Private Banks of Singapore
Joe on November 24th, 2009 | Filed under Travel
The official languages of Singapore include English, Malay, Chinese and Tamil, but there’s also a financial language, too. This island, once a small fishing village with a trading post established in 1819, is now an economic hub, the fifth largest country in the world in terms of wealth. Since Singapore gained independence, becoming an independent republic within the Commonwealth of Nations 44 years ago, on August 9, 1965. Using the plans of Albert Winsemius, the Dutch economist, for foreign investment and industrialization, the city-state created a strong economy based on education, urban planning, and industry. Singapore is well known as an international financial center; it’s foreign exchange trading center is the fourth largest in the world — only Tokyo, New York City, and London are larger.
Most people, it seems, are confused by matters of finance and economics. For instance, Singapore also contains private banks, but what does it mean to be a private bank of Singapore? What is a private bank? The answer is relatively simple; the original definition is as follows: Private banks are simply ones which have not been incorporated. Just as it implies, the banks are owned privately, by a single person or through by a group of persons with a limited partnership. In Switzerland, such banks may be found as far back as 1685. Today, private banks serve very wealthy customers with extremely large assets. It’s the needs of the wealthy client that marks the distinction between a private bank and a retail bank. Private banking looks after a specific individual’s needs, a kind of wealth management team, providing a variety of services.
For those of us who are not as wealthy, we can concentrate on Singapore’s attractions, such as the Bukit Timah Nature Reserve, the Jurong Bird Park, the Singapore Zoological Gardens or the Shri Mariamman Temple. And if we’re not worried about the money, a night out with some of the world’s finest restaurants and then a stop in at Singapore’s developing stand-up comedy scene.
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