Singapore at a Glance
A Globally Competitive Economy
IMD's World Competitiveness Ranking 2022
Singapore ranked 3rd in IMD's World Competitiveness Ranking 2022, with top 10 positions in economic performance, business efficiency and government efficiency.
In terms of digitalisation and innovation parameters, Singapore
ranked 1st in IMD’s Smart City Index 2021, 2nd in
Asia in World Intellectual Property Organization’s Global Innovation Index 2022,
and 4th globally in IMD’s World Digital Competitiveness
Ranking 2022.
Singapore also ranked 3rd globally in Cushman and Wakefield’s
Global Data Center Market Comparison 2023 for its market size, fiber
connectivity, and cloud availability.
Overall, Singapore's rule of law, digital friendly environment, high quality infrastructure, excellent digital connectivity, and efforts in adopting technologies efficiently continue to be key strengths of Singapore's competitive economy.
International Connectivity
Over 90 Double Taxation Agreements (DTAs)
Singapore is located at the heart of Southeast Asia and provides excellent global connectivity to serve the fast-growing markets of the Asia-Pacific region and beyond.
Singapore has over 25 FTAs which provide access to the markets of the partner countries. We also have over 90 DTAs which are advantageous to financial institutions (FIs) using Singapore as its regional or global hub.
In addition, Singapore is building linkages, including Bilateral Investment Treaties and FinTech Cooperation Agreements, with emerging economies including in the Middle East, Africa and South America.
FIs in Singapore trade around-the-clock with Asia-Pacific centres, as well as European and American centres. This makes Singapore a hub for 24-hour trading in foreign exchange and securities.
Skilled Workforce
INSEAD's Global Talent Competitiveness Index 2022
Singapore offers a highly skilled labour force – ranking 2nd globally, and 1st in Asia-Pacific in INSEAD's Global Talent Competitiveness Index 2022. Singapore ranked 2nd globally for its ability to attract and grow talent.
MAS works with industry partners as well as universities to build a sustainable pipeline of professionals and leaders in the financial sector. As part of the Financial Services Industry Transformation Map 2025, MAS announced the S$400m Talent and Leaders in Finance Programme which includes initiatives to provide training support for finance professionals at different stages of their careers, develop specialist talent in areas such as sustainability and technology, and develop leaders through opportunities to acquire technical expertise and international exposure.
Financial institutions can get support for hiring and training, as well as support for workforce transformation, while finance professionals can tap on funding for skills and career development. View programmes and schemes.
Pro Business Environment
Economist Intelligence Unit (EIU)'s Business Environment Rankings 2022
Ranked 1st in EIU's Business Environment Rankings, Singapore has a conducive environment for business given its regulatory environment, stable and efficient infrastructure to support starting a business, access to financial intermediation and services, and enforcement of contracts.
Office Space
Office space in Singapore remains attractive relative to other financial centres.
Singapore's office space remains competitive and attractive relative to other international financial centres such as Hong Kong, London, and New York.
Singapore ranked 11th in the Jones Lang Lasalle's Global Premium Office Rent Tracker (Q3 2022) and it continues to be cost competitive vis-à-vis other Asian cities.
Singapore possesses strong capabilities across wealth and asset management, foreign exchange and derivatives, insurance and risk financing, fixed income, infrastructure finance, as well as FinTech and innovation.
Find out more about the opportunities and plans that we have to grow your business areas. You may also refer to the Financial Services Industry Transformation 2025.
Setting Up in Singapore
For financial services firms who wish to set up in Singapore and navigate Southeast Asia's business landscape, you may refer to the Professional Services Welcome Pack that the Ministry of Law and Enterprise Singapore have co-developed with industry partners. It contains a specially curated digital catalogue of professional services firms with track record in serving companies seeking to expand in the region.
EDB has also compiled critical information you may need to better understand Singapore’s talent landscape as well as tips on how you can build up your workforce. This includes the array of hiring passes and schemes available, and useful resources such as e-guides, digital services, and recruitment partners. To access these resources, you may visit EDB’s website .Regulations and Guidance
If you intend to conduct regulated activities, find out more about regulations and licensing requirements
Jobs and Skills
Overseas Singaporeans in Finance
Incentive and Grant Schemes
Tax Incentives
MAS offers tax incentives for financial institutions setting up or expanding in Singapore. Learn about the Financial Sector Incentive (FSI) scheme and Insurance Business Development (IBD) scheme.
Grants
MAS offers funding support to firms and individuals participating in the financial services sector through the Financial Sector Development Fund (FSDF).
Support for FinTech
Tap on grants for different stages of your FinTech startup - from proof of concept, hiring and early investing to overseas expansion and listing.
Support for Smaller Financial Institutions
Tap on grants to support different stages of your financial institution’s growth and development (for financial institutions with employment size of not more than 200 employees).
What's New
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The UK and Singapore Hold 11th UK-Singapore Financial Dialogue, Deepening Cooperation on Digital Finance, Capital Markets, and Sustainable Finance
The United Kingdom (UK) and Singapore held the 11th UK-Singapore Financial Dialogue in Singapore today. Reaffirming their strong and longstanding partnership, the discussions focused on advancing cooperation in digital finance and innovation, capital markets, sustainable finance, and regional and multilateral initiatives.
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“Some Observations on the AI Economy & Monetary Policy” - Remarks by Mr Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, Monetary Authority of Singapore, at the 2026 Beijing Financial Street Forum on 20 October 2026
At the 2026 Beijing Financial Street Forum, Mr Edward S. Robinson, Deputy Managing Director (Economic Policy) & Chief Economist, MAS, gave remarks on some observations on the AI economy and monetary policy.
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Information Paper on Complaints Management Practices
MAS conducted thematic inspections of the complaints management practices of selected banks and insurers. The inspections assessed how the institutions have implemented measures to achieve fair dealing outcomes in the handling of retail customer complaints. The information paper sets out MAS’ key observations from the inspections, including sound practices and areas where the institutions should strengthen their complaints management frameworks.
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MAS Announces Finalists for the 2026 Global FinTech Hackcelerator and FinTech Excellence Awards
MAS announced the 42 finalists for the 2026 Global FinTech Hackcelerator and the Singapore FinTech Festival (SFF) FinTech Excellence Awards. The winners will be revealed at the SFF FinTech Excellence Awards 2026 dinner on 19 November 2026.
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Appointment to the MAS Board of Directors
MAS today announced the appointment of Mr Loh Khum Yean to its Board of Directors from 1 November 2026 to 31 May 2029.