Singapore: a strategic regional treasury location - Going beyond taxes
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Singapore: a strategic regional treasury location Going beyond taxes
Contents
Introduction 3
Singapore as a treasury center location 6
Primary factors in selecting Singapore as the regional corporate 6
treasury location
• Regional business headquarters in Singapore
• Depth and breadth of financial ecosystem
Secondary criteria in selecting Singapore as the centralized 9
corporate treasury location
• Legal and regulatory system
• Political stability
• Tax system and availability of incentives
• Diverse workforce and talent
• Livability
Other observations 13
How Singapore compares to other treasury locations 16
• Business competitiveness 16
• Financial market competitiveness 16
• Legal and regulatory systems 17
• Political stability 17
• Workforce talent 18
• Livability 18
Contact the team 19
Photo credit: Singapore Tourism Board
Introduction
Over the last few decades, Figure 1: Treasury function operating models
multinational corporates have been
centralizing their treasury functions Global model
across various legal entities and • Global payment factory Global Global
geographical jurisdictions. The aim • Global in-house bank or investments treasury level
of the centralization is to effectively center
meet the needs of the business
operations, optimize the working
Regional model Regional
capital, improve visibility on liquidity Regional
shared
• Netting, pooling, sweeping, structures liquidity
positions, reduce external borrowings, • Regional re-invoicing center solutions
services
centers
and hedge currency and interest • Regional payment factory Regional
rate risks. The centralization process • Active treasury and risk management level
• Regional funding
has gathered further momentum concentration or investments
Regional
Regional risk
treasury
following the global financial crisis, centers
managements
as the squeeze in the availability of
funds brought a renewed focus at
the C-suite level to maximize internal Active In-country Country
Finance level
sources of liquidity to sustain and fund Decentralized model treasury liquidity
solutions
management management
the business growth. In particular, • In-country accounts
there is a growing need for real- • Basic payments or
receivables
time visibility of cash and financial • In-country liquidity
exposures to improve funding and management Payables Cash flow Receivables Entity
structures outsourcing projections outsourcing level
hedging requirements, which leads
to the increased demand for an agile
treasury function that can react to Building blocks
changing business cycles.
Treasury structures have evolved
into a number of operating models
with a mix of regional and global
treasury centers and a shift towards
a centralized structure. The basic
building blocks and the broad
activities at different treasury levels
are summarized in figure 1.
Singapore: a strategic regional treasury location | 3
Figure 2: Preferred treasury center locations
London
Amsterdam
New York
Hong Kong
San Francisco
Singapore
•
US Europe Asia
8 %
These global and regional treasury centers are usually based in locations
where they can meet the needs of the business operation in a cost-efficient
and time-critical manner. The oft-quoted criteria for the choice of treasury
locations in various surveys include sophistication level of financial Finance and treasury
ecosystem, legal and regulatory system maturity, etc. center incentive tax rate
in Singapore
With the growing treasury demands and as global economies become
Source: Economic Development Board
increasingly influenced by the rise of the “Asian Century”, multinational
corporates have become more focused in expanding their global or regional
treasury footprint within Asia. While Hong Kong and Singapore have
8.25
emerged as the top two locations for setting up regional treasury centers
in Asia, it is observed that Singapore edges ahead slightly. In the past, the
Finance and Treasury Centre (FTC) tax incentive in Singapore had played
%
a key role in encouraging treasury centers to select the city-state as the
location. However, a similar incentive introduced by Hong Kong in 2015-16 Corporate treasury
has leveled the playing field somewhat. center incentive tax rate
in Hong Kong
That said, the assumption about tax incentives as a motivation for a Source: DBS Bank
centralized treasury location takes on far less importance, based on how
the US and Europe continue to be attractive global treasury locations even
though they may not all necessarily provide attractive tax incentives.
4 | Singapore: a strategic regional treasury locationApproach
To study the possible motivations that drive corporates to prefer and select
Singapore as a regional, and in some instances, global treasury center, EY
teams conducted a series of in-depth face-to-face interviews with treasurers
and strategic stakeholders from a number of regional and global treasuries
based out of Singapore. The interviews were centered around the criteria for
choosing the regional treasury location and their perception of Singapore,
based on these criteria.
