Alexander Ressos博士阐述新加坡如何成为全球领先的金融中心之一，以及这对今天的客户意味着什么：从1819年的自由港和殖民地时期的银行，到独立、金融管理局、财富管理与家族办公室、仲裁、大宗商品贸易、贸易融资、制裁以及对2035年的展望。全书连同脚注在本站逐节发布。
Alexander Ressos博士阐述新加坡如何成为全球领先的金融中心之一，以及这对今天的客户意味着什么：从1819年的自由港和殖民地时期的银行，到独立、金融管理局、财富管理与家族办公室、仲裁、大宗商品贸易、贸易融资、制裁以及对2035年的展望。全书连同脚注在本站逐节发布。
本书每一节都作为单独的文章连同脚注按全书顺序在此发布。各篇文章均可单独阅读。各部分页面汇集了该部分的各章。
Singapore as an International Financial Centre（新加坡：国际金融中心）— 前言
Few places show as clearly as Singapore that a financial centre can be built by design. Read more Singapore · Origins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 · Wealth Management监管架构：MAS、《银行法》、《证券与期货法》、《财务顾问法》与《金融服务与市场法》
A financial centre that manages wealth for clients from many countries sells, among other things, the quality of its supervision. Read more Singapore · Wealth Management新加坡金融管理局：综合监管机构
After Parliament had passed the Monetary Authority of Singapore Act in 1970, MAS was formed on 1 January 1971. Read more Singapore · Wealth Management《银行法》与私人银行业务
The Banking Act has a longer history than its date suggests. A banking bill was first introduced in Parliament in 1962, although questions surrounding a new currency delayed the legislation. Read more Singapore · Wealth Management《证券与期货法》与资本市场服务
Before 2002, Singapore’s capital markets were governed by several statutes, including the Securities Industry Act and the Futures Trading Act. Read more Singapore · Wealth Management《财务顾问法》
The Financial Advisers Act came into force together with the SFA on 1 October 2002. Read more Singapore · Wealth Management《2022年金融服务与市场法》
By the early 2020s, MAS’s powers were scattered across many statutes. Read more Singapore · Wealth Management个人问责与操守
On 10 September 2020 MAS issued Guidelines on Individual Accountability and Conduct. They set five outcomes that financial institutions are expected to achieve. Read more Singapore · Wealth Management监管架构：MAS、《银行法》、SFA、FAA与FSMA：实际影响
For a foreign group that wants to serve wealthy clients from Singapore, the architecture described in this chapter translates into a series of concrete decisions. The first concerns the vehicle. Read more Singapore · Wealth Management监管架构：MAS、《银行法》、SFA、FAA与FSMA：与日内瓦和香港的比较
The Swiss framework described in the Geneva volume rests on the Banking Act, the Financial Institutions Act, the Financial Services Act, the Collective Investment Schemes Act, the Financial Market… Read more Singapore · Wealth Management监管架构：MAS、《银行法》、SFA、FAA与FSMA：摘要
The Monetary Authority of Singapore, founded on 1 January 1971, gradually took over the supervision of insurance, securities and currency issue and now acts as both central bank and integrated… Read more Singapore · Wealth Management针对外国税务目的的银行保密的终结
For most of its modern history, Singapore offered foreign clients a banking confidentiality that foreign tax authorities could not penetrate. Read more Singapore · Wealth Management2009年OECD标准与新加坡的承诺
Banking confidentiality in Singapore rests on statute. Read more Singapore · Wealth ManagementFATCA与政府间协议
The decisive external impulse came from the United States. Read more Singapore · Wealth Management共同申报准则
FATCA served as the template for a multilateral system. In 2013 the G20 asked the OECD to develop a single global standard for automatic exchange. Read more Singapore · Wealth Management税务犯罪作为洗钱上游犯罪
Exchange of tax information concerns the relationship between states. The designation of tax crimes as predicate offences for money laundering concerns the conduct of the banks themselves. Read more Singapore · Wealth Management存量资产与客户的合规化
Every financial centre that abandoned tax secrecy faced the problem of its existing book of clients. Accounts opened under the old rules contained assets that clients had never declared at home. Read more Singapore · Wealth Management针对外国税务目的的银行保密终结：实务影响
The cumulative effect of these rules is that a Singapore financial institution must be able to show, for every client, that it understands the client’s tax residence and has no reason to suspect… Read more Singapore · Wealth Management针对外国税务目的的银行保密终结：与日内瓦的比较
Switzerland and Singapore crossed the same threshold within days of each other. Read more Singapore · Wealth Management针对外国税务目的的银行保密终结：摘要
Singapore’s statutory banking confidentiality under section 47 of the Banking Act lost its effect against foreign tax authorities between 2009 and 2018, although it continues to protect customers… Read more Singapore · Wealth Management家族办公室：第13O条、第13U条与单一家族办公室
At the end of 2020, about 400 single family offices in Singapore held a tax incentive granted by the Monetary Authority of Singapore. Read more Singapore · Wealth Management单一家族办公室的兴起
MAS describes a single family office as an entity that manages wealth for, or on behalf of, one family and is wholly owned or controlled by members of that family. Read more Singapore · Wealth Management税务优惠计划及其条件
Singapore’s tax incentives for funds form a family of four schemes under the Income Tax Act 1947. Read more Singapore · Wealth Management牌照豁免与监管期望
Fund management is a regulated activity under the Securities and Futures Act 2001, for which a capital markets services licence is normally required. Read more Singapore · Wealth Management实质、本地支出与投资要求
The headcount condition is the clearest expression of the demand for substance. Read more Singapore · Wealth Management2023年后的审查
On 15 August 2023 the police arrested ten foreign nationals in coordinated raids. The assets eventually seized, frozen or subject to prohibition of disposal orders amounted to about S$3 billion. Read more Singapore · Wealth Management对家族及其顾问的实务影响
The choice between section 13O, section 13OA and section 13U follows from the size of the assets and the existing structure. Read more Singapore · Wealth Management家族办公室：第13O条、第13U条与单一家族办公室——与日内瓦和香港的比较
The Geneva volume described a city where family offices grew out of the private banking tradition, without any special tax regime. Read more Singapore · Wealth Management家族办公室：第13O条、第13U条与单一家族办公室：摘要
Single family offices with Singapore tax incentives multiplied from about 400 at the end of 2020 to more than 2,000 at the end of 2024, drawn by stability, the common law, a deep private banking… Read more Singapore · Wealth Management信托、控股结构与可变资本公司
A financial centre that serves families and investors needs more than banks and asset managers. Read more Singapore · Wealth Management新加坡信托法
The trust reached Singapore with English law. Read more Singapore · Wealth Management持牌信托公司
The Trust Companies Act 2005 governs the licensing and regulation of trust companies in Singapore. Read more Singapore · Wealth Management私人信托公司
A private trust company (PTC) is a company formed to act as trustee for the trusts of one family. Read more Singapore · Wealth Management可变资本公司
By 2017 Singapore had become one of the leading centres for the management of funds in Asia, yet its asset managers domiciled many of their funds elsewhere. Read more Singapore · Wealth Management控股公司、税收协定与经济实质
The private company limited by shares remains the most common structuring vehicle in Singapore. Read more Singapore · Wealth Management信托、控股结构与可变资本公司：实务影响
The choice of vehicle follows from the purpose of the structure. Read more Singapore · Wealth Management与日内瓦、香港和泽西的比较
Geneva and Singapore both administer trusts for international families, although their legal positions differ fundamentally. Read more Singapore · Wealth Management信托、控股结构与可变资本公司：摘要
Singapore offers wealthy families and investors a complete set of structuring vehicles under its own law: the trust, the licensed and the private trust company, the Variable Capital Company and the… Read more Singapore · Wealth Management基金管理、外部资产管理人与发牌
