ZURICH - Singapore will dethrone Switzerland in the next two years as the world's top centre for managing international funds, a study said on Thursday, as a global tax crackdown and tighter regulation weaken the Alpine nation's appeal to investors.
Switzerland, still the world's biggest offshore financial centre with US$2 trillion (S$2.55 trillion) in assets, came ahead of rivals Singapore, London, Hong Kong and New York in the 2013 ranking, compiled by PricewaterhouseCoopers as part of its Global Private Banking and Wealth Management Survey.
But respondents to the survey, which questioned 200 finance industry professionals from 51 countries, also said they expected Switzerland to lose ground, with Singapore taking the top spot in the next two years.
Switzerland's tradition of banking secrecy has helped its financial sector thrive but is under massive pressure from the United States and elsewhere, as cash-strapped governments seek to stop tax evasion and close loopholes.
Switzerland and other international financial centres will be forced to create special areas of expertise if they are to differentiate themselves in future, as transparency and increased regulatory standards create a more level playing field, the study said.
It added that centres located in emerging markets stood to gain in stature.
Respondents also named Shanghai and Dubai as fast-growing centres, closely followed by Brazil, Miami and Mexico City.
"Competition between traditional and newer IFCs and cities for the wealthy is expected to intensify," the study said.
Study for a UK qualification in Singapore
In 2013, around 50,000 international students studied for a UK transnational education (TNE) qualification in Singapore. Overall, there are more than 1,200 UK qualifications available to study at over 120 private education institutions (PEIs) here. This makes Singapore second in the world for the sheer number of UK TNE qualifications available to peruse.
There are a number of different ways to study:
- online/distance learning courses
- UK overseas campuses
- UK-international partnership programmes.
By researching your options, you are sure to find the right course from the huge array of options available to you!
Cohort: Your Guide to UK Qualifications in Singapore
Cohort magazine provides advice and guidance to help you choose the right UK Transnational Education (TNE) programme, and get the best out of your studies.
Cohort also contains lifestyle features to help you maximise your study experience.
- education and industry articles to help you choose the right qualification and start the right career path
- an overview of UK transnational education (UK TNE) in Singapore and the various types of programmes available
- articles featuring current students of UK TNE qualifications in Singapore, prominent lecturers, and successful graduates
- advice on how you can finance your studies
- a directory of the UK universities, subject areas, and the local private education institutions that you can study at
- lifestyle pages featuring articles on hip hang-outs, cool bars, clubs, news, quizzes, and much more!
Published on 28 Oct 2013
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