Being part of ASEAN
Singapore is part of the Association of Southeast Asian Nations (ASEAN), a group that promotes regional political stability and economic co-operation. Singapore, as one of the 9 member countries has benefited from historically strong regional growth.

Continuous Strong Growth
The financial sector in Singapore grew by 6.2% in 1996 (5.4% in 1995). In the first quarter of 1997, the financial sector grew by 13.5%.

Financial Institutions
There are 152 commercial banks, 80 merchants, 154 insurance companies, and 19 finance companies in Singapore as of March 1997.

Employment Growth
Employment in the financial and business services sector experienced the fastest growth since 1990, by 15%. Nominal wages rose by 5.8% in 1996. (Source: Singapore Government)