Singapore can easily boast one of the greatest commercial and social success stories that has taken place in the world over the past few decades. The economic success of Singapore is well known. Its economy has grown at a rate in excess of 7% per annum since independence in 1965, and it is now regarded as one of the world’s leading commercial locations, boasting the fourth largest financial center, along with being one of the five busiest ports for shipping traffic.

Over the years, it has become a financial and distribution center for Asia, and the total trade volume through its ports is actually four times the size of its GNP, the highest in the world. These economic achievements have come as a result of hard work and a farsighted government’s desire to sustain a free and open economy, avoid any subsidies, welcome foreign investment, and target budgetary surpluses as a rule.

As one the leading financial centers and tourist destinations of the world, Singapore competes with Hong Kong and Australian finance centers for dominance in the Southeast Asian region. As a nation with a very liberal taxation and regulation regime, banking interests have flocked to Singapore to support the thriving export trade and the associated settlement of cross-border transactions. Although this small island community of 5.4 million people has developed around global commerce, the retail forex broker component of the industry has taken more time to develop.

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