Relative to other Asian financial services sectors，Singapore·s industry is large as a proportion of GDP,at around 12．6％in the third quarter of 2014．As an industry,financial and insurance services accounted for 7．2％of employed residents in June 2013．The city state is a regional financial centre and the value of its financial assets was estimated to be equivalent to 958％ofGDP in 2014-higher than the ratio in Germany(680％)．but lower than those of the
US(1.050％)and Japan(1,302％)． Officials have pressed domestic banks to consolidate and have lowered barriers to entry for foreign financial services providers．Reflecting such policies，there are only three domestic banking groups．Of the 126 banks in operation in Singapore in mid-January 2015，121 were foreign—owned and the remaining five were owned by the three local banking groups． Singapore is a regional centre for crossborder insurance and fundmanagement business．Some of this activity caters to pan-Asian businesses， but savings are also drawn from wealthy individuals residing across the region．The city state‘s own population is small，at almost 5．5m，but ranks among the world’s most prosperous on a per-head basis．

Financial services report 2

Banks 3

Insurers 5

Asset managers 7

Financial markets and instruments 9

Financial regulation 11

Monetary and currency policy 14

Singapore at a glance 15

Fundamental indicators 16

Key contacts 17

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