Where Now for the Zurich of Asia? Banking on Singapore's Future

Singapore bankers must learn to market and sell financial services. Marketing's prime benefit is its ability to match resources to customer needs, preparing the environment for a sale. Singapore is a “Newly Industrialised Country”, and one of the fastest growing economies in the world during the last two decades. In 1985 the country was hit by recession arising from the decline of the construction, shipping and oil‐refining industries. The trend is towards the development of high value‐added industries such as computers and communications. The future strength of Singapore depends on its financial community. Banks will have to think about selling their own expertise as a commodity and consider their clients' proposals in terms of intangible, invisible qualities.