A wealthy family that moves its assets to Singapore rarely deals with a single institution. Read more Singapore · Wealth Management基金管理公司的牌照制度
For most of the period after the Securities and Futures Act 2001 came into force, a large part of Singapore’s fund management industry operated without a licence. Read more Singapore · Wealth Management认可投资者与机构投资者
The distinction between retail and A/I managers rests on the classes of investors defined in section 4A of the Securities and Futures Act. Read more Singapore · Wealth Management外部资产管理人与托管银行
An external asset manager, often called an independent asset manager, manages the portfolios of private clients without holding their assets. Read more Singapore · Wealth Management合规职能与外部合规主任
MAS expects every manager to have compliance arrangements that match the nature, scale and complexity of its business. Read more Singapore · Wealth Management基金管理、外部资产管理人与牌照制度：实际影响
A client who entrusts assets to a Singapore manager should first establish its regulatory status. Read more Singapore · Wealth Management与瑞士投资组合管理人制度的比较
Switzerland brought its independent asset managers under prudential supervision only with the Financial Institutions Act of 15 June 2018, which entered into force on 1 January 2020 together with the… Read more Singapore · Wealth Management基金管理、外部资产管理人与牌照制度：摘要
Every company that carries on business in fund management in Singapore needs a capital markets services licence under the Securities and Futures Act, and since the repeal of the registered regime on… Read more Singapore · Wealth Management诚信冲击：一马发展公司与2023年洗钱案
A financial centre lives on the trust of people who will never inspect it. Read more Singapore · Wealth Management一马发展公司与新加坡银行
1Malaysia Development Berhad was created in 2009, the first year of Najib Razak as Prime Minister of Malaysia, as a state investment fund intended to promote the economic development of the country. Read more Singapore · Wealth Management新加坡金融管理局的监管行动
On 24 May 2016 MAS announced that it was withdrawing the status of BSI Bank Limited as a merchant bank in Singapore. Read more Singapore · Wealth Management2023年洗钱案
The case of 2023 had a long prehistory. Read more Singapore · Wealth Management客户准入与财富来源审查的教训
The common thread of both cases is that the warning signs were visible. Read more Singapore · Wealth Management作为监管目标的声誉
Singapore treats the reputation of its financial centre as a public asset, comparable to its currency or its port. Read more Singapore · Wealth Management诚信冲击：一马发展公司与2023年洗钱案：与日内瓦的比较
The 1MDB case links the two centres directly. Read more Singapore · Wealth Management诚信冲击：一马发展公司与2023年洗钱案：摘要
The diversion of more than 4.5 billion US dollars from the Malaysian fund 1MDB used private banks in Singapore, whose relationship managers moved large sums for Jho Low and his associates despite… Read more Singapore · Law and Disputes作为经济基础设施的法治
A financial centre sells promises. A bank accepts a deposit on the promise of repayment. Read more Singapore · Law and Disputes新加坡的司法机构与最高法院
Independence on 9 August 1965 did not interrupt the work of the courts. Read more Singapore · Law and Disputes反贪污政策与贪污调查局
Corruption was made illegal in the Straits Settlements in 1871, when the Penal Code described in Chapter B.I was enacted. Little concrete action followed. Read more Singapore · Law and Disputes作为竞争因素的法律确定性
Legal certainty is a broader idea than the absence of corruption. Read more Singapore · Law and Disputes国际排名及其局限
Singapore’s reputation for clean government is reflected in every international comparison of corruption. Read more Singapore · Law and Disputes强势国家中的法治
Legal theory distinguishes between a thin and a thick conception of the rule of law. Read more Singapore · Law and Disputes法治作为经济基础设施：与日内瓦、香港和迪拜的比较
Geneva’s legal infrastructure rests on a different foundation. Read more Singapore · Law and Disputes法治作为经济基础设施：摘要
Singapore’s courts are the independent republic’s continuation of the colonial Supreme Court, made national by the Supreme Court of Judicature Act 1969, freed from the Privy Council in 1994 and… Read more Singapore · Law and Disputes新加坡国际仲裁中心与国际仲裁
A financial centre lives on contracts. Read more Singapore · Law and Disputes《国际仲裁法》
Singapore's modern arbitration law was built in two steps. The first concerned the enforcement of foreign awards. Read more Singapore · Law and Disputes新加坡国际仲裁中心
The Singapore International Arbitration Centre was established on 1 July 1991 as a not-for-profit organisation. Its beginnings were modest. Read more Singapore · Law and DisputesSIAC仲裁规则与快速程序
SIAC's arbitration rules have been revised at regular intervals after public consultation. Read more Singapore · Law and Disputes新加坡作为仲裁地：法院与执行
The attraction of a seat depends largely on its courts. The Singapore courts have consistently described their role as one of support and limited supervision. Read more Singapore · Law and Disputes仲裁中的大宗商品与贸易纠纷
Trade disputes form the largest single category of SIAC's caseload. Read more Singapore · Law and Disputes对当事人和顾问的实际影响
For an Asian commercial transaction, Singapore offers a Model Law statute, experienced courts, an established institution and a large pool of arbitrators. Read more Singapore · Law and Disputes新加坡、日内瓦、香港与迪拜
Switzerland and Singapore reached similar positions by different paths. Read more Singapore · Law and DisputesSIAC与国际仲裁：摘要
Singapore built its position as a seat of international arbitration through its accession to the New York Convention in 1986 and the International Arbitration Act 1994, which gave the UNCITRAL Model… Read more Singapore · Law and Disputes新加坡国际商业法庭（SICC）、调解与《新加坡调解公约》
A financial centre needs more than banks, funds and family offices. Read more Singapore · Law and Disputes新加坡国际商业法庭
The idea of an international commercial court was first put forward by Chief Justice Sundaresh Menon at the Opening of the Legal Year in January 2013. Read more Singapore · Law and Disputes外国律师与国际法官
The defining feature of the SICC is its bench. The Chief Justice may designate High Court judges and International Judges to hear its cases. Read more Singapore · Law and Disputes新加坡国际调解中心
Mediation in Singapore did not begin with international business. Read more Singapore · Law and Disputes《新加坡调解公约》
The gap that Arb-Med-Arb filled by a procedural device needed a treaty to be closed directly. Read more Singapore · Law and Disputes判决的跨境执行
A judgment is worth only as much as the assets against which it can be enforced. The New York Convention allows arbitral awards to be enforced in 172 states. Read more Singapore · Law and DisputesSICC、调解与《新加坡调解公约》：对客户和顾问的实际影响
The SICC, the SIMC and the Singapore Convention widen the choice that parties face when they draft a dispute resolution clause. Read more Singapore · Law and Disputes与日内瓦、苏黎世、迪拜和香港的比较
Geneva and Singapore both present themselves as places of law, each with its own set of institutions. Read more Singapore · Law and DisputesSICC、调解与《新加坡调解公约》：摘要
The Singapore International Commercial Court, launched in January 2015 as a division of the High Court, combines Singapore judges with 26 International Judges from common law and civil law… Read more Singapore · Law and Disputes小国外交：东盟与战略平衡
A financial centre lives on the confidence of people who will never visit it. Read more Singapore · Law and Disputes东盟的成立
Singapore did not seek independence on its own. It entered the Federation of Malaysia in 1963 and left it two years later after political and communal tensions that Chapter C.II describes. Read more Singapore · Law and Disputes小国现实主义
