Singapore’s financial sector flourished in 2023, witnessing a 10% increase in assets under management (AUM), reaching USD5.41tr by year-end. The corporate debt market also saw robust growth with new issuances up by 21% to USD230bn. Private equity and venture capital in the private markets expanded significantly, with a compounded annual growth rate (CAGR) of 24.6% over five years, totaling over USD650bn. More than half of these assets supported business growth across Asia-Pacific. The Monetary Authority of Singapore’s managing director, Chia Der Jiun, highlighted ongoing expansions, particularly in private credit, as global managers build their teams in Singapore. Despite global market volatilities, Singapore remains a key hub for international asset management, with most AUM invested outside Singapore.