<p>Singapore is a tiny city-state, the fourth international financial center in the world. Singapore's banking sector is considered one of the most stable in the world. As one of the "Asian tigers", Singapore achieved significant GDP growth and strengthening of the local currency - the Singapore dollar. Why should we once again turn our attention to Singapore's banking sector when choosing a country to open a personal or corporate account?</p><p> </p><pre><b style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 18px; font-style: oblique; line-height: normal; font-weight: bolder; color: #688297;"> Banks in Singapore are more reliable than Hong Kong banks?</b></pre><p>According to a recent analysis of loan portfolios (provided by Barclays Bank), the banks of Singapore are more reliable than the banks of Hong Kong.</p><p>The risks of consumer lending in Hong Kong banks are significantly higher than those of banks in Singapore. Loans issued by Singaporean banks receive higher security (investments); same way - the price policy for loans is more stringent than in Hong Kong - for example, the minimum rate for unsecured loans is 11%.</p><p>In addition, the Monetary Authority of Singapore (MAS) has restrictions on the amount of unsecured consumer loans, the maximum amount can be four times the monthly wage. Hong Kong's banks issue unsecured consumer loans at low rates of 2-3%, and the maximum amount of consumer credit can be eighteen monthly wages. Also, between the rates on banks deposits in Singapore and Hong Kong, you can see the differences, the maximum rate in Singapore can reach 24% per annum, but in Hong Kong only 14%.</p><p>The stability of Singapore's banking system also confirms by successful passage of the stress test from the International Monetary Fund. MAS takes note of all the recommendations of the fund, which came from the audit, including the introduction of measures to prevent the emergence of the credit bubble.</p><pre><b style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 18px; font-style: oblique; line-height: normal; font-weight: bolder; color: #688297;">                                                  Constant innovation: the new FAST system in Singaporean banking</b></pre><p>The attractiveness of Singapore's banking sector lies not only in bank secrecy and the availability of tax advantages for investors, but also in the high-tech structure of banking - this structure provides clients with enormous convenience in accessing the account. March 17, 2014 in Singapore, was launched a new system "Fast And Secure Transfers" - FAST.</p><p>The new system allows interbank operations using a tablet or a smartphone, not just from a personal computer, this service also reduces the time for interbank payments to several minutes, and in the future it is also expected that these transactions will become cheaper.</p><p>Previously, the usual interbank payment in Singapore took up to three days. FAST conducts operations almost instantly and works 24/7. For example, TOR-bank in Singapore - DBS Bank notes that within one hour, customers spend about 39.000 transactions - such a system, of course, is a huge plus for customers.</p><p><span style="text-decoration: underline;">The FAST system includes 14 banks in Singapore:</span></p><ul><li>DBS Bank</li><li>OCBC Bank</li><li>United Overseas Bank</li><li>ANZ Bank</li><li>CIMB Bank</li><li>Citibank</li><li>Deutsche Bank</li><li>Far Eastern Bank</li><li>HSBC</li><li>Maybank</li><li>RHB Bank</li><li>The Royal Bank of Scotland</li><li>Standard Chartered Bank</li><li>Sumitomo Mitsui Banking Corporation</li></ul><p>FAST can be used between the accounts mentioned above, the transfer amount can not exceed 10.000 Singapore dollars in one transaction. FAST payments can only be made in Singapore dollars. The Singapore Banking Association believes that the future of the Fast And Secure Transfers system will be joined by other banks in Singapore.</p><pre><b style="font-family: Georgia, 'Times New Roman', Times, serif; font-size: 18px; font-style: oblique; line-height: normal; font-weight: bolder; color: #688297;">                                                    Bank secrecy and data protection of clients in Singapore at the highest level</b></pre><p>MAS closely monitors that Singapore banks use the latest and most advanced technologies for protecting customer data and constantly improves the rules for confidential data storage. The banking secrecy in Singapore is strictly observed, and its enforcement is enshrined in legislation. More and more often specialists around the world recognize that Singapore has the most stringent rules regarding bank secrecy. There are serious penalties for non-compliance with bank secrecy in Singapore (for both specific employees and for banks in general), so a sincere interest in maintaining confidential banking information is present in Singapore at all levels Bank secrecy is any information that an employee of the bank learns during the work in the bank.</p><p>Already for many years the banks of Singapore have a reputation as reliable financial institutions, providing their clients with high safety of investments and capital, confidentiality of clients personal data, high services level, a diverse range of services. Opening an account with a Singaporean bank allows you to easily engage in businesses in Southeast Asian countries such as China, Singapore, Indonesia, Malaysia, Thailand, and also to carry out a close partnership with representatives from these countries. Among other things, the Singapore's banks are among the largest in the region, have an extensive network of offices both in the region and beyond.</p><p> </p><p> </p><p style="text-align: center;"><em>If you have any questions, <strong>Castle Family Office</strong> specialists are ready to answer them! Write to us at <strong><em><span face="Calibri" size="3"><span lang="EN-US"><span face="Calibri" size="3"><a href="mailto:info@castle-familyoffice.sg">info@castle-familyoffice.sg</a></span></span></span></em></strong> </em></p>