Singapore's foreign policy rests on a sober view of its own position. Read more Singapore · Law and Disputes贸易协定与经济外交
Few economies depend on trade as heavily as Singapore. Its trade in goods and services was equivalent to about 320 per cent of gross domestic product in 2020. Read more Singapore · Law and Disputes中立及其局限
Outside observers sometimes describe Singapore as neutral, a term its own government avoids. Read more Singapore · Law and Disputes外交为金融中心服务
The first service that diplomacy renders to the financial centre is predictability. A client who places assets in Singapore makes a bet on the jurisdiction over a horizon of ten or twenty years. Read more Singapore · Law and Disputes小国外交：东盟与战略平衡：实际影响
For banks, asset managers and trust companies, Singapore's foreign policy creates both opportunities and obligations. Read more Singapore · Law and Disputes小国外交：东盟与战略平衡：与日内瓦和香港的比较
Switzerland and Singapore are both small states that have turned their foreign policy into an asset for their financial centres. Their methods differ. Read more Singapore · Law and Disputes小国外交：东盟与战略平衡：摘要
Singapore became independent in 1965 without security or a hinterland and placed its survival inside a regional framework when its foreign minister Rajaratnam signed the Bangkok Declaration that… Read more Singapore · Law and Disputes新加坡的国际与区域机构
A financial centre lives from more than banks, exchanges and courts. It also lives from the institutions that gather governments, central banks and experts around common problems. Read more Singapore · Law and DisputesAPEC与区域经济合作
Regional economic cooperation in the Asia-Pacific began with economists and businessmen. Read more Singapore · Law and Disputes区域金融监测与合作
The Asian financial crisis of 1997, which Chapter D.III examines, left East Asian governments with a sharp lesson. Read more Singapore · Law and Disputes中央银行合作与创新中心
The central banks of East Asia and the Pacific cooperate through the Executives' Meeting of East Asia-Pacific Central Banks, established in 1991. Read more Singapore · Law and Disputes标准制定机构与区域办事处
The global standard setters for finance sit in Europe. The Financial Stability Board, established in April 2009 as the successor of the Financial Stability Forum, is hosted by the BIS in Basel. Read more Singapore · Law and Disputes对金融中心的实际影响
The international institutions in Singapore are small employers compared with the financial sector itself. Their value lies in information and in contacts. Read more Singapore · Law and Disputes国际新加坡与国际日内瓦
The difference between the two cities begins with numbers. Read more Singapore · Law and Disputes新加坡的国际与区域机构：摘要
Singapore hosts a small number of international organisations whose subjects lie close to economics and finance, among them the APEC Secretariat, the ASEAN+3 Macroeconomic Research Office, the… Read more Singapore · Commodity Trading从转口港到贸易枢纽：全球贸易商计划
Singapore was founded as a place where goods changed hands. Two centuries later it is a place where commodities change owners, often without ever touching its shores. Read more Singapore · Commodity Trading转口港的遗产
The commercial identity of Singapore was defined at its foundation. Read more Singapore · Commodity Trading全球贸易商计划
The modern incentive framework began in 1989. Read more Singapore · Commodity Trading税收优惠与实质性要求
The Global Trader Programme is an administrative label. Its legal basis is section 43I of the Income Tax Act 1947, headed “Concessionary rate of tax for global trading company and qualifying company”. Read more Singapore · Commodity Trading新加坡企业发展局与贸易业
The agency that administers the programme has changed its name several times. Trade promotion was long the task of a statutory board that was later known as International Enterprise Singapore. Read more Singapore · Commodity Trading衡量大宗商品贸易的分量
The simplest indicator of the trading hub is the number of companies under the programme. Read more Singapore · Commodity Trading对贸易公司的实际影响
For a trading company considering Singapore, the programme is one element in a broader decision. Read more Singapore · Commodity Trading从转口港到贸易枢纽：全球贸易商计划——新加坡与日内瓦比较
The comparison with Geneva shows two different paths to the same result. Read more Singapore · Commodity Trading从转口港到贸易枢纽：全球贸易商计划：摘要
Singapore’s trading hub continues the commercial functions of the nineteenth-century entrepôt in a new form, with trading desks in the city managing cargoes that often sail directly between foreign… Read more Singapore · Commodity Trading石油：炼油、仓储与亚洲价格基准
Singapore has no oil of its own. Read more Singapore · Commodity Trading毛广岛与裕廊岛的炼油业
The oil business of Singapore began as a storage and distribution trade. In the early 1890s the London firm M. Read more Singapore · Commodity Trading仓储与调和
Storage is the second pillar of the oil hub. Read more Singapore · Commodity Trading价格评估与亚洲基准
Oil products in Asia are rarely sold at a fixed price. Most term contracts and many spot deals set the price by reference to published assessments, usually averaged over a pricing period. Read more Singapore · Commodity Trading纸货市场与衍生品
The physical market in Singapore is surrounded by a much larger paper market. Read more Singapore · Commodity Trading能源转型与炼油业
Refineries and crackers are among the largest emitters of greenhouse gases in Singapore. Read more Singapore · Commodity Trading石油：炼油、仓储与亚洲价格基准：实务影响
For lawyers and advisers, the oil hub creates a recognisable set of questions. Read more Singapore · Commodity Trading与日内瓦及其他石油中心的比较
The Geneva volume describes how independent oil traders established themselves in Switzerland from the 1960s and 1970s. Read more Singapore · Commodity Trading石油：炼油、仓储与亚洲价格基准：摘要
Singapore’s oil business began in the early 1890s with a kerosene depot on Pulau Bukom and turned into refining when Shell opened the first refinery there on 26 July 1961, followed by Mobil, Esso… Read more Singapore · Commodity Trading船用燃料供应：世界最大的加油港
Every ship that passes through the Strait of Malacca must sooner or later take on fuel. For more than a century and a half, a large share of the world’s merchant fleet has done so in Singapore. Read more Singapore · Commodity Trading作为加油港的新加坡
Bunkering in Singapore began with coal. Read more Singapore · Commodity Trading船用燃料供应商的牌照制度
Bunkering in the port is regulated by the Maritime and Port Authority of Singapore. Read more Singapore · Commodity Trading质量、数量与欺诈
For decades the most common complaint in Singapore bunkering was short delivery. Read more Singapore · Commodity Trading替代船用燃料
The first great change in marine fuels came from the regulation of sulphur. Read more Singapore · Commodity Trading船用燃料纠纷
The structure of the bunker market produces a characteristic type of dispute. Read more Singapore · Commodity Trading船用燃料：全球最大加油港：实务影响
Singapore’s bunkering regime gives buyers substantial protection, but it works only if buyers use it. Read more Singapore · Commodity Trading与日内瓦、鹿特丹和富查伊拉的比较
Geneva has no port, but it hosts many of the decision-makers of the bunker trade. Read more Singapore · Commodity Trading船用燃料：全球最大加油港：摘要
Singapore owes its position as the world’s largest bunkering port, with record sales of 56.77 million tonnes in 2025, to its location on the Strait of Malacca, to the refineries, storage terminals… Read more Singapore · Commodity TradingLNG、金属与农产品
Oil made Singapore a trading hub, as the preceding chapters have shown. Refineries, storage tanks and bunker barges gave the city a physical market around which traders, banks and brokers settled. Read more Singapore · Commodity Trading液化天然气贸易
