ROBUST, TRUSTED, DYNAMIC AND
PURPOSEFUL FINANCIAL CENTRE
- A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
- Financial Sector Growth Remains Resilient
- Strengthening Capital Markets and Increasing Product Diversity
- Enhancing the RMB Ecosystem
- Strengthening Infrastructure Financing
- Harnessing Technology and Innovation
- Box 2: Formation of the FinTech & Innovation Group
- Developing Globally Competitive Talent
- Box 3: Unlocking Long Term Financing for Infrastructure
- Box 4: Formation of the Financial Sector Tripartite Committee
A DYNAMIC AND PURPOSEFUL FINANCIAL CENTRE
FINANCIAL SECTOR GROWTH REMAINS RESILIENT
The Singapore financial sector remained resilient in 2015, growing 5.3% compared to GDP growth of 2% for the overall economy.
Some key highlights include:
Total assets in the banking sector held steady at S$2.3 trillion, while trade financing declined on the back of a slowdown in the Chinese economy and a moderation in trade flows.
Singapore's asset management industry posed 9% growth in 2015, with assets under management reaching S$2.6 trillion. Approximately 80% of these assets were sourced from investors outside of Singapore, while two-thirds were invested into the Asia Pacific, reflecting Singapore's role as a regional investment gateway.
Despite the challenging market conditions posed by excess capacity and low investment returns, total non-life gross written premiums grew by 10.4% y-o-y in 2015 to reach S$13.4 billion. This was driven by good growth in the offshore business, which grew by 13.8% and raised the share of offshore non-life insurance to 68% in 2015.