A friend of mine back in London alerted me to this slightly contoversial article featured in the London Evening Standard (free daily paper for you non Londoners). It addresses the aparent reasoning behind the growing migration of Brits to Signapore seeking amongst other things a healthier economic climate. I gather that the author, Simon English, has never actually lived in Singapore himself, from his use of wikipedia, and I imagine google, as a source of information, and a few thinly stretched quotes, from some handpicked stereotype bankers. English also manages to omit every other profession when weighing up his 'pros and cons of living in Singapore' foolish really when the likes of Oil and Gas and Shipping are such booming industries, and the career choice for a large proportion of Expats too. I would also urge readers of English's article that there is a 'bigger picture' to life in Asia, whilst the 'four floors or whores' may be where his chosen sources prefer to frequent, there is a large population of Expats who can see beyond the Countries boundries and look to embrace the travel potential in South East Asia, the alternate pace and of life, and (thank the lord for the Tax system here, which he lightly brushes over) the opportunity to save. Despite these areas of negligence, I thought I would share the article with you as it serves, if anything, as a (somewhat naive) insight into Singapore 'from the outside'.
Article by Simon english, London Evening Standard 20th August 2012
When the financial crisis really began to bite in 2008, bankers in search of career progression or, indeed, anything but career reversal realised that traditional hubs such as New York or London were no longer the only places to be.
“It’s Dubai, Mumbai, Shanghai or goodbye,” went the joke in banker circles. Move or quit — being here is miserable, they decided.
With the banking system embroiled in fresh, some would say even more serious, fiascos, a new escape route is lately presenting itself: Singapore.
Already the fourth biggest financial centre — and the second biggest casino centre, perhaps not coincidentally — Singapore boasts the highest percentage of millionaires in the world.
London bankers and traders are now being asked with increasing regularity if they want a chance to have a crack at joining them.
“Are we going in droves?” asks one stockbroker. “Well, the corporate mergers and acquisitions deal makers are certainly out there— so far this year some £33 billion of business has been concluded in South-East Asia. If you’re an M&A man, you have to be conducting your business there. There’s just no point scrabbling around in London for deals as it’s small fry stuff and everyone in Europe is sitting on their hands. In the West, our economies are burdened with debt but in Asia the cash is there and the money-making opportunities are just huge.”
It’s not just the chance to cash in that is appealing, it’s the chance to escape the mire around the Square Mile.
Singapore is where the growth is, and where the optimism is heading.
So this mini exodus is only likely to grow as the squeeze on the City gets tighter, as calls rise for regulatory reform and clampdowns on pay.
Adds the same broker: “You would think any banker worth his salt would have stuck two fingers up to George Osborne with his 50 per cent tax and his refusal to bat for us in Europe and headed out East by now, wouldn’t you? Singapore charges a top rate tax of 20 per cent. Why would you hang around in London?”
In preparation for the Singapore boom, Standard Chartered — presently in the news for one or two minor US difficulties — built the largest trading floor in Asia last year. Tower 1 at the Marina Bay Financial Centre covers 513,000 sq ft over 24 floors of gleaming screens that house 4,000 wheeler-dealers.
“A vibrant and extraordinarily successful city,” says Standard Chartered chief executive Peter Sands. “Strategically placed at the heart of this new economic super-cycle.”
What’s Singapore like as a place to live? The consensus seems to be that it’s safe, rather heavy on police presence and low on ironic banter. No one talks back to the boss. No one talks back to anyone, in fact.
The night life? A trader from the grubbier end of the stock market who spent two years there a while ago turns misty eyed. “My abiding memory of Singapore is a knocking shop that I was taken to by my brokers called the ‘Four Floors of Whores’. It will live with me for a very long time,” he says, drifting off.
This fantastically dubbed place is actually situated in a retail and entertainment complex, which is raided by police on a regular basis in a bid for a respectability that seems to remain out of reach.
It houses a range of bars full of alluring women more than happy to be bought a drink. But be careful, hot shot: other price tags shall also apply.
It is evidently a popular destination, though you should avoid floor three unless lady-boys are of interest.