Singapore has no gas fields of its own. From the 1990s it imported natural gas by pipeline from Malaysia and later from Indonesia, which allowed its power stations to switch from fuel oil to gas. Read more Singapore · Commodity Trading金属与矿产
Singapore produces no metal ores and refines almost none. Read more Singapore · Commodity Trading棕榈油、谷物与软商品
Singapore grows almost no food, yet it is the headquarters of some of the largest agricultural trading groups in the world. The connection began with palm oil. Read more Singapore · Commodity Trading农产品供应链中的可持续性要求
The sustainability of agricultural supply chains became a public issue in Singapore through the haze. Read more Singapore · Commodity Trading碳与环境类大宗商品交易
Carbon credits are the newest commodity traded from Singapore. Their market rests on law, since a credit has value only to the extent that a regulator or a buyer’s commitment recognises it. Read more Singapore · Commodity Trading液化天然气、金属与农产品：实务影响
The diversification of the hub creates opportunities and obligations for trading companies. Read more Singapore · Commodity Trading液化天然气、金属与农产品：与日内瓦的比较
Geneva’s trading centre grew from grains and softs to oil and then to metals, in a sequence driven by firms that chose the city for its banks, its neutrality and its international organisations. Read more Singapore · Commodity Trading液化天然气、金属与农产品：摘要
Singapore has diversified its trading hub beyond oil into liquefied natural gas, metals, agricultural commodities and carbon credits, in each case with the help of targeted state measures. Read more Singapore · Commodity Trading贸易公司：全球巨头与亚洲龙头
A commodity hub is made of firms. Tax incentives, storage tanks, banks and courts create the conditions for trade. Read more Singapore · Commodity Trading全球贸易公司的亚洲办事处
The global trading houses came to Singapore for the same reason that the agency houses of the nineteenth century had come, which Chapter IV of Part A and Chapter II of Part B described: the city… Read more Singapore · Commodity Trading亚洲农业龙头企业
The agricultural champions of Singapore have roots in the Chinese trading networks of Malaya, which Chapter V of Part A and Chapter IV of Part B described. Read more Singapore · Commodity Trading国有及国家贸易公司
The third group of firms in the Singapore hub belongs to states. National oil companies from China, the Gulf, India and Southeast Asia have established trading subsidiaries in Singapore. Read more Singapore · Commodity Trading公司治理与所有权结构
The large independent houses are owned by their managers and employees. Read more Singapore · Commodity Trading新加坡与日内瓦作为贸易枢纽的比较
Geneva and Singapore are two of the principal homes of commodity trading, together with London, Houston and Dubai. Read more Singapore · Commodity Trading贸易公司：全球巨头与亚洲龙头：摘要
Singapore’s commodity hub consists of some 400 firms, more than 60 per cent of them of Asian origin, ranging from the Asian offices of the global houses to Asian agricultural groups, state-linked… Read more Singapore · Trade Finance and Risk新加坡的贸易融资
A cargo of fuel oil loaded at a terminal on Jurong Island, a parcel of Indonesian thermal coal sold to a power plant in southern China, a shipment of palm oil bound for India: each of these… Read more Singapore · Trade Finance and Risk交易型贸易融资
The core idea of transactional trade finance is simple. Read more Singapore · Trade Finance and Risk借款基础与结构化大宗商品融资
The large and medium-sized trading houses rarely finance their business transaction by transaction. Read more Singapore · Trade Finance and Risk本地银行与外资银行的角色
The three Singapore banking groups, DBS, OCBC and UOB, have deep roots in trade finance. OCBC descends from the Chinese banks of the early twentieth century, whose history Chapter B.III traces. Read more Singapore · Trade Finance and Risk贸易单据的数字化
International trade still runs largely on paper. A single shipment may require dozens of documents, many of them originals that must be couriered between continents. Read more Singapore · Trade Finance and Risk2020年后贷款人的撤退
The year 2020 was the worst in the modern history of Singapore’s trade finance market. Read more Singapore · Trade Finance and Risk新加坡贸易融资：实务影响
A trader seeking finance in Singapore today must expect scrutiny of its governance and controls that goes far beyond the review of a decade ago. Read more Singapore · Trade Finance and Risk新加坡贸易融资：与日内瓦的比较
Geneva and Singapore are the two leading centres of commodity trade finance outside London, with overlapping banks, instruments and case law. Read more Singapore · Trade Finance and Risk新加坡贸易融资：摘要
Trade finance in Singapore rests on self-liquidating credit secured on identified goods, delivered through documentary credits, collections, trust receipts, guarantees and receivables finance, and… Read more Singapore · Trade Finance and Risk2020年的倒闭事件：兴隆贸易、Agritrade与ZenRock
In the first half of 2020 three Singapore commodity traders collapsed within a few months of one another. Agritrade International, a palm oil and coal house, failed in February. Read more Singapore · Trade Finance and Risk兴隆贸易（Hin Leong Trading）
Hin Leong Trading was founded in 1963 by Lim Oon Kuin, a migrant from Fujian who began his business by delivering diesel to fishing boats and grew it into one of the largest independent oil traders… Read more Singapore · Trade Finance and RiskAgritrade International
Agritrade International began in 1979 as a family-run palm oil trading firm and later expanded into coal. Read more Singapore · Trade Finance and RiskZenRock Commodities Trading
ZenRock was founded in Singapore in 2014 by a group of experienced oil traders, among them Xie Chun and Tony Lin. Read more Singapore · Trade Finance and Risk破产、刑事诉讼与银行损失
In all three cases the courts used judicial management, the Singapore procedure in which an independent insolvency practitioner takes over the management of a company to preserve its business or… Read more Singapore · Trade Finance and Risk对内控与尽职调查的启示
The authorities responded through the banking industry and avoided new legislation. Read more Singapore · Trade Finance and Risk2020年的倒闭潮：兴隆贸易、Agritrade与ZenRock：与日内瓦的比较
The fraud cases of 2020 occurred in Singapore and Dubai, but their costs fell on banks in several financial centres, among them Geneva. Read more Singapore · Trade Finance and Risk2020年的倒闭潮：兴隆贸易、Agritrade与ZenRock：摘要
In the first half of 2020 Agritrade International, Hin Leong Trading and ZenRock Commodities Trading collapsed amid allegations that they had obtained bank finance with falsified accounts, forged or… Read more Singapore · Trade Finance and Risk反洗钱：CDSA、MAS通告与FATF评估
A financial centre that accepts money from the whole world must be able to explain where that money came from. Singapore has built its answer in layers over more than three decades. Read more Singapore · Trade Finance and Risk《贪污、贩毒及其他严重罪行（没收利益）法》
The CDSA bears the year 1992 in its short title. Read more Singapore · Trade Finance and RiskMAS关于客户尽职调查的通告
The CDSA tells everyone what not to do. The preventive obligations of financial institutions are found in a separate body of rules issued by MAS for each sector. Read more Singapore · Trade Finance and Risk可疑交易报告
The duty to report suspicions is a general obligation of the criminal law, laid down in section 45 of the CDSA. Read more Singapore · Trade Finance and RiskFATF相互评估
Singapore joined the FATF in 1992, three years after its foundation. Read more Singapore · Trade Finance and Risk2023年之后的改革
