According to the recent article on Straits Times, "Too early to say if Singapore will benefit from Brexit", banks are considering moving out of London either to focus on the Asia Pacific business or due to the uncertainty in Britain. Singapore seems to be an attractive financial hub in APAC due to its business competitiveness serving mainly the South-East Asian market and being independent from China has its advantages against Hong Kong.
Economically, Singapore might experience benefits when banks relocate here, however, with relocation, comes the influx of foreign talent. With the decline of the pound, local employers may benefit from luring talent even with slightly lower salaries. However, on the social standpoint, given the current economic downturn and the decline of certain industries, locals are in a challenging position to obtain stability in the career of their choice, some may perceive this as a threat. However in the contrary, with the relocation of banks to Singapore, it also opens up opportunities for locals with experience in the local landscape to take up new positions.
In the property sector, Singapore may also see higher rental take-up rates as well, which may benefit local home-owners. There could also be an indirect benefit to the private institutions and retail industry when their families reside here as well.
Good or bad impact, it all depends on the lens that we wear at specific circumstances. It will most probably take some time before the next big Brexit move, so still too early to say indeed.
R. Arlette, the writer, is a consultant and trainer for corporate organisations and educational institutions who specialises in the following: 21st Century Skills, Personal Mastery & Peak Performance, Communication Skills, Innovative Thinking, Entrepreneurship, Design Thinking, Personal Branding, Problem Solving & Decision Making, Service Excellence, Effective Networking, Public Speaking & Presentations, Team-Building & Cohesion, TetraMap®, Profiling, Career Guidance, Interview Skills, Sales Techniques, Negotiation Skills, and Brain-Based Learning.
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