Singapore assets under management up 10% to $5.4 trillion in 2023
- Kelvin Tan
- Jul 18, 2024
- 1 min read
Singapore's financial sector experienced robust growth in 2023, with assets under management (AUM) rising by 10% to $5.41 trillion by year-end. The corporate debt market also saw a significant 21% increase in new issuances, totaling $230 billion.
Private equity and venture capital AUM grew at a 24.6% compounded annual growth rate (CAGR) to over $650 billion from 2018 to 2023, with more than half of these assets supporting Asia-Pacific businesses.
Despite a drop in net AUM inflows to $193 billion, the lowest since 2018, Singapore's AUM growth outpaced Asia's 8% and approached the global growth rate of 12%. The corporate debt market's outstanding size rose by 10.5% to $566 billion.
Additionally, the insurance sector expanded, with net premiums and total assets growing by 6.4% and 6.8%, respectively.
The Monetary Authority of Singapore plans to enhance financial institutions' resilience by improving technology risk management and recovery plans. Digitalization continues to thrive, with PayNow transactions hitting $94 billion and widespread adoption of SGQR payments among merchants.
Article by Tan Nai Lun for ST. Read more here or in the PDF below.
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