The arrests of 15 August 2023 and the seizure of assets worth more than three billion dollars, examined in Chapter E.VI, came shortly before the on-site visit of the FATF. Read more Singapore · Trade Finance and Risk反洗钱：CDSA、MAS通告与FATF评估：实务影响
For banks and other institutions, the reforms since 2023 mean that supervisors now examine the quality of implementation more closely than the existence of policies. Read more Singapore · Trade Finance and Risk反洗钱：CDSA、MAS通告与FATF评估：与日内瓦的比较
Geneva and Singapore apply the same FATF Recommendations, but they started from different points. Read more Singapore · Trade Finance and Risk反洗钱：CDSA、MAS通告与FATF评估：摘要
Singapore criminalises money laundering in the CDSA, a statute of 1992 that now covers serious crimes committed at home or abroad, including tax crimes since 2013 and foreign environmental crimes… Read more Singapore · Trade Finance and Risk制裁与出口管制：联合国措施、俄罗斯与次级制裁
A trading hub lives on the freedom of goods, ships and payments to move. Sanctions exist to stop some of them. Read more Singapore · Trade Finance and Risk新加坡法律中的联合国制裁
Singapore follows the dualist tradition of the common law. Read more Singapore · Trade Finance and Risk2022年以来新加坡对俄罗斯的措施
Russia invaded Ukraine on 24 February 2022. Read more Singapore · Trade Finance and Risk美国和欧洲的制裁及其影响范围
The official position is clear. Read more Singapore · Trade Finance and Risk船对船过驳、暗船队与海事风险
Singapore is the largest bunkering port in the world and one of the main centres for the storage and blending of oil, as Chapters G.II and G.III describe. Read more Singapore · Trade Finance and Risk战略物资管制
The control of military and dual-use goods is older than the measures against Russia. Read more Singapore · Trade Finance and Risk制裁与出口管制：联合国措施、俄罗斯与次级制裁：实务影响
For banks, the Singapore law of sanctions is relatively simple. The commercial pressure of foreign sanctions adds most of the complexity. Read more Singapore · Trade Finance and Risk制裁与出口管制：联合国措施、俄罗斯与次级制裁：与日内瓦、香港和迪拜的比较
The contrast with Geneva is clear. Read more Singapore · Trade Finance and Risk制裁与出口管制：联合国措施、俄罗斯与次级制裁：摘要
Singapore gives effect to the sanctions of the United Nations Security Council through the United Nations Act 2001, regulations of the Monetary Authority under the Financial Services and Markets Act… Read more Singapore · Trade Finance and Risk执法：企业责任、暂缓起诉协议与跨境合作
On 24 April 2026 the General Division of the High Court of Singapore declared that a deferred prosecution agreement between the Public Prosecutor and Seatrium Limited, the former Sembcorp Marine,… Read more Singapore · Trade Finance and Risk企业刑事责任
Singapore’s criminal law does not contain a general provision dedicated to the criminal liability of companies. It reaches companies through definitions. Read more Singapore · Trade Finance and Risk暂缓起诉协议
Singapore’s first major resolution with a company for foreign bribery came before the deferred prosecution regime was available. Read more Singapore · Trade Finance and Risk刑事司法协助与引渡
The Mutual Assistance in Criminal Matters Act 2000 (MACMA) is the principal statute for cooperation with foreign prosecutors. Read more Singapore · Trade Finance and Risk资产追回与没收
The CDSA allows the court, on the application of the Public Prosecutor, to make confiscation orders against persons convicted of drug dealing or serious offences. Read more Singapore · Trade Finance and Risk多个司法管辖区的并行程序
The Keppel case of 2017 is Singapore’s leading example of a coordinated resolution with several states. Read more Singapore · Trade Finance and Risk执法：企业责任、暂缓起诉协议与跨境合作：实务影响
For a company based in Singapore, the main lesson of the Keppel and Seatrium cases is that self-reporting and cooperation determine the outcome. Both companies received a non-trial resolution. Read more Singapore · Trade Finance and Risk与日内瓦及其他金融中心的比较
Switzerland introduced corporate criminal liability on 1 October 2003 through what is now Article 102 of the Criminal Code. The Swiss rule is narrower and more specific than the Singapore approach. Read more Singapore · Trade Finance and Risk执法：企业责任、暂缓起诉协议与跨境合作：摘要
Singapore law treats companies as persons capable of committing almost any offence and attributes to them the conduct and knowledge of their directors, employees and agents under the common law… Read more Singapore · Gateway to Asia东南亚与区域总部
A multinational group that wants to sell, produce or invest in Southeast Asia faces a region of eleven states, several hundred million consumers and almost as many legal systems as languages. Read more Singapore · Gateway to Asia区域总部模式
A regional headquarters sits between the global head office of a group and its operating subsidiaries in individual countries. Read more Singapore · Gateway to Asia东盟经济一体化
ASEAN was founded on 8 August 1967 in Bangkok by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Read more Singapore · Gateway to Asia条约网络与投资保护
A regional headquarters often holds the shares of the operating companies in the region. Dividends, interest, royalties and service fees then flow from those companies to Singapore. Read more Singapore · Gateway to Asia进入区域市场
The single market of ASEAN remains, for most practical purposes, a collection of national markets with their own company laws, foreign investment rules, tax systems, labour laws and languages. Read more Singapore · Gateway to Asia区域风险及其管理
Southeast Asia has experienced coups, contested elections, mass protests and abrupt changes of policy within the lifetime of most investments. The most dramatic recent example is Myanmar. Read more Singapore · Gateway to Asia东南亚与区域总部：实务影响
A group that establishes a regional headquarters in Singapore should treat the decision as a combination of operational, legal and tax choices. Read more Singapore · Gateway to Asia东南亚与区域总部：与日内瓦和香港的比较
The Geneva volume describes the city's relationship with Africa as one built on trade, banking, diplomacy and the French language. Read more Singapore · Gateway to Asia东南亚与区域总部：摘要
Singapore has become the leading location for regional headquarters in Asia, with about 4,200 regional offices according to an EY study of 2019, because it combines connectivity, talent, legal… Read more Singapore · Gateway to Asia中国：资本、家族财富与“一带一路”
China is Singapore's largest trading partner and the state with which its relationship is most layered. Read more Singapore · Gateway to Asia历史渊源与外交关系
The Chinese presence in Singapore is older than the modern state. Read more Singapore · Gateway to Asia贸易、投资与政府间合作项目
The growth of trade since 1990 has been rapid. Bilateral trade rose from US$8.154 billion in 1998 to US$10.821 billion in 2000. By 2009 it had reached S$75.1 billion. Read more Singapore · Gateway to Asia在新加坡的中国企业
The first Chinese enterprises in modern Singapore were banks and state trading companies. Read more Singapore · Gateway to Asia中国家族财富与家族办公室
The movement of Chinese wealth to Singapore has several causes. Read more Singapore · Gateway to Asia“一带一路”与基础设施融资
President Xi Jinping presented the Silk Road Economic Belt at Nazarbayev University in Astana on 7 September 2013. Read more Singapore · Gateway to Asia涉华业务中的合规挑战
The first compliance question in any China-related relationship concerns the origin of the funds. Read more Singapore · Gateway to Asia中国：资本、家族财富与“一带一路”：与日内瓦和香港的比较
Switzerland was among the first Western states to recognise the People's Republic, on 17 January 1950. Read more Singapore · Gateway to Asia中国：资本、家族财富与“一带一路”：摘要
Singapore's relationship with China grew from the ties of a diaspora with its homeland into a relationship between states, beginning with Deng Xiaoping's visit in November 1978 and formalised by… Read more Singapore · Gateway to Asia印度：投资走廊与GIFT City