The study sought to gain the views of corporate treasuries with diverse profiles
across multiple parameters, which include the industry it is in; participation in
the FTC tax incentive scheme; duration of the treasury operations in Singapore;
and global corporate turnover.
•
About the interviewees (based out of Singapore)
Sectors
Commodities Consumer goods Technology Shipping
50 73 45
More than
% % %
of the corporate of the treasuries of them have a
treasuries are have been operating global turnover of
FTC incentive in Singapore for more than US$20b
recipients 5 years or less
Singapore: a strategic regional treasury location | 5Singapore as a treasury
center location
Primary factors in selecting Singapore as the
Treasury activities regional corporate treasury location
The interviewees shared that the
key activities undertaken at the While the presence of the FTC tax incentive is an attractive factor in
treasury centers include: Singapore, most of the interviewees emphasized that the location of
• Working capital financing and the regional business headquarters and a well-developed financial
short term external borrowing ecosystem were more important criteria in influencing the decision on
location selections.
• Investments
• Liquidity and cash management The interviewees pointed out that schemes similar to the FTC incentives
• Foreign exchange flows are available in other locations in Asia, including Hong Kong, Malaysia and
Thailand (although the latter two have since been repealed or are in the
• Hedging and risk management
process of repealing the incentives), but the absence of proximity to the
• Intercompany lending
regional headquarters and a well-developed financial ecosystem took those
and borrowing locations out of consideration as the preferred site for regional or global
• Setting of treasury policies treasury centers.
While the Singapore-based
interviewees, including those Regional business headquarters in Singapore
participating in the FTC scheme,
Being in the same location as the regional business headquarters was one
have centralized many of the above
of the most critical deciding factors cited by the interviewees. Proximity
activities on a regional or global
to the regional headquarters where the regional management resides
basis, most still maintain their
allows for better engagement with the leaders as the corporate treasuries
London and US treasury locations
plan the funding and investment requirements over a long-term horizon,
for debt issuance and certain
balance the intercompany lending and borrowing across different entities
foreign exchange activities. The
reason was that London and US
provided better depth in capital
Singapore
132 26 758
markets, allowing for better pricing
on exotic currencies and financial
instruments and better investor
appetite for debt instruments
compared to Singapore. Capital markets
Commercial banks Merchant banks
services license holders
6 | Singapore: a strategic regional treasury locationand markets and manage the central
and in-country banking relationships
in the most efficient manner. In
Most of the interviewees stated that
regional business headquarters were
established much earlier and the
“
Being in the same
location as the regional
addition, synergies of being closer treasury operations naturally followed business management
with the regional headquarters is a them a few years later.
major pull factor for the treasuries. allows me to understand
It allows for a shorter response time
Depth and breadth of long-term strategic
on critical funding decisions and
makes sense for the day-to-day and financial ecosystem investments and
fundamental treasury activities such The other important factor is access short-term tactical
as liquidity and cash management, to a well-developed, well-regulated working capital needs
as well as facilitates inter-company and open financial ecosystem. It is
lending and borrowing. critical for the regional treasuries to
of business better.
have access to appropriate advisory Treasurer in a multinational firm in
With 4,200 regional headquarters
and solutions on funding, hedging the commodity industry
based in the city-state, Singapore
exposures and managing investments
is home to the largest number of
and cross-border flows.
“
regional headquarters in Asia-Pacific.
This is followed by Hong Kong with The Global Financial Centres Index
1,389 regional headquarters based 2018 ranked Singapore as the
in the market. Unsurprisingly, several
We have access to
fourth most competitive financial
corporate treasuries mentioned that center globally, which positions the all the key financial
Hong Kong is a preferred regional
business headquarter for companies
city-state as a strong contender players in Singapore
as a regional treasury location.
that have a heavy focus on China, Additionally, Singapore is ranked the to advise and serve our
while Singapore is preferred by largest foreign exchange (FX) center banking and financial
those that look to serve the wider in Asia-Pacific, the third-largest
Asia-Pacific region. market for over-the-counter (OTC)
needs in the region.
