Singapore's Wealth Management Appeal: Gan Kim Yong Highlights Trust and Resilience

During his recent visit to India, Deputy Prime Minister Gan Kim Yong asserted that wealthy investors can confidently trust Singapore to manage their assets. Speaking to Bloomberg TV at the Bloomberg New Economy Forum 2026 in New Delhi on October 14, Gan highlighted Singapore's ambition to solidify its status as a premier global wealth management hub.

"You can trust Singapore to manage your wealth. This is where the wealthy people want to put their assets," Gan stated, also noting the competitive landscape with other financial centers like Hong Kong and Dubai. He emphasized the necessity for Singapore to continuously enhance its regulatory framework to facilitate efficient wealth management operations.

“You can trust Singapore to manage your wealth. This is where the wealthy people want to put their assets.”Gan Kim Yong, Deputy Prime Minister

Gan's remarks come as Singapore prepares to assume the ASEAN chairmanship in 2027, a role that will require it to lead regional economic initiatives, including the Digital Economy Framework Agreement and the Trade in Goods Agreement. These agreements aim to promote intra-regional trade and digital collaboration among ASEAN member states.

“The cost of disruption may be higher than the cost you are paying for resilience.”Gan Kim Yong, Deputy Prime Minister

In addition to wealth management, Gan addressed the critical need for supply chain resilience amid ongoing geopolitical tensions and climate change. He cited the disruptions caused by the Covid-19 pandemic and events in the Strait of Hormuz, stating, "The cost of disruption may be higher than the cost you are paying for resilience." He underscored the importance of diversifying natural gas supplies and exploring nuclear energy options as part of Singapore's strategy to bolster its supply chain.

Gan explained that the ASEAN Power Grid initiative, which aims to connect electricity networks across member states for cross-border power trading by 2045, presents significant challenges. However, he believes that with the increasing demand for green energy, there is a strong interest in developing this project. "It’s going to be a step-by-step, phase-by-phase approach and component by component," he noted, emphasizing the need for incremental progress.

“This will also benefit our trading partners because we are able to trade among ourselves more efficiently.”Gan Kim Yong, Deputy Prime Minister

Moreover, Gan expressed optimism regarding the upgraded Trade in Goods Agreement, which is expected to enhance the efficiency of trade within ASEAN. He stated, "This will also benefit our trading partners because we are able to trade among ourselves more efficiently. Other countries who are trading with us will find that their goods will be able to move more freely within ASEAN so it’s mutually beneficial for all." This perspective aligns with Singapore's broader strategy to position itself as a trusted connector in a rapidly changing global landscape.