Measured by the official statistics of New Delhi, no country has sent more direct investment to India in the past quarter-century than Singapore. Read more Singapore · Gateway to Asia历史与社群纽带
The Indian presence in Singapore is as old as the British settlement. Read more Singapore · Gateway to Asia避免双重征税协定及其修订
Singapore and India concluded a first agreement for the avoidance of double taxation on 20 April 1981. Read more Singapore · Gateway to Asia投资印度的基金
Between April 2000 and March 2026 India recorded equity FDI inflows of 787.72 billion US dollars. Read more Singapore · Gateway to AsiaGIFT City：伙伴与竞争者
Gujarat International Finance Tec-City, known as GIFT City, is a planned financial district on the Sabarmati river near Gandhinagar. Read more Singapore · Gateway to Asia监管合作
The legal basis of tax cooperation is the exchange of information clause of 2011 described above, supplemented by the automatic exchange of financial account information under the Common Reporting… Read more Singapore · Gateway to Asia印度：投资走廊与GIFT City：实务影响
The Singapore route to India remains open to structures with substance. Read more Singapore · Gateway to Asia与日内瓦、毛里求斯和迪拜的比较
Switzerland’s relationship with India has been shaped by wealth management more than by direct investment. Read more Singapore · Gateway to Asia印度：投资走廊与GIFT City：摘要
Singapore’s ties with India date from the arrival of Indian soldiers, traders and convicts after 1819, the government of the Straits Settlements from Calcutta until 1867 and the credit networks of… Read more Singapore · Gateway to Asia印度尼西亚与马来西亚：近邻
Singapore has two neighbours with which it shares a strait, a history and a large part of its daily economic life. Read more Singapore · Gateway to Asia新加坡的印度尼西亚财富
The relationship between Singapore and Indonesia began in conflict. Read more Singapore · Gateway to Asia廖内群岛与跨境区域
The Riau Islands lie between 6 and 20 kilometres south of Singapore across the Singapore Strait. Read more Singapore · Gateway to Asia马来西亚与柔佛—新加坡经济特区
The relationship with Malaysia has a different starting point. Singapore was part of Malaysia from 1963 until its separation on 9 August 1965, which Chapter C.II examines. Read more Singapore · Gateway to Asia税务特赦与资产汇回
The most important event for Indonesian wealth in Singapore in the past decade was the tax amnesty that ran from July 2016 to 31 March 2017 under Law No. 11 of 2016 on tax amnesty. Read more Singapore · Gateway to Asia邻国：机遇与风险
Indonesia and Malaysia are home to some of the largest and fastest-growing middle classes in Asia. For Singapore, they are hinterland, market and source of clients at once. Read more Singapore · Gateway to Asia近邻与日内瓦的比较
Geneva lives in an even closer relationship with its neighbour. Read more Singapore · Gateway to Asia印度尼西亚与马来西亚：近邻：摘要
Singapore’s relationship with Indonesia and Malaysia combines geography, history and finance more closely than any other relationship of the financial centre. Read more Singapore · Gateway to Asia避风港：资本流入、财富移民及其政治
Every financial centre that succeeds attracts two kinds of arrivals: money looking for safety and people looking for a place to live with it. Read more Singapore · Gateway to Asia新加坡作为避风港
A safe haven, in the language of finance, is a place where capital is expected to keep its value and remain accessible in times of stress. Read more Singapore · Gateway to Asia财富移民与居留计划
Wealth can move without its owners, but the families who move their family office to Singapore usually want to live there as well. Read more Singapore · Gateway to Asia房地产、住房与舆论
Property is the point at which foreign wealth touches the daily life of Singaporeans most directly. Read more Singapore · Gateway to Asia资金流入与非法资金风险
The attributes that make Singapore attractive to honest wealth also make it attractive to criminals. Read more Singapore · Gateway to Asia在开放与诚信之间取得平衡
The government has expressed its approach to the inflow in a formula that recurs in official statements. Read more Singapore · Gateway to Asia避风港：资本流入、财富迁移及其政治：与日内瓦、香港和迪拜的比较
Geneva and Singapore share the role of safe haven, although their histories of it differ. Read more Singapore · Gateway to Asia避风港：资本流入、财富迁移及其政治：摘要
Singapore attracts wealth because it combines political stability, the rule of law, a strong currency, an AAA rating and a deep financial ecosystem, and by the end of 2025 assets under management… Read more Singapore · Language英语作为工作语言
A visitor who lands at Changi, takes a taxi to Raffles Place and spends a day in meetings with bankers, lawyers and regulators may never hear a word of any language other than English. Read more Singapore · Language英语的殖民遗产
When Raffles founded the British settlement in 1819, English was the language of a handful of officials and merchants. Read more Singapore · Language独立后对英语的选择
The legal framework of language in Singapore took shape in three steps. In 1955 the Legislative Assembly gave official status to English, Mandarin, Malay and Tamil. Read more Singapore · Language英语作为各社群之间的共同语言
The success of the policy is measured most clearly by the language that Singaporeans speak at home. Read more Singapore · Language金融与合同中的英语
In the financial sector the question of language hardly arises, because everything is in English. Read more Singapore · Language新加坡英语与国际英语
The English of Singapore is a variety of English with its own features. Read more Singapore · Language英语作为工作语言：对客户和顾问的实际影响
For a European client or adviser, the use of English in Singapore has several practical consequences. Read more Singapore · Language英语作为工作语言：与日内瓦、香港和迪拜的比较
Geneva and Singapore face the language question from opposite ends. Geneva is a French-speaking city in a mainly German-speaking country, working in an industry whose global language is English. Read more Singapore · Language英语作为工作语言：摘要
English came to Singapore as the language of the colonial administration, the courts and the European firms, and spread through mission and government schools, the Queen’s Scholarship and the… Read more Singapore · Language双语政策与作为商业资产的华语
On the evening of 7 September 1979 the Prime Minister, Lee Kuan Yew, opened a campaign at the Singapore Conference Hall with a sentence that set out a problem of language policy in the terms of a… Read more Singapore · Language教育中的双语政策
Before independence Singapore had four school systems, each teaching in a different medium. Read more Singapore · Language讲华语运动
The campaign followed directly from the Goh Report. Lee Kuan Yew’s diagnosis was practical. Read more Singapore · Language方言、华语与身份认同
The Chinese who came to Singapore in the nineteenth century spoke the languages of their districts in Fujian and Guangdong. By the middle of the twentieth century at least twelve dialects were in use. Read more Singapore · Language与中国商业往来中的华语
The economic value of Mandarin depended on China opening to the world. When Lee Kuan Yew first visited China in 1976, he conducted his official meetings in English. Read more Singapore · Language作为官方语言的马来语和淡米尔语
Article 153A of the Constitution of the Republic of Singapore names four official languages: Malay, Mandarin, Tamil and English. Read more Singapore · Language双语政策与作为商业资产的华语：实际影响
For banks, wealth managers, family offices and law firms, the bilingual policy produces a workforce in which almost everyone speaks English and many understand a second language. Read more Singapore · Language双语政策与作为商业资产的华语：与日内瓦和香港的比较
Geneva’s position is the mirror image of Singapore’s. French is the main language of 79 % of the canton’s residents. Read more Singapore · Language双语政策与作为商业资产的华语：摘要