FX transactions globally, and the Treasurer in a multinational company
second-largest OTC interest rate in the FMCG industry
Regional headquarters
4200 1389 531 470
Singapore Hong Kong Tokyo Shanghai
Cushman & Wakefield
Singapore: a strategic regional treasury location | 7derivatives center in Asia-Pacific
by trading volume in the 2016
Triennial Survey by Bank for
seeking to raise international capital.
The Asian Bond Grant Scheme
launched by the MAS in 2017 has
“We find it difficult to
access short-term debt
International Settlements. successfully paved the way for new capital markets in
Asian issuers, supporting Asia’s
Further, there are 132 commercial funding needs.
Singapore as not many
banks, 26 merchant banks and 758 investors know who
capital markets services license Initiatives and incentives to drive
holders in Singapore. These global FinTech adoption in Singapore we are.
financial sector players have well- have spurred the establishment Treasurer in a US-based multinational
established and experienced regional of innovation labs by financial company in the electronics industry
cash management and treasury institutions from the banking,
teams in Singapore to advise insurance, capital markets and
“
and serve corporate treasuries payments sectors. For example, the
in the region. The abundance of optimization of payment processing
financial and professional services is one of the initiatives explored
organizations in Singapore also by the innovation labs to address
Singapore is more
provide the treasuries ample support the payment challenges faced by regional than Hong Kong.
in financial advice and consultancy corporate treasuries.
Treasurer in a multinational firm in the
solutions. The interviewees also shipping industry
shared how the integration and Having said this, although
interaction with the wider finance Singapore is seen to have a well-
“
ecosystem is important and valuable, developed financial ecosystem,
as it promotes the conduct of more some interviewees, primarily those
sophisticated treasury activities from European, US and Japanese
companies, believe that its capital We prefer to issue
in hedging, risk management and
foreign exchange transactions. market has scope for improvement. commercial papers in US
They prefer tapping on US and
In this regard, Singapore is well- London for debt financing due to the
due to better pricing and
positioned to serve Asia’s growing lack of awareness of their companies name recognition.
financing needs. The strong and businesses among investors
Treasurer in a multinational conglomerate
performance of Singapore’s debt in Singapore and the region, as
market in 2017 is a clear testament well as the relative lack of depth in
of Singapore’s ability, as an Singapore’s capital markets.
ecosystem, to support companies
Singapore
2nd
In the world for ease
3rd
Most competitive
3rd
Largest market for OTC
4th
Most competitive financial
of doing business1 economy in the world2 FX transactions globally sector in the world4
and largest in Asia-Pacific3
8 | Singapore: a strategic regional treasury locationOn the other hand, Asian-origin
corporates mentioned that they find it
easier to issue bonds out of Singapore
However, they also mentioned
that some of these factors are
already accounted for at the time
“I have confidence
that the published
as the investors in the region are of deciding the regional business regulations and rules of
more familiar with their business. The headquarters location. Hence, they
name recognition factor is evident usually do not dwell on all of these
the various authorities
from the fact that first time issuance in detail while selecting the regional in Singapore could
had increased three-fold in 2017 treasury location.
with the majority of issuers from
be adopted and
Southeast Asia, China, India, Korea implemented by my
and Australia, according to the MAS.
Legal and regulatory
system company and where
it is unclear, proper
Secondary criteria in The interviewees stressed that as they
manage the cross-border treasury clarification channels
selecting Singapore activities of multiple group legal
are easily available.
entities and external service providers
as the centralized across multiple jurisdictions, they Treasurer in a multinational company
corporate treasury need to be in a location with a strong in the FMCG services industry
legal system to manage business
location contracts and relationships.
