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4BeyondTransactionsBanking50andtheFutureofFinanceinSingaporeSThefutureoffinanceisbeingdefinedtodayandSingaporescommitmenttoexcellenceispavingthewayforaneweraofbankingThisisevidentintheconsistentrecognitionSingaporereceivesasaleadingglobalfinancialhubBoththeLondon-basedGlobalFinancialCentresIndex(GFCI)andtheNewYork-basedInternationalFinancialCentresIndex(IFCI)haveplacedSingaporeamongstthetopcontendersforthetitleofworldsmostcompetitivefinancialcentreintheir2024and2025editionsrespectivelyRenownedforitsrobustinfrastructureunwaveringpoliticalstabilityandattractivetaxationpoliciesSingaporeremainsamagnetforgrowthevenamidsttheheadwindsofglobaleconomicuncertaintyDespitegeopoliticaltensionsinflationarypressuresandsupplychaindisruptionsthenationsfinancialsectordemonstratedremarkableresilienceInrecentyearsassetsundermanagement(AUM)surgedbyanimpressive10%toreach$54trillionoutpacinggrowthacrosstherestofAsiaThisperformancesolidifiesSingaporespositionasaleadingfinancialgateway–notjustfortheAsiaPacificregionbutfortheworldThesignificanceoffinancetoSingaporeseconomicprosperitycannotbeoverstatedAccordingtothelateststatisticstheindustrycontributedasubstantial138%tothenationsGrossDomesticProduct(GDP)rankingthirdbehindwholesaletradeandmanufacturingThisunderscoresthesectorscriticalroleindrivingSingaporescontinuedeconomicsuccessAcrosstheboardSingaporesfinancialinstitutionshavenavigatedthepastfewyearswithagilityandstrength•TraditionalbankingCommercialbanksfinancecompaniesandmerchantbanksallrecordedgrowthintotal/liabilitiesassetsrangingfrom14%to53%-underscoringthestabilityofSingaporescorebankingsector•InsuranceTheinsurancesectorreboundedstronglyDirectlifeinsurancerecoveredfromanetlossin2022toa$21billionnetincomewhilegeneralinsurancesawgrosspremiumsclimb54%to$193billion•AlternativeinvestmentsAlternativeassetclassesalsoshowedpositivemomentumPrivateequityandventurecapitalfundssurgedby12%reaching$657billionHedgefundsandREITsalsosawhealthygrowthof5%and14%respectivelywhilerealestateexperiencedaslightdip4
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