Singapore made a second language compulsory in all schools in 1966 and, after the Goh Report of 1979, turned English into the first language of a single school system from 1987, with Mandarin, Malay… Read more Singapore · Language以英语运作的普通法：合同、法院与法律服务
A financial centre sells promises. Read more Singapore · Language普通法传统
The legal foundations of British Singapore, traced in Part A, lie in the Second Charter of Justice of 27 November 1826. Read more Singapore · Language新加坡法律作为合同准据法
A governing law clause answers several questions at once. Read more Singapore · Language法律职业与外国律师事务所
Singapore lawyers belong to a fused profession. Read more Singapore · Language面向区域的法律服务
Legal services have become a sector that the government measures and promotes like any other service industry. Read more Singapore · Language新加坡法律与瑞士法律作为法律选择
Swiss law and Singapore law are among the laws most often chosen by parties who have no connection with either country. Read more Singapore · Language日内瓦、香港与迪拜比较
Geneva offers Swiss law, a codified civil law, in a city whose courts sit in French. Read more Singapore · Language英语普通法：合同、法院与法律服务：摘要
Singapore received English law through the Charter of 1826 and the Civil Law Ordinance of 1878, then gave its common law a fixed and sovereign basis through the Application of English Law Act 1993… Read more Singapore · Language人才：教育、移民与金融从业人员
A financial centre has no mines, fields or factories of its own. Read more Singapore · Language大学与金融教育
Higher education in Singapore began with medicine. Read more Singapore · Language就业准证与移民政策
Singapore has always been a city of immigrants, as Part A described for the nineteenth century. The modern policy of recruiting foreign professionals took shape in the 1990s. Read more Singapore · Language本地人才与外国人才
Singapore’s population in June 2026 was about 6.21 million, of whom 3.68 million were citizens, about 547,000 permanent residents and 1.98 million non-residents. Read more Singapore · Language专业资格与继续教育
The central institution of professional training in Singapore’s financial sector is the Institute of Banking and Finance (IBF). Read more Singapore · Language人才争夺战
Singapore’s efforts have earned international recognition. Read more Singapore · Language对企业和专业人士的实际影响
A financial institution that builds a team in Singapore must think about immigration from the outset. The qualifying salary, which rises with age, determines the minimum cost of each foreign hire. Read more Singapore · Language人才：教育、移民与金融业劳动力：与日内瓦的比较
Geneva and Singapore both depend on foreign professionals, but they obtain them through very different legal channels. Read more Singapore · Language人才：教育、移民与金融业劳动力：摘要
Singapore has built its financial workforce through three public research universities: the National University of Singapore with roots in 1905, Nanyang Technological University with roots in the… Read more Singapore · Singapore 2035加密资产：从《支付服务法》到Project Guardian
Few subjects have tested the reputation of the Monetary Authority of Singapore as severely as crypto-assets. Read more Singapore · Singapore 2035《2019年支付服务法》
Before 2020 the regulation of payments in Singapore was divided between two statutes. Read more Singapore · Singapore 20352022年的倒闭事件及其监管后果
The first shock came in May 2022. Read more Singapore · Singapore 2035FSMA下的数字代币服务提供商
The Financial Services and Markets Act 2022 is an omnibus statute that gives the Monetary Authority sector-wide powers over financial institutions. Read more Singapore · Singapore 2035稳定币
Stablecoins occupy a special position in the regulatory strategy. Read more Singapore · Singapore 2035Project Guardian与代币化
The Monetary Authority began to explore distributed ledger technology for wholesale finance in 2016, working with banks, international organisations and other central banks on digital currencies… Read more Singapore · Singapore 2035加密资产：从《支付服务法》到守护者项目：实务影响
A firm that wishes to offer services in crypto-assets from Singapore must first determine which statute applies. Read more Singapore · Singapore 2035与日内瓦和苏黎世的比较
Switzerland and Singapore both claim legal certainty for crypto-assets, which they achieved by different means. Read more Singapore · Singapore 2035加密资产：从《支付服务法》到守护者项目：摘要
Singapore brought cryptocurrency dealing and exchange under licence through the Payment Services Act 2019, in force since 28 January 2020, whose first purpose was to prevent money laundering and… Read more Singapore · Singapore 2035可持续金融与碳市场
Sustainable finance came late to Singapore. Read more Singapore · Singapore 2035绿色金融行动计划
Singapore’s turn to green finance was announced as policy before the market demanded it. Read more Singapore · Singapore 2035分类法与信息披露
A taxonomy is a classification system that states which economic activities count as sustainable. It is the dictionary on which green labels, grant eligibility and disclosure depend. Read more Singapore · Singapore 2035碳税与碳信用
Singapore introduced Southeast Asia’s first carbon tax on 1 January 2019. The legal basis is the Carbon Pricing Act 2018 and its regulations. Read more Singapore · Singapore 2035亚洲的转型金融
The transition question in Asia is above all a question of coal. Asia accounts for about half of global greenhouse gas emissions, roughly a third of which come from coal-fired power plants. Read more Singapore · Singapore 2035“漂绿”与法律责任
Greenwashing, the presentation of products or activities as more sustainable than they are, is the legal risk that accompanies the growth of the field. Read more Singapore · Singapore 2035可持续金融与碳市场：实务影响
For banks, insurers and asset managers in Singapore, sustainable finance has become a matter of risk management and conduct, and only in the second place a business opportunity. Read more Singapore · Singapore 2035新加坡与日内瓦：通往可持续金融的两条道路
Geneva and Singapore have both made sustainable finance a strategic field, from different starting points and with different instruments. Read more Singapore · Singapore 2035可持续金融与碳市场：摘要
Singapore turned sustainable finance into a strategic field of its financial centre through the Green Finance Action Plan of 2019 and the Finance for Net Zero Action Plan of 2023, using grants,… Read more Singapore · Singapore 2035竞争：香港、迪拜、伦敦、苏黎世和日内瓦
A financial centre is measured against the places that compete for its clients, its firms and its talent. Singapore has never been able to forget this. Read more Singapore · Singapore 2035香港
The rivalry between Singapore and Hong Kong is almost as old as the two British settlements. Read more Singapore · Singapore 2035迪拜与海湾地区
Dubai entered the competition late and from an unusual starting point. Read more Singapore · Singapore 2035伦敦
London is the centre on which Singapore was modelled, in law and in institutions. Read more Singapore · Singapore 2035苏黎世与日内瓦
For three decades Singapore has been called the Switzerland of Asia. Read more Singapore · Singapore 2035排名及其意义
The most widely cited ranking is the Global Financial Centres Index, first published in March 2007 by the London think tank Z/Yen and, since 2015, produced jointly with the China Development… Read more Singapore · Singapore 2035实际影响：在金融中心之间作出选择
A family, a firm or an asset manager choosing among Singapore, Hong Kong, Dubai, London and the Swiss centres will weigh criteria that rankings capture only partly. Read more Singapore · Singapore 2035竞争：香港、迪拜、伦敦、苏黎世和日内瓦：新加坡与日内瓦之比较
The Geneva volume describes the competition of centres from the viewpoint of a city that is losing relative market share while growing in absolute terms. Read more Singapore · Singapore 2035竞争：香港、迪拜、伦敦、苏黎世和日内瓦：摘要