In addition to the two primary factors, The interviewees see Singapore as
the interviewees shared that there one of the best locations in Asia and
are other key criteria that play an globally for having a transparent legal
important role in their treasury system and regulatory framework.
location decision. These include: The access to regulators and business-
friendly government approach were
• Legal
and regulatory system
also viewed positively. This is evident
• Political
stability in the speech by the Managing
• Tax systems and availability Director of Singapore’s central bank,
of incentives the Monetary Authority of Singapore
• Diverse
workforce and talent (MAS): “... But being a no-nonsense
regulator does not stand in the way
• Livability
Singapore
1st
Asian country for rule of
1st
Arbitration center in Asia
2nd
Globally for
2nd
Least complex country
law and ranked 13th globally5 and ranked 3rd globally6 regulatory quality7 for corporate compliance
in Asia-Pacific8
Singapore: a strategic regional treasury location | 9of being also business-friendly. For
financial institutions who want to
grow their business in Singapore,
Tax system and availability
of incentives
Singapore’s simple and efficient
“
We were in fact bought
over by the general
build up the skills of their employees, tax environment first
or want to innovate or experiment one-tier tax system is a key attractive
with new technologies, MAS is a factor for treasuries and other and the tax incentive
happy partner and collaborator.”9 businesses. Singapore adopts a was a ‘good-to-have’
modified territorial basis of taxation
The interviewees held similar views and levies taxes on income that is that came along with
on Hong Kong’s legal and regulatory sourced and received in the city- deciding on Singapore.
system. However, some share state. For corporates, the one-tier tax
apprehension about the uncertainties Treasurer in a multinational company
system also ensures that tax is levied
going forward. in the oil and gas industry
only once (at the company level), at a
relatively low headline tax rate of 17%.
Likewise, Hong Kong adopts a similar
Political stability
concept of territorial-based taxation.
The interviewees raised political
stability as an important All the interviewees attested to
consideration. They believed that the success of Singapore’s simple
political stability allows for greater tax environment as one of the key
consistency and predictability in long- reasons for Singapore’s choice as
term economic and fiscal policies. their preferred treasury location.
All of them were unanimous in their
While this may seem like a minor
views on Singapore’s political stability
aspect of the tax system, it had
over other jurisdictions in the region.
played a part to sway decisions
to use Singapore as a preferred
treasury center.
Singapore
1st
Globally for
3rd
Least corrupt
4th
Globally for
1st
In Asia for talent
6th
In the world
government country in political stability10 competitiveness and for innovation13
effectiveness10 the world11 ranked 13th globally12
10 | Singapore: a strategic regional treasury locationThe Singapore government has
committed to encourage business
and trading across borders. It
Diverse workforce
and talent
While interviewees shared that
“
Communicating (in
English) is much easier
has signed more than 20 Free in Singapore than a few
Trade Agreements and 80 Double the size of their regional treasury
Tax Agreements. Most of the operations teams are small i.e., of the other locations
interviewees with significant around five to eight people in the in Asia considered for
business and transactions in team, the need for relevant skilled
Asian countries highlighted the resources is critical. As Singapore is treasury center.
importance and quality of the base to a large number of corporate Treasurer in a multinational company
tax treaty networks in Singapore, treasuries, banking and capital market in the FMCG industry
where the treaty rates on interest players, and tax and legal firms, the
withholding tax helps to mitigate interviewees believed that they have
the impact of double taxation. a large talent pool to draw from,
Having said this, the interviewees compared to other locations in Asia.
“
with US roots expressed the
The steps taken by the government
limitations they face on Singapore-
to enhance the level of competency,
US transactions, where there is a
technological skills and innovation
The quality of housing,
lack of a comprehensive treaty.
through initiatives, such as the schooling and safety
Industry Transformation Maps,
In terms of tax incentives, the plays an important
interviewees are aware that annual budget plans, and reskilling
Singapore and Hong Kong have and upskilling manpower training role in attracting
competitive treasury incentives programs were also well-received. overseas talent.
with a comparable rate of tax.
As well, the use of English as the Treasurer in a multinational company
primary language by Singapore’s in the commodities industry
workforce provides a great advantage
in centralizing the regional or global
treasury activities. Language barriers
could be a challenge for some other
competing locations in Asia.
