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By Chen Lin and Xinghui Kok
SINGAPORE (Reuters) – Singapore said on Thursday it plans to overhaul its monetary facilities sector until 2025 in a bid to consolidate its position on a “key battleground” to combat climate change, raise capital for sustainable finance and green financial technology.
Industry Transformation Map 2025 plans released through the Monetary Authority of Singapore (MAS), the city-state’s central bank, will come with measures to simplify corporate structures used through investment funds, adding a circle of family offices, which will offer tax breaks, and an S investment of $400 million ($285 million) in local skills within the industry.
The overarching plans, for which all the main points have yet been announced, come with Singapore’s appeal as a financial hub in Asia emerging amid extended COVID-19 restrictions and considerations about mainland China’s upcoming scrutiny of rival Hong Kong.
“If we get this right, our monetary centre will remain enforceable and competitive, and will remain a key global monetary node connecting global markets, supporting Asia’s progress and serving Singapore’s economy,” said Lawrence Wong, Singapore’s Deputy Prime Minister and Finance. minister.
Wong told a news conference that there is a “growing interest” among high-net-worth Americans and the offices of the circle of relatives to do more in the field of philanthropy.
The MAS predicts that its new plans will see Singapore’s money sector grow by an average of 4-5% consistent with the year 2021 to 2025 and create between 3000 and 4000 net jobs on average per year.
The plans come with a five-year S$100 million fund for sustainability in the money sector, such as green fintech, new sustainable financial responses and reinsurance.
Wong said Asia was a “key battleground” in fighting climate change. “The monetary sector will have to do its component: raise capital through financing and investments for the region’s transition to net zero,” he said.
According to the plans, the corporate design used through investment funds will be “improved”, adding a circle of family offices called open corporations (VCC), the main points about innovations are not announced until a later stage. CCVs were first introduced. 2020 and are offering tax exemptions.
MAS said it won applications for the VCC framework so that more industry participants and asset owners can create VCC and convert existing business structures into VCCs.
“Singapore’s asset control industry has continued to perform well in recent years and has recorded a healthy expansion despite the pandemic. We continue to see inputs of various resources outside of Singapore, adding North America, Europe, North Asia and Southeast Asia,” says MAS.
($1 = S$1,4050)
(Reporting via Chen Lin and Xinghui Kok in Singapore; Editing via Kenneth Maxwell)