Original article

Singapore bank deposits jump as Hong Kong, COVID-19 sow uncertainty

Jun 05, 2020 | 🚀 Fathership
SINGAPORE: A record jump in money flowing into Singapore bank accounts from abroad underlines the country's safe haven appeal during the COVID-19 pandemic and political uncertainty in rival financial centre Hong Kong, analysts say.

Singapore fiercely competes with Hong Kong as Asia's premier wealth centre and generally attracts capital flows during regional turmoil due to its political stability and AAA credit rating.

Responding to a query from Reuters, the Monetary Authority of Singapore said in a statement that since mid-2019, there has been a broad-based increase of inflows into Singapore by non-residents from multiple jurisdictions, including Hong Kong.

Safe haven flows into Singapore should continue as long as regional uncertainties, such as those in Hong Kong and US-China trade tensions, persist, said Andrea Choong, an analyst at CGS-CIMB Securities.