Forex Trading in Singapore
Singapore is an established country and is a solid financial center. For a long time, Singapore has become the largest forex trading center in the entire Asia-Pacific region. Even according to the Singapore Monetary Authority, Singapore forex trading is the third largest after London and New York. This is widely considered to be well regulated by the Monetary Authority of Singapore.
Singapore is an Independent City-State
A little flashback of Singapore is there a country that gives a lot of clues about how they can be in a very strong position today. Administered by Britain as a colony from 1826 to 1963 then continued with Japanese colonization from 1942 to 1945. In 1963 Singapore finally gained independence as part of Malaysia. Most Chinese are in the middle of a Malay and Muslim majority, strong political differences, armed intervention with Indonesia, political strife, skyrocketing food prices and racial riots finally ended with the expulsion of Singapore from Malaysia in 1965.
Singapore finally stands alone sandwiched between Malaysia and Indonesia, difficulties arise ranging from massive unemployment to the absence of any natural resources makes this country like no hope.
People as Singapore Resources
Singapore leader for many years, Lee Kuan Yew acknowledged that by not having reliable natural resources, people and reputation were the main assets owned by Singapore. This small country invests a very large amount of money in education because the Singapore government hopes that the only “natural” resource that Singapore has is that its people can continue to grow.
For information, Singapore inherited an education system from the British colonial government. But with full adherence, they dismantled the existing system and started everything from scratch. Singapore’s decision to make English the language of instruction makes Singapore a good position to attract international business and investment. Just imagine that currently two of the 75 best universities in the world are in Singapore even though the population in the Lion country is only about 5 million people.
Another recurring theme in Singapore’s political value system is meritocracy, that is, everyone with the ability and dedication will be encouraged to go as far as they can in the state education system. Thanks to the existing scholarship program, students can also study in higher education institutions abroad.
Another contribution to the success of the Singapore education system is the high level of respect for teachers and professional teachers. Teacher and educator salaries in Singapore are above the national average. Even high achieving teachers will get promotions quickly. It is also no coincidence that the Singapore education system places more emphasis on science, technology, engineering and mathematics because these are all skills that are in demand globally. This education system also helps Singapore’s workforce become one of the most educated workforce in the world.
Anglo-Saxon Political and Legal Stability
Just like the education system in Singapore which was originally a British colonial education system. The legal system there is also a legacy of the British colonial government. This legal system is usually regarded as a business and friendly to the company besides that it is also easily understood in most developed countries in the world. This is an aspect of Singapore’s popularity as a world financial center.
Singapore Forex Trading
Singapore’s political stability was an important factor in the success of Singapore as a financial center. The political conditions in Singapore can be characterized as an authoritarian democracy even though most observers agree that the political system in Singapore is less authoritarian and more democratic.
However, stability and sustainability have made the company very comfortable to develop its business there and plan something for the long term. Singapore also has an exceptional clean reputation. This is evidenced by his government which places a strong emphasis on for corruption.
Forex Broker In Singapore
With the percentage of highly educated and stable and reliable population, it is easy to see why forex traders have high confidence in relying on banking regulations in Singapore. There are currently more than 9 retail forex brokers authorized by the Singapore Monetary Authority. Some of these brokers are CMC Markets Singapore Pte. Ltd., IG Markets Singapore, KGI World, Maybank Kim Eng Securities Pte. Ltd., OANDA Singapore, OCBC Securities Private Limited, Phillip Futures Singapore, Saxo Capital Markets Singapore, and UTRADE FX. All Singapore forex trading activities as well as the above list have been ascertained to be properly regulated by the Singapore Monetary Authority.
Global and local forex brokers in Singapore have advantages and disadvantages depending on what you are looking for. There are also many other brokers that are set up outside Singapore that can serve forex traders from other countries.Interested in Singapore’s forex trading climate, Online Forex ?