L-R: Yuriko Backes, Luxembourg's Minister of Finance; Lawrence Wong, Singapore's Deputy Prime Minister and Minister for Finance;
Credit: MFIN
From Thursday 9 to Friday 10 February 2023, Luxembourg's Minister of Finance, Yuriko Backes, undertook a financial mission to Singapore.
The aim of this mission was to further strengthen bilateral relations and highlight Luxembourg's interest in increasing cooperation in the field of sustainable finance and fintech. In this context, Minister Backes met Singapore's Deputy Prime Minister and Minister for Finance, Lawrence Wong, as well as leaders and senior representatives of the financial sector and fintech in Singapore.
As noted by Luxembourg's Ministry of Finance, trade in services between Luxembourg and Singapore has increased sharply in recent years. Financial services represent more than 90% of these exchanges. Moreover, around 60% of foreign funds distributed in Singapore are Luxembourg funds. Singapore is the largest market in Asia in this context with more than 4,300 foreign funds registered for distribution in the city-state.
During her bilateral meeting with her Singaporean counterpart, Luxembourg's Minister of Finance cited the many similarities the two countries share as stable economies and international investment hubs. She noted that both countries are focused on innovation and fostering an open and efficient business environment: "Given our role as regional hubs, there is great potential for mutual support to businesses in the financial sector and fintech which wish to access the European or Asian market. I am also delighted that a Luxembourg delegation, made up of Luxembourg for Finance and the Luxembourg House of Financial Technology [LHoFT], will once again take part in the Singapore FinTech Festival in November to further forge links between our ecosystems in this area."
Minister Backes also met with leaders of Singaporean financial institutions and fintech companies and visited the Singapore premises of Clearstream, which continues to develop its activities in Asia and is today the largest Luxembourg employer in the country.
During her speech at a reception organised by Luxembourg for Finance, bringing together Luxembourg and Singaporean financial sector professionals, Minister Backes highlighted that "Luxembourg has assumed a growing role in the field of sustainable finance. As leading international financial centres, Luxembourg and Singapore could certainly join forces to support the transition to a low-carbon global economy."
Luxembourg's Minister of Finance also delivered the keynote speech at the Asia Roadshow of the Association of the Luxembourg Fund Industry (ALFI), promoting links between Luxembourg and Singapore in this area.
Minister Backes then inaugurated, together with Dr Mohamad Maliki Bin Osman, Singapore's Second Minister for Foreign Affairs and for Education, the new premises of the Luxembourg Consulate in Singapore. The former granted, in the name of His Royal Highness the Grand Duke of Luxembourg, the honorary decoration of Officer of the Order of Merit of the Grand Duchy of Luxembourg to Michelle Liem, Honorary Consul of Luxembourg in Singapore, and thanked her for her longstanding commitment to the development of bilateral relations between the two countries.
Moreover, Minister Backes exchanged views with Curtis S Chin, Chair of the Milken Institute Asia Center, and experts from the centre on the macroeconomic outlook in the Asia-Pacific region. She also participated in a dinner held in her honour, which brought together a dozen female leaders in Singapore who are active in the political, economic and financial world.
