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International Financial Centres after the Global Financial Crisis and Brexit$
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Youssef Cassis and Dariusz Wójcik

Print publication date: 2018

Print ISBN-13: 9780198817314

Published to Oxford Scholarship Online: August 2018

DOI: 10.1093/oso/9780198817314.001.0001

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Connecting Asian Markets with Global Finance

(p.154) 8 Singapore
International Financial Centres after the Global Financial Crisis and Brexit

Karen P.Y. Lai

Oxford University Press

This chapter examines the spatial and temporal dynamics shaping the development of financial markets and activities to account for the rise of Singapore as an international financial centre (IFC). The analysis draws upon the preceding 1997 Asian financial crisis as industry changes and policy response back then set the stage for subsequent industry shifts, which have shaped the responses and impacts of firms, regulators, and consumers following the 2008 Global Financial Crisis. Key industry shifts include banking liberalization and changing forms of financial consumption in Singapore. The growing prominence of financial markets and emerging sectors, such as Islamic banking and finance (IBF) and offshore renminbi (RMB), and fintech are also examined in terms of their importance for Singapore’s future role as an IFC.

Keywords:   banking liberalization, financial consumption, financialization, Islamic banking, offshore renminbi, fintech, Asian financial crisis

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