The Evolving Private Banking Markets in Switzerland and Singapore Comparable or Contrasting?
Private banks in Switzerland the traditional global wealth haven have faced a number of changes recently from the transforming regulatory landscape to dealing with high levels of demand among discerning clients. On the other hand, Singapore, has proved itself as a resilient global powerhouse for private banks, with a strongly regulated environment and the lure of growing Asian prosperity being the cherry on top.
Both countries represent robust, global wealth hubs. While there are several comparisons to draw between the two, both private banking markets have very distinctive approaches.
However, banks operating in Switzerland and Singapore need to remain dynamic and ready for new challenges. The focus on technology is more pertinent than ever before and in the forefront is the need to increase efficiency via outsourcing models.