A series of scandals at Singapore-based companies has regulators tightening oversight and pushing for more disclosure. At stake is the city-state’s role as a global wealth hub, which has become all the more significant as Beijing tightens its grip on Hong Kong.
About $3 trillion in assets are managed in Singapore, with more than 76% of the total coming from overseas. Singapore aspires to be a place where tycoons and their families can set up business and companies can list their shares under the protection of a well-developed financial and legal system. But being an attractive haven can conflict with the transparency and disclosure that global investors are looking for. “It’s a complex balance,” says Bryan Goh, chief investment officer at Tsao Family Office Pte, the Singaporebased investment arm of an Asian shipping fortune.
Ravi Menon, head of the Monetary Authority of Singapore and the country’s top financial regulator, in December acknowledged the need for greater scrutiny. “There have been several failures that are due to lapses in accounting, auditing, and some fraudulent activities are not as easily detected,” he said.
Continue reading your story on the app
Continue reading your story in the magazine
PANDEMIC VACATION
The RV business is booming and shows no sign of slowing down. To find out why, our correspondent dragged his reluctant family to the RV capital of the world— the cutest city in north central Indiana!—and hit the road
The Fortnite Fallout
Apple and Epic meet in court, making the collapse of a once-close relationship complete
Yes, Streaming Ads Are on Repeat
Commercials on services like Hulu, Pluto, and Discovery+ have become an $11 billion business
Laggard Doesn't (Always) Mean Loser
At least a few companies still in the vaccine race will likely succeed as Covid lingers
Why Don't More Women Run Money?
The gender imbalance in portfolio management persists even as some women take top fund jobs
COME AT ME
When a gossip rag went after Jeff Bezos, he retaliated with the brutal, brilliant efficiency he used to build his business empire. From the new book Amazon Unbound , an untold story of money, sex, and power
More Merchants Are Courting Cash
Surcharges for credit card purchases become common as businesses try to avoid swipe fees
Covid Means There's Even Less Joy in Mudville
Capacity constraints and distancing rules bring big headaches for season ticket holders
Bad Trip
Justin Zhu was fired for taking LSD before an important meeting. The whole situation was even weirder
Facebook Won't Apologize for Instagram Youth
It’s making a kid-focused version of its photo-sharing app, regardless of what critics say
UNITY IN A WORLD OF DIVERSITY
BRIAN JONES explores unity in a world full of challenges and diversity. Through different analogies and his own personal experience with meditation, he finds effective ways to achieve unity through the silence of the heart.
José Jeuland 2020 BIG SURPRISES
It was the end of 2019, welcoming the year 2020 when I told myself that it would be a great year
Keeping Up With the Lees
SINGAPORE IS NOT A MODEL FOR AMERICA.
On the Rise
Premium economy soars in popularity and profitability for airlines.
What You Don't Know About...Singapuras
Good Things Come In Small Packages
Pushing the BOUNDARIES of Creativity
The studio offers unlimited options and creativity.
Do You Really Want a Flying Car?
It's the year 2020. So where are all the flying cars? The vast majority of people still get to work and school in boring, ground-bound cars. Not to mention buses, trains, and bikes.
Leading the Way
Singapore balances priorities as it forges a sustainable future.
Felipe's Mexican Taqueria
Everyone has a handful of go-to restaurants they count on for consistently delicious dining experiences.
Photographer José Jeuland New Photography Project and Exclusive Interview
Haenyeo, Women Divers Of The Sea . Jeju Island, South Korea