CNA938 Rewind - End of an era? China’s rich reportedly exiting Singapore
A recent report suggests that Singapore’s reputation as a safe haven for wealthy Chinese is weakening, largely due to more stringent regulations following a S$3 billion money-laundering scandal in 2023. Some practitioners cite stricter regulation in areas like cryptocurrency and overall less regulatory flexibility as reasons why some wealthy Chinese are shifting their interest to places like Hong Kong, the Middle East, or Japan. Hairianto Diman and Elakeyaa Selvaraji dive deeper into this development with Betty Wang, Head of Northeast Asia Research, Oxford Economics.