Singapore bank deposits jump as Hong Kong, COVID-19 sow uncertainty


Source: channelnewsasia.com

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Share this content Bookmark SINGAPORE: A record jump in money flowing into Singapore bank accounts from abroad underlines the country's safe haven appeal during the COVID-19 pandemic and political uncertainty in rival financial centre Hong Kong, analysts say. Singapore fiercely competes with Hong Kong as Asia's premier wealth centre and generally attracts capital flows during regional turmoil due to its political stability and AAA credit rating. READ: COVID-19 drags Hong Kong business outlook to record low Deposits from non-residents into Singapore's banks jumped 44 per cent to a record S$62.14 billion (US$44.37 billion) in April from a year earlier, marking...