SINGAPORE, Aug. 19 (Xinhua) -- Singapore's central bank on Wednesday unveiled measures to strengthen the city-state's competitiveness as a global asset management hub, including tax incentives, a new hedge fund investment program and a dedicated immigration track for senior investment professionals.
The Monetary Authority of Singapore (MAS) said in a statement that the asset management industry, a key growth engine for the financial sector, has expanded by an average 7.5 percent annually over the past five years to almost 7 trillion Singapore dollars (about 5.48 trillion U.S. dollars).
"This set of measures builds on the industry's positive growth momentum, and will help anchor high-value asset management activities, deepen industry capabilities and attract top asset management talent, amidst growing international competition," said MAS.
MAS and the Ministry of Finance plan to introduce a tax exemption from assessment year 2027 for qualifying profit-related returns from fund management services.
MAS will also launch a Hedge Fund Investment Program to invest with managers committed to establishing or expanding their Singapore presence, supporting the wider investment ecosystem.
Meanwhile, a new Investment Management Track under the Overseas Networks and Expertise Pass will target global leaders and senior investment professionals, with compensation assessment potentially recognizing investment performance-linked returns, MAS announced. ■