Singapore
1st
Asian city with the highest
1st In the world for best
1st
Most globally connected
11th
Most livable city
quality of living and destination for expatriates country in the world16 in Asia and ranked
ranked 25th globally14 for the fourth year running15 37th globally17
Singapore: a strategic regional treasury location | 11Livability In summary, the interviewees view Singapore more favorably due to the
presence of the location of their headquarters, better legal and regulatory
Given the global and regional
system, political stability, diverse workforce and better livability.
nature of the treasury activities,
the interviewees shared that they
Views on leading treasury locations in Asia
had to attract or relocate treasury
professionals from other countries.
Criteria Location favored by
The ease of relocation, lifestyle and
the interviewees
the ability for family to adjust easily
(Singapore versus Hong Kong)
were important factors to consider
when attracting global talent.
Proximity to regional Singapore
However, some interviewees who business headquarters
have been living in Singapore for over
a decade indicated that the cost of Financial ecosystem Similar
living has increased notably in the
last few years. While the Economist Legal and regulatory system Singapore
Intelligence Unit’s Worldwide Cost of
Living Survey has ranked Singapore Political stability Singapore
as the most expensive city globally for
the last few years, this is offset by the Tax regime and availability Similar
country’s high livability index. of incentives
Diverse workforce and talent Singapore
Livability Singapore
The EY report, Corporate
Treasury Centre: a survey on
global and regional operating
“
models and location selection
in Asia-Pacific, published in
2014 found that while Hong
Kong’s treasury talent are The tax system in Singapore allows us to file the
seen as being more productive tax computation in our functional currency instead
and adaptable, Singapore
has a deeper pool of trained
of having to convert all transactions to Singapore
and experienced treasury dollars for filing. For example, in Japan, filing has
professionals due to the higher
to be done in Japanese Yen.
number of global multinational
corporate treasury centers
located there. Treasurer in a multinational company in the oil and gas industry
12 | Singapore: a strategic regional treasury locationOther observations
Beyond the criteria and considerations Figure 318
that drive the treasury location
decisions, the interviewees shared
Collection • Central collection on behalf of
the challenges they face and what factory affiliates (virtual accounts)
can be done to address them.
Functionality / Volume / Complexity
In-house • In-house bank accounts (settlement of all intra-group
transactions)
Raise investor awareness to banking
• Payment on behalf of subsidiaries
• Few major banking partners for external bank accounts
improve debt market ecosystem • Centalized pooling structure (e.g., overlay)
The interviewees believed that the Payment
• Shared service center for payment processing
• Central payment infrastructure and bank connectivity such as
factory
Singapore government has done a SWIFT (payment from affiliate accounts)
• Decentralized pooling, can be centralized by using overlay structure
great job in building up the banking • Many local banking partners for cash pooling services and
collections, possibly one major partner for overlay structure
and financial infrastructure, and • Central funding and intercompany financing
attracting a whole host of treasury • Local cash pools in place
Cash pooling
and financial players along with and netting •
•
Intra-group netting processed in netting center
External payments and collections processed locally
its establishment. An area where • Many local banking partners for cash pooling, payments and
collections, hedging of financial (e.g., FX, interest, commodity),
they need additional support is the and possibly one major partner for overlay structure
promotion of investor awareness Technology requirements
and interests in the Singapore debt
capital market. They believe that while
Singapore has the infrastructural Push towards technology Improve efficiency and
means, the appetite of the investors and innovation reduce reliance on manpower
may be a limiting factor in the raising through use of treasury
The interviewees are increasingly
of funds. To better drive investors management system
focused on the adoption of
interests, there could be more forums
technology in treasury business Interviewees who are recipients
and industry talks organized by the
processes. They agreed that as of the FTC incentive shared the
authorities and the industry to raise
functionalities and complexity importance of the consequential
the overall awareness of the debt
become increasingly broader efficiency achieved by leveraging
capital market.
in the evolution of the treasury technology, as well as the impact
function, the higher the demand for of technology on the existing FTC
technological and IT developments evaluation parameter of expected
will be. continual increases in manpower.