Singapore ranked fourth among the world’s financial centres in the Global Financial Centres Index of September 2026, one point behind Hong Kong and ahead of Dubai, Zurich and Geneva, a position that… Read more Singapore · Singapore 2035人工智能与金融中心
Every generation of technology has reshaped the work of Singapore’s financial centre. The telegraph tied the agency houses of the nineteenth century to London and Calcutta. Read more Singapore · Singapore 2035银行业与资产管理中的人工智能
Banks used statistical models long before the term artificial intelligence became fashionable. Credit scoring, market risk models and fraud rules have been part of banking for decades. Read more Singapore · Singapore 2035负责任使用的原则
Singapore was among the first jurisdictions to issue principles specifically for the use of artificial intelligence in finance. Read more Singapore · Singapore 2035合规与监管中的人工智能
Compliance is one of the most promising and most delicate fields for artificial intelligence. Read more Singapore · Singapore 2035责任与问责
Who is liable when an artificial intelligence system makes a mistake? Singapore has so far answered this question without new legislation. Read more Singapore · Singapore 2035人工智能与金融工作的未来
The financial sector is one of Singapore’s largest employers of skilled labour. Read more Singapore · Singapore 2035人工智能与金融中心：实际影响
For financial institutions in Singapore, the Guidelines of October 2026 turn artificial intelligence governance into a project with deadlines. Read more Singapore · Singapore 2035与日内瓦、苏黎世和欧盟的比较
Switzerland and Singapore share a preference for principles and ordinary supervision over a dedicated statute. Read more Singapore · Singapore 2035人工智能与金融中心：摘要
Artificial intelligence entered Singapore’s financial institutions through machine-learning models in risk management, anti-money laundering, fraud detection and customer engagement, before… Read more Singapore · Singapore 2035地缘政治：在美国与中国之间
Singapore became a financial centre in a world that was, for most of its independent history, growing more open. Read more Singapore · Singapore 2035战略竞争与金融中心
The modern financial centre was built on assumptions that held for half a century. Read more Singapore · Singapore 2035技术管制与供应链
The most important instrument of the rivalry is technology control. Read more Singapore · Singapore 2035制裁风险
Sanctions reach Singapore at three levels. The first consists of measures adopted by the United Nations Security Council, which Singapore implements as a matter of international obligation. Read more Singapore · Singapore 2035新加坡作为中间人
Singapore has a long practice of offering itself as a meeting place. Read more Singapore · Singapore 2035碎片化的情景
Economists have tried to measure the cost of a divided world economy. Read more Singapore · Singapore 2035地缘政治：在美国与中国之间：实际影响
Banks and asset managers in Singapore should treat geopolitical risk as a permanent feature of their business. Read more Singapore · Singapore 2035地缘政治：在美国与中国之间：与日内瓦、香港和迪拜的比较
Switzerland faced the same choice in 2022 and resolved it more decisively. Read more Singapore · Singapore 2035地缘政治：夹在美国与中国之间：摘要
Singapore built its financial centre in an open world economy whose assumptions the rivalry between the United States and China now calls into question. Read more Singapore · Singapore 20352035年情景
This last chapter brings together the developments that the preceding chapters of Part K have described one by one: crypto-assets, sustainable finance, competition between centres, artificial… Read more Singapore · Singapore 2035方法
Scenario planning grew out of military strategy. Read more Singapore · Singapore 2035情景一：亚洲枢纽地位巩固
The first scenario extends the trends of the period since 2020. Asian wealth continues to grow faster than wealth in Europe and North America. Read more Singapore · Singapore 2035情景二：分裂与中立
The second scenario assumes that the rivalry between the United States and China, examined in Chapter V of this part, hardens into a division of the world economy. Tariffs rise and stay high. Read more Singapore · Singapore 2035情景三：数字颠覆
The third scenario assumes that technology changes the structure of financial intermediation faster than the base case suggests. Tokenised bonds, funds and deposits become common. Read more Singapore · Singapore 2035情景四：诚信危机
The fourth scenario takes the threats that Part E and Part H described and asks what would happen if one of them materialised on a larger scale. Read more Singapore · Singapore 20352035年情景：实际影响
Some decisions perform well in all four scenarios, which makes them the first priority for a prudent firm. Read more Singapore · Singapore 20352035年情景：与日内瓦的比较
The Geneva volume develops three scenarios for its city: a specialised and connected centre that accepts its rank and concentrates on functions where it remains unrivalled, an eroded centre that… Read more Singapore · Singapore 2035结论
Of the four scenarios, the consolidated Asian hub is the most probable in the author’s judgement. Read more Singapore · Singapore 20352035年情景：摘要
The method of scenarios, which Herman Kahn developed at RAND and Pierre Wack brought to Shell in 1971, has been used by the Singapore government since its experiments in the Ministry of Defence in… 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 Singapore · Annexes附录二：术语表（英语—华语—马来语）
This glossary collects the key terms of finance, trade and law used in this book and gives each one in English, in Chinese and in Malay. Read more Singapore · Annexes机构与当局
Institutions and authorities: a section of the book. Read more Singapore · Annexes殖民地商业与社群
Colonial commerce and community: a section of the book. Read more Singapore · Annexes银行与货币
Banking and money: a section of the book. Read more Singapore · Annexes资本市场、基金与保险
Capital markets, funds and insurance: a section of the book. Read more Singapore · Annexes财富、信托与家族办公室
Wealth, trusts and family offices: a section of the book. Read more Singapore · Annexes贸易、大宗商品与航运
Trade, commodities and shipping: a section of the book. Read more Singapore · Annexes贸易融资
Trade finance: a section of the book. Read more Singapore · Annexes法律、法院与争议解决
Law, courts and dispute resolution: a section of the book. Read more Singapore · Annexes金融犯罪、合规与制裁
Financial crime, compliance and sanctions: a section of the book. Read more Singapore · Annexes加密资产、可持续金融与科技
Crypto-assets, sustainable finance and technology: a section of the book. Read more Singapore · Annexes语言、人与区域
Language, people and the region: a section of the book. Read more Singapore · Annexes附录三：统计概览
This annex gathers the key figures used in the book in one place, grouped by subject. Read more Singapore · Annexes经济
The economy: a section of the book. Read more Singapore · Annexes人口与劳动力
Population and workforce: a section of the book. Read more Singapore · Annexes银行、储备与外汇市场
Banks, reserves and the foreign exchange market: a section of the book. Read more Singapore · Annexes资本市场
Capital markets: a section of the book. Read more Singapore · Annexes资产与财富管理
Asset and wealth management: a section of the book. Read more Singapore · Annexes家族办公室、信托与架构
Family offices, trusts and structures: a section of the book. Read more Singapore · Annexes大宗商品贸易、能源与港口
Commodity trading, energy and the port: a section of the book. Read more Singapore · Annexes贸易融资与金融诚信
Trade finance and financial integrity: a section of the book. Read more Singapore · Annexes法治与争议解决
Rule of law and dispute resolution: a section of the book. Read more Singapore · Annexes历史数据选录
Selected historical figures: a section of the book. Read more