. At the end of March 1998 Singapore had 154 commercial banks. Read more Singapore · Global Centre本地银行的整合
The opening of the market was intended to change the local banks as much as to admit foreign ones. Read more Singapore · Global Centre资本市场改革与新加坡交易所
The stock exchange was the second target of the reforms. Read more Singapore · Global Centre从按规则监管到按风险监管
The supervisory approach that MAS abandoned in 1998 had served Singapore well in one respect. Read more Singapore · Global Centre实务影响：在新加坡进入银行业与持有银行
The reforms after 1998 created the licence structure that foreign banks still navigate. A foreign bank that wishes to serve retail customers must hold a full bank licence. Read more Singapore · Global Centre1998年后的自由化：银行、市场与金融业开放：与日内瓦和香港的比较
Switzerland opened its financial sector in the same decade, by a different route. The Swiss banks had long fixed their fees through agreements administered by the Swiss Bankers Association. Read more Singapore · Global Centre1998年后的自由化：银行、市场与金融业开放：摘要
The Financial Sector Review Group, chaired by Lee Hsien Loong from 1997, worked through private sector committees and changed the philosophy of MAS from detailed regulation to supervision,… Read more Singapore · Global Centre2000年代的财富管理战略
In 1971, six years after independence, Lee Kuan Yew declared that Singapore set out to be to Southeast Asia what Switzerland was to Europe, “a money and gold market”. Read more Singapore · Global Centre财富管理作为战略重点
The policy of the 2000s grew out of an earlier decision to develop fund management. Read more Singapore · Global Centre《银行法》下的银行保密制度
Banking secrecy in Singapore rests on statute. Read more Singapore · Global Centre信托法改革与《信托公司法》
Private banking in the common law world rarely serves individuals alone. Read more Singapore · Global Centre来自瑞士、欧洲和亚洲的私人银行
Swiss banks had been present in Singapore long before the wealth management strategy. The Union Bank of Switzerland (SBG) opened its first representation in Singapore in 1971. Read more Singapore · Global Centre2000年代的财富管理战略：实务影响
The wealth management strategy of the 2000s left a legal and institutional inheritance that shapes practice today. Read more Singapore · Global Centre新加坡与日内瓦：竞争与互补
The comparison between Singapore and Geneva begins with secrecy. Read more Singapore · Global Centre2000年代的财富管理战略：摘要
From 1998 the government of Singapore and MAS pursued a deliberate strategy to turn the city into a global centre for asset and wealth management, using public mandates to private managers, tax… Read more Singapore · Annexes附录一：大事年表
The chronology lists the principal dates in the history of Singapore as a place of trade and finance, from the first Chinese and Javanese records of Temasek in the fourteenth century to the autumn… Read more Singapore · Annexes起源：从淡马锡到自由港（约1330–1866年）
Origins: From Temasek to the Free Port (c. 1330–1866): a section of the book. Read more Singapore · Annexes殖民地与商业（1867–1942年）
Colony and Commerce (1867–1942): a section of the book. Read more Singapore · Annexes战争、独立与发展型国家（1942–1971年）
War, Independence and the Developmental State (1942–1971): a section of the book. Read more Singapore · Annexes建设全球金融中心（1971–2008年）
Building a Global Financial Centre (1971–2008): a section of the book. Read more Singapore · Annexes当代财富管理与私人银行（2009–2026年）
Contemporary Wealth Management and Private Banking (2009–2026): a section of the book. Read more Singapore · Annexes国际化的新加坡：法律、争议解决与外交（1952–2026年）
International Singapore: Law, Disputes and Diplomacy (1952–2026): a section of the book. Read more Singapore · Annexes大宗商品贸易枢纽（1892–2026年）
The Commodity Trading Hub (1892–2026): a section of the book. Read more Singapore · Annexes贸易融资、欺诈与风险（1978–2026年）
Trade Finance, Fraud and Risk (1978–2026): a section of the book. Read more Singapore · Annexes通往亚洲的门户（1967–2026年）
Gateway to Asia (1967–2026): a section of the book. Read more Singapore · Annexes作为基础设施的语言：英语与双语政策（1823–2026年）
Language as Infrastructure: English and Bilingualism (1823–2026): a section of the book. Read more Singapore · Annexes2035年的新加坡：科技、可持续发展与地缘政治（1990–2026）
Singapore 2035: Technology, Sustainability and Geopolitics (1990–2026): a section of the book. Read more