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New Switzerlands: Private Banking and Money Laundering Shift to Asia

In: Asia Future Shock

Author

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  • Michael Backman

Abstract

Private banking is a relatively new phenomenon in Asia. It’s now one of the region’s newest, fastest growing service industries. Secret offshore banking, its shadier cousin, is growing too and Singapore particularly is making a pitch for this business. In years to come, Singapore is likely to become the new Switzerland, much to the consternation of other governments. China, on the other hand, will be one of the world’s biggest markets for private banking and fund management.

Suggested Citation

  • Michael Backman, 2008. "New Switzerlands: Private Banking and Money Laundering Shift to Asia," Palgrave Macmillan Books, in: Asia Future Shock, chapter 23, pages 161-166, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59242-1_23
    DOI: 10.1057/9780230592421_23
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