Luxembourg has sought improved international finance cooperation with Singapore encompassing cross-border financial services, wealth and asset management, to tap strengths and similarities of both nations for mutual benefit.
In order to boost the co-operation, Luxembourg for Finance hosted a seminar, "Luxembourg and Singapore, combining excellence in international finance" in Singapore for bankers and fund managers aimed at driving greater strategic cooperation with the country in the field of international finance.
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During the event, H.E. Pierre Gramegna, Minister of Finance for the Grand Duchy of Luxembourg said, "As smaller nations bordered by larger economic regions, Luxembourg and Singapore are two significant and absolutely complementary financial centres – but challenges and opportunities lie ahead as our unique financial ecosystems enter a period of transition."
"In both private banking and asset management, Luxembourg has made it a specialty to provide customised solutions to sophisticated clients with multi-jurisdictional needs, while setting up legal frameworks that make us particularly attractive to investors and fund promoters.
"These factors allow us to act as a gateway into Europe – just as Singapore acts as a gateway to Asia for clients here," Gramegna added.
"We therefore see a strong opportunity to share best practices in these areas and build on existing connections between our two countries," Gramegna further concluded.
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By GlobalDataAccording to an estimate, Singapore is one of the top markets for Luxembourg-domiciled investment funds; 1,678 out of 2,418 funds registered for distribution and 49 of the top 50 asset management groups distributing funds in Singapore are domiciled in Luxembourg.
Earlier this week, Luxembourg’s Central Bank and PBoC inked a Memorandum of Understanding (MoU) setting the framework for a future designation of a Renminbi clearing bank in Luxembourg.