Singapore: a strategic regional treasury location | 13Relax FTC incentive Singapore: an attractive
compliance requirements and strategic treasury
Interviewees who are recipients of the location
FTC incentive expressed concerns that
While comments regarding the
the requirements under the incentive
advantages of selecting Singapore as
could be overly stringent in terms of
a regional treasury location are not
the track-and-trace requirements to
surprising, the increasing weightage
prove to the authorities that the FTC
and emphasis that the corporate
transactions and sources of funds are
treasuries place on proximity to their
indeed qualifying under the incentive.
other regional business headquarters
The challenges cited include:
functions, was unexpected.
• Need to spend significant A possible reason is the volatility in
additional time and attention to
the global environment that drives a
ensure compliance with the tax
closer nexus between the corporate
regulations on top of their day-to-
treasuries and the key regional
day treasury operations
business headquarters to allow for
• Need to set up different banking real-time risk management and
and financial accounts for different funding. As multinational corporations
cash pools so as to track these continue to focus on innovation and
funds and its flows. They would FinTech initiatives that allows the
have created a simpler account optimization of treasury processes,
structure had it not been for centralized treasury functions will
the need to conform to the be here to stay. With its various
incentive requirements. attributes and strengths, Singapore
remains an attractive and strategic
Treasuries are therefore limited in location for corporate treasuries in
how they can truly optimize their Asia-Pacific.
processes given the need to create
the necessary mechanism to track the
compliance with these requirements.
The interviewees also expressed
the need for the FTC rules to be
better articulated so that treasury
professionals, who may not be as
well-versed in taxation, can easily
comprehend and adopt the rules.
14 | Singapore: a strategic regional treasury locationSingapore: a strategic regional treasury location | 15
How Singapore compares
to other treasury locations
Business competitiveness
World Bank Ease of Doing Business Ranking 2018
2nd 4th 8th 9th 36th
Singapore Hong Kong US UK Netherlands
World Economic Forum Global Competitiveness Index 2017-2018
2nd 3rd 4th 6th 8th
US Singapore Netherlands Hong Kong UK
The Global Financial Centres Index (September 2018)
1st 2nd 3rd 4th 35th
New York London Hong Kong Singapore Amsterdam
Financial market competitiveness
Bank for International Settlements Triennial Central Bank Survey -
Foreign exchange turnover by jurisdiction (April 2016)
36.9 19.5 7.9 6.7
% % % %
UK US Singapore Hong Kong
Bank for International Settlements Triennial Central Bank Survey -
Turnover of OTC single currency interest rate derivatives (April 2016)
1st 2nd 4th 5th 10th
US UK Hong Kong Singapore Netherlands
16 | Singapore: a strategic regional treasury locationLegal and regulatory systems
2017-2018 World Justice Project Rule of Law Index
5th 11th 13th 16th 19th
Netherlands UK Singapore Hong Kong US
2017 World Bank Worldwide Governance Indicators - Regulatory Quality
1st 2nd 4th 13th 16th
Hong Kong Singapore Netherlands UK US
Political stability
Transparency International Corruption Perceptions Index 2018
3rd 8th 11th 14th 22nd
Singapore Netherlands UK Hong Kong US
2017 World Bank Worldwide Governance Indicators - Governance Effectiveness
1st 6th 8th 16th 20th
Singapore Hong Kong Netherlands US UK
2017 World Bank Worldwide Governance Indicators - Political Stability
4th 53rd 87th 92nd
Singapore Hong Kong US UK
Singapore: a strategic regional treasury location | 17Workforce talent
IMD World Talent Ranking 2018