The Four Floors seems indicative of a slightly wider phenomenon. Because Singapore society is so controlled, there is a reaction to this behind closed doors. Some go absolutely nuts, by several accounts. The phrase “extreme sexual deviancy” crops up more than once, but it seems to be the sort of thing that everyone knows about but only discusses after they have left the country.
Singapore’s clear ambition is to usurp Hong Kong as Asia’s leading financial centre, and for it the scandals in New York and London are nothing but good news.
Singaporean authorities are said to be delighted at the public fist fight between the two top finance centres, thinking they can only benefit from the fallout.
But it seems the real power players don’t want to base themselves there, no matter what.
Says the grubby trader: “Singapore is a dull place to be, the Four Floors aside. The local culture is insular and the way they treat women is a disgrace. Top bankers are cosmopolitan and urbane, there’s just no way they would base themselves at such a bland island. Sure they’ll jet in, do the deals and get the advisory fees, but it will be transacted in London or New York wherever possible with the absolute bare-minimum of face time in Singapore.”
So the boss leaves his 25- to 35-year-olds living in company apartments to do the leg work. Then he gets out of town to see his children, who are getting the best education money can buy at Knightsbridge in London or Battery Park in New York.
Singapore is a democracy, sort of, where the People’s Action Party has won every election since 1959 and favours, says Wikipedia, “collective welfare over individual rights such as freedom of speech”.
One young banker out there and enjoying it says the social life is “fun but controlled. That basically sums up Singapore for me — it’s a little too controlled.
“You can have a good night out but it stings the wallet big time and the head the next day. I think it’s the combination of being in air-conditioning all day and then boozing alfresco in the heat. This results in massive dehydration and the ultimate hangover. I do miss a good old English boozer.”
Foodie bankers say that back in the 1990s everyone would bang on about how great the food and restaurants were in Singapore. London has more than caught up since. The Fat Duck is better than the Peking Duck in Marina Square, says my restaurant guide.
One thing Singapore seems to be missing — this could be good or bad, depending on your point of view — is any sense of guilt over the financial crisis.
According to a City banker, one Singaporean who moved here to work complained that he felt “victimised” in London. If anyone was to blame, it was the regulators, he felt — he personally was merely doing what he was supposed to do: get rich as quickly as he could. He moved back, sharpish.
What’s the best age to be there? The answer seems to be between 28 and 40. At the young end of that range, you head over to Hong Kong when you want fun; later on, those with children have cheap live-in helpers in fabulous condos that come with pools and gym facilities. It is convenient and slick, geared towards making getting to the office and staying there easy.
Says another banker: “Singapore’s a great place to be at the start of your career and you can’t believe your luck when you land the first-class, one-way ticket out there, but you soon grow up and you find yourself in economy longing for the Square Mile, its bars, its vibrancy, its class and the characters on the trading floor.
“Would I go again? Forget it. Would I go to Tokyo? You betcha …”
So should you take that Singapore job offer? Why not. It’ll be fun for a couple of years. Just don’t get stuck there. London will always be where it is all really going on.
The first rogue trader in the islands
British bankers off to Singapore are following in the steps of a pioneer. Nick Leeson was losing fortunes for banks before it became fashionable.
As the star trader at Barings Bank’s Singapore arm — until his gambling led to losses of £800 million and the ruin of a British institution — Leeson warmed to everything it has to offer. Then he ended up in a brutal jail.
“I thought it was a wonderful place to live,” he tells the Standard. “I’m sure it has only got better. I’ve seen two sides to it, though. There’s the nice ex-pat living and then there’s the more authoritarian side.”
He adds: “Everyone has an ID card. If you get caught at the age of 12 smoking marijuana, that goes on your card. The system is successful, but the prison population is very young; everyone was a drug offender. There is a focus on punishment rather than rehabilitation.”
The upside?
“There are a lot of good-looking women. It is warm. There are a lot of different cultures. It is a competitive environment to bring up kids though. The focus on being successful is intense.”
Make of that what you will...
Speak Soon
XXX
