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Why You Should Open an Offshore Banking Account in Singapore

Alevin Chan

Alevin Chan

Last updated 03 April, 2017

Singapore's stable environment and tech-driven financial services sector make it a top choice for those looking to invest their wealth in the region.

As any savvy investor will tell you, where you choose to open your bank account can affect the performance of your financial portfolio. Choosing the right location is important for asset protection, banking convenience, and portfolio management and growth.

With proper management, capital gains the potential to realise solid returns for true wealth. To allow their assets to bloom, investors would do well to seek an environment that is safe, stable, dynamic and resilient.

As a leading global financial hub, Singapore remains a top pick for individuals seeking wealth management and advisory services in the region. Here are 4 reasons why the Lion City remains a preferred choice for investors seeking offshore banking services.


1. Excellent Safety, Stability and Regulatory Oversight

Financial assets need a peaceful and safe environment in order to thrive. When upheavals and disruptions are present, it is difficult to maintain banking efficiency, much less peace of mind for the asset owners.

Despite its tiny stature, Singapore has managed to preserve peace throughout its modern history. The population continues to hold fast to ideals of harmony, co-operation and productivity in the face of heightened immigration and increased globalisation.

Another key factor contributing to the island’s stability is strong regulatory oversight by the Government, which has both will and means to prevent wrongdoing, especially in sectors crucial to national and economic health.

The net effect on offshore banking: the country’s strong financial oversight of assets under management shields capital from contamination. This reduces asset seizure, preventing costly, disruptive and counterproductive downtime on a portfolio’s growth.

2. Proven Crisis Handling Capabilities

The symbiotic relationships that are the foundation of present-day financial system bring unparalleled opportunities. But this globally-connected nature also presents risks to international investors.

Many investors are mindful that crises originating in one territory can cross geographical boundaries, as demonstrated by the SARS epidemic, and more recently, the Lehman Brothers saga.

When a crisis emerges, the ability of a country’s leadership in managing the event will mean the difference between business as usual, and a total and complete breakdown.

Given her status as a global financial hub and the trading post of the world, Singapore has emerged from several worldwide crises none the worse for the wear. Indeed, few countries in Southeast Asia can claim a comparable track record of carrying on as usual during troubled times.

By holding an offshore banking account based in Singapore, investors can avoid many problems, including interruptions to banking instructions or delays in transactions.

3. Robust Digital Infrastructure

In the tech-driven financial services sector, technology drives innovation, which gives rise to new developments in investor needs, habits and preferences.

When charting the evolution of the industry, the confluence of mobile technology and financial needs points to deeper digitisation in wealth management as the natural next step.

Given the comprehensive and multi-layered goals of investors today, successful management of a financial portfolio calls for security, flexibility and capability.

It is thus inevitable that investors are increasingly looking towards fin-tech solutions to meet fast-paced demands and capitalise on fleeting opportunities.

However, the ability of fin-tech to meet consumer demands hinges on the presence of highly advanced digital infrastructure. Locations without reliable and fast wireless networks can prevent investors from interacting with their assets in a meaningful way.

Singapore continues to invest in a sophisticated digital fibre broadband network that connects the entire island, empowering the population to be among the most digitally savvy in the world.

The population’s fast-paced, hardworking lifestyle - bolstered by digital mobile penetration that is close to 100% - has caught the attention of banks and innovators alike. In response, top banks in Singapore continually invest in a suite of sophisticated tools and services that allows their customers to bank within one secure and powerful platform.

With a Singapore bank account, offshore banking customers are poised to enjoy first-mover advantage from fresh innovations churned out by the international fin-tech sector.


4. Established International Banking Hub

For the international investor seeking to thrive, having access to the right type of knowledge, resources and capabilities is crucial for success. Yet, finding suitable financial services and appropriate specialisations can be daunting.

In a short span of 50 years, Singapore has grown rapidly into a metropolitan city, with a sterling reputation for safe, yet open, banking that has attracted leading global banks to set up shop on its fair shores.

This is good news for  offshore clients. The proliferation of established home-grown and international banks mean that you can select from a wide range of financial services to meet your particular needs, More importantly, you can also benefit from deep knowledge and expertise to unlock asset value and optimise portfolio growth.

As an international banking hub, Singapore provides a vibrant and robust foundation from which to broaden your investment horizons. Holding an international banking account in Singapore can open up opportunities and markets that are otherwise inaccessible.

Location is Key in Offshore Banking

Given the variances in regulations, resources, reputation and experience, picking the right country to invest your assets should not be a decision taken lightly.

Afterall, a mismatch between financial capabilities and investor needs could cause delays and possible losses, which will hold back or reverse your progress towards critical financial goals.

Whether you’re seeking to preserve capital, grow your assets or strengthen your portfolio, Singapore’s robust financial industry offers undeniable advantages.

As an offshore banking client, you can easily and conveniently manage your wealth by diversifying your investments in Singapore. You can do this conveniently and safely through a range of available banking products and services. Indeed, Singapore offers a diverse and comprehensive array of financial services built to cater to different needs, whether you’re an expatriate, a global traveller or a cross-border investor.

If you have an interest to invest in Singapore and have at least US$200,000 investible funds for a meaningful wealth portfolio diversification, we recommend Citibank International Personal Bank. Click the link to fill up the form and Citi will contact you shortly. 

An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.


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