Chapter 4. Conclusion
4.2 Policy recommendations
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could prove damaging in the long run. What is surprising is that Singapore does not capitalize on its Tamil community to penetrate the Indian market. Especially as India’s banks and financial institutions are known for their underdevelopment, and their poor foundations. Singapore should market itself as a financial hub for Indian HNWIs. The latter wish to protect their wealth and benefit from an ethnically Indian workforce that is sensitive to their cultural background and investment preferences.
As this thesis has also outlined, the local business environment is still prejudiced against foreign investors, and remains overly protective of its domestic firms. While protectionism seems appealing at first, foreign investors may regard that situation as unfair, and some may be deterred from investing in Singapore. That way Singapore’s financial cluster could be missing on some major opportunities.
4.2 Policy recommendations
Nations that wish to build world-level financial clusters, such as Taiwan, need to look at their inner strength, and build their position in relation to the four main points that Porter has publicized in its now famous diamond model. However a country like Taiwan, due to its sensitive political situation in regards to China, cannot significantly rely on global linkages. Prompting the return of Taiwanese businessmen’s RMB savings deposited in China could be enough to make Taiwan a world player among offshore RMB centers.
There are a still few steps that any country could adapt to its own environment, in order to optimize its chances to foster the rise of a financial cluster.
First, building a fiscal and legal environment prone to attract financial institutions is a first step. Capital being increasingly location independent, thus as soon as the financial world finds a location with attractive business environment, inflows of capital usually follow.
Second, upgrading the skillset of the indigenous workforce has been key for Singapore. This strategy would similarly succeed in other countries, by setting up institutions that resemble the Institute of Banking and Finance, and the Wealth Management Institute. Establishing a national accreditation and certification agency, and enforcing strict industry standards reigning over the financial sector are pivotal to ensure that financial and banking firms can find sufficient manpower to conduct the most advanced operations.
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