Singapore's Financial Sector: How Did We Arrive, How Do We Thrive?

Piyush Gupta is the Institute of Policy Studies' 17th S R Nathan Fellow for the Study of Singapore. This book is an edited collection of his three IPS-Nathan Lectures, delivered from October to December 2025, and includes highlights of his question-and-answer segments with our audience.Mr Gupta charts Singapore's evolution from the Asian Dollar Market and a two tier banking system to a sophisticated financial ecosystem spanning asset management, capital markets, commodities, wealth management, and insurance. He analyses how digitalisation, new players, and emerging technologies are reshaping finance, and how money and financial assets move in an increasingly connected world. Looking ahead, he examines the choices Singapore must make as it balances innovation with stability and trust. Which lessons from the past endure - and how do we thrive in the next phase of development?