Singapore has retained its ranking from The Economist Intelligence Unit (EIU) as the best place in the world to do business. The EIU rated the city state number one out of 82 countries for its “efficient [and] open economy”, for the seventh consecutive year.
According to the EIU, the world’s top 10 business locations are Singapore followed by Switzerland, Australia, Hong Kong, Sweden, Canada, the US, Denmark, New Zealand and Finland. Rankings were based on the attractiveness of a country’s business environment as measured by the political climate, openness to foreign investment, taxes, labour market and infrastructure.
The world’s second biggest economy, China was in 50th place and its third biggest, Japan, was ranked 23rd. Other members of the ‘BRIC’ quartet of Brazil, Russia, India and China were also well down the rankings, with Brazil and India 47th and 48th respectively and Russia down at 64th.
Last month, Singapore also topped the World Bank’s ease of doing business report, which assessed 189 countries.
While the northern European countries of Sweden, Denmark and Finland made the top 10, other European Union (EU) countries were ranked lower. “The impact of the debt crisis on political stability, economic stability and financing availability has meant that EU countries remain some way off the top,” the EIU commented.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
The top five sectors Asian fintech investors are interested in are data analytics, blockchain, lending, payments and regtech, according to Gary Hwa, EY regional managing partner.
On the third day of the Singapore Fintech Festival conference, there was a focus on specific applications of fintech innovation. One was trade finance, which is clearly is ripe for a revolution.
Kicking off day two of the Singapore Fintech Festival, Deloitte Chairman David Cruikshank said that fintech is significant for three reasons. First, customer expectations of services are higher than ever. Second, barriers to entry are lower than before. And finally, financial institutions (FIs) face a threat of what a competitor might do.