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Money is still flowing in Singapore despite the ongoing pandemic. As COVID-19 continues to ravage many parts of Southeast Asia and political issues face Hong Kong, the city started to transform into a safe harbor for some of the region’s wealthiest business owners and their families.As a result, the city bustles with life and trade. Small businesses have also capitalized on this and the available SME loan in Singapore banks offer to startups.
Rich people who can decide where they prefer to live and settle down eyes Singapore. The country mainly draws from wealthy Chinese, Malaysians, and Indonesians who come for vacation, shop, gamble or get top medical care.
The pandemic prompted many tycoons and their families to remain here for months, in some cases choosing a residency. The mortality rates in Malaysia and Indonesia on a per capita basis are more than 10 and 30 times higher than in Singapore, based on data collected by Johns Hopkins University.
Billionaires flocking the city-state
The number of single-family offices has doubled since the end of 2019. Global banks are expanding in the city to manage the massive influx of assets. The virus cases led to stricter border measures. The cancellation of events such as the World Economic Forum pauseda couple of the rich migration to Singapore, but it’sexpected to be short-lived.
While cases have jumped, it’s far from the hundreds of daily infections in other places like New York City. Singapore is also proactive with vaccines, with more than 30% of the population inoculated. This is almost twice the rate in China and further ahead of Malaysia and Indonesia.
Singapore doesn’tshare many details of its rich migrant residents, multi-family offices, private bankers, and smebusinesses say the new arrivals are helping their businesses.
Chinese clients ranked first among new bank account openings, followed by Indians and Indonesians. Also, the once convoluted process of flying to Jakarta had become much easier due to Indonesian customers stayingin the same luxury condominiums.
An Indonesian businessman who currently lives and works in his home country revealed that his parents spent more than a year in Singapore to get protection from Covid-19
Boosted economy despite the pandemic
Banks like DBS are starting to fervently serve more small businesses looking to get the best sme loan Singapore banks offer. Moreover, banks like JPMorgan Chase & Co. also plan to augment the number of bankers in the city over the next couple of years, while HSBC Holdings Plc offers ultra-rich clients in Hong Kong and Singapore straight access to its investment bankers.
The flood of foreigners is helping to boost the economy.However, all this visible display of wealth may have a negativeeffect in the future for other sectors, including increased costs of living, decreased social mobility, and the potential of inequality.As long as the government minds these changes, Singapore should accommodate the richest and more entrepreneurs.
End Note
Looking for a reputable and transparent financing hub that offers the best sme loan Singapore rates? Take your pick from Singapore’s top banks, but start by shopping around and noting the interest rates and fine print.Visitors, migrants, and entrepreneurs alike have access to thousands of sites giving insight into the current living and market situations, so making an informed decision is as easy as browsing the web.