“They said a fishing village couldn’t be a financial powerhouse,” runs the blurb on a billboard advert for Tiger beer in Singapore’s business district.
The boastful ad underscores the contrast between the modern Asian city-state’s humble beginnings half a century ago and the glass and steel high-rises that punctuate its skyline these days.
Singapore is a financial centre with increasing global heft: it is Asia’s commodity financing hub, its largest foreign exchange trading centre, and some surveys suggest it might overtake Switzerland in wealth management.
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