5th 12th 13th 18th 23rd
Netherlands US Singapore Hong Kong UK
Livability
Mercer 2019 Quality of Living City Ranking
11th 25th 41st 44th 71st
Amsterdam Singapore London New York Hong Kong
Economic Intelligence Unit Global Livability Index
17th 35th 37th 48th 57th
Amsterdam Hong Kong Singapore London New York
HSBC Expat Explorer Survey 2018
1st 17th 22nd 23rd
Singapore Hong Kong UK US
18 | Singapore: a strategic regional treasury locationContact the team
Tan Bin Eng Amit Sharma Serene Ker
Partner, Business Incentives Advisory Director, Financial Services Advisory Manager, Business Incentives Advisory
Ernst & Young Solutions LLP Ernst & Young Advisory Pte. Ltd. Ernst & Young Solutions LLP
+65 6309 8738 +65 6309 6792 +65 6309 8252
bin-eng.tan@sg.ey.com amit-a.sharma@sg.ey.com serene.ker@sg.ey.com
Seah Li Yun Johanes Candra
Partner, Financial Services Director, Business Incentives Advisory
Ernst & Young LLP Ernst & Young Solutions LLP
+65 6309 6031 +65 6309 8158
li-yun.seah@sg.ey.com johanes.candra@sg.ey.com
Abhay Chauhan Chew Kwan Eng
Director, Advisory Services Senior Manager, Financial Accounting
Ernst & Young Advisory Pte. Ltd. Advisory Services - Financial Services
+65 6309 6292 Ernst & Young LLP
abhay.chauhan@sg.ey.com +65 6505 2350
kwan-eng.chew@sg.ey.com
Other resources
ey.com/sg/incentives-singapore
Footnotes
1
“Ease of Doing Business Rankings”, World Bank website, http://www.doingbusiness.org/en/rankings, accessed on 1 April 2019.
2
“The Global Competitiveness Report 2017-2018”, World Economic Forum website, https://www.weforum.org/reports/the-global-competitiveness-report-2017-2018, accessed on 1 April 2019.
3
Triennial Central Bank Survey, Bank for International Settlements, April 2016.
4
The Global Financial Centres Index 24, Long Finance and Financial Centre Futures, September 2018.
5
WJP Rule of Law Index 2017-2018, World Justice Project, 2018.
6
“SIAC is most preferred arbitral institution in Asia and 3rd in the world”, Singapore International Arbitration Centre website,
http://siac.org.sg/69-siac-news/568-siac-is-most-preferred-arbitral-institution-in-asia-and-3rd-in-the-world, accessed on 1 April 2019.
7
“Worldwide Governance Indicators”, World Bank website, http://info.worldbank.org/governance/wgi/#home, accessed on 1 April 2019.
8
The Compliance Complexity Index 2018, TMF Group, September 2018.
9
“MAS Annual Report 2017/18 - Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore”, Monetary Authority of Singapore website,
http://www.mas.gov.sg/News-and-Publications/Speeches-and-Monetary-Policy-Statements/Speeches/2018/MAS-Annual-Report-201718.aspx, accessed on 1 April 2019.
10
“Worldwide Governance Indicators”, World Bank website, http://info.worldbank.org/governance/wgi/#home, accessed on 1 April 2019.
11
Corruption Perceptions Index 2018, Transparency International, January 2019.
12
The Global Competitiveness Report 2017-2018, World Economic Forum, 2017.
13
“These are the world’s most innovative countries”, Bloomberg website, https://www.bloomberg.com/news/articles/2019-01-22/germany-nearly-catches-korea-as-innovation-champ-u-s-rebounds,
accessed on 1 April 2019.
14
“Quality of Living City Ranking”, Mercer website, https://mobilityexchange.mercer.com/Insights/quality-of-living-rankings, accessed on 1 April 2019.
15
“Expat Explorer Survey 2018”, HSBC website, https://www.expatexplorer.hsbc.com/global-report, accessed on 1 April 2019.
16
Digital globalization: The new era of global flows, McKinsey & Company, March 2016.
17
The Global Liveability Index 2018, The Economic Intelligence Unit, 2018.
18
”Cash management’s evolution: centralisation is key”, The Global Treasurer website, https://www.theglobaltreasurer.com/2016/02/03/cash-managements-evolution-centralisation-is-key,
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