Singapore remains a trusted destination for wealthy investors to manage their assets, Deputy Prime Minister Gan Kim Yong affirmed during the Bloomberg New Economy Forum 2026 in New Delhi on October 14. Speaking on the sidelines of the event, Gan, who also serves as Minister for Energy, Trade and Industry, highlighted Singapore’s ongoing efforts to maintain its competitiveness as a global wealth management hub amid rising regional rivals such as Hong Kong and Dubai.
Gan emphasized that Singapore continually updates its regulations and operational processes to facilitate wealth management efficiently. “Competition is a given. We continue to make sure that our regulations and rules are up to date and facilitate many of these operations for wealth management,” he said, underscoring the city-state’s commitment to adapting swiftly in a dynamic global environment.
On the same day, Gan participated in a panel discussion alongside India’s Union Minister of Commerce and Industry Piyush Goyal, DP World CEO Yuvraj Narayan, and Canada’s International Trade Minister Mandier Sidhu. The dialogue touched on several themes, including the importance of supply chain resilience in light of geopolitical uncertainty and climate risks.
Citing disruptions caused by the Covid-19 pandemic and tensions in the Strait of Hormuz, Gan warned that the cost of such disruptions could exceed the investments required to build resilience. “It could be climate change. It could impact supplies. We just have to prepare for the new future,” he said, highlighting the need for adaptive strategies in a rapidly evolving global context.
To this end, Singapore is actively working to diversify its natural gas sources and is exploring nuclear energy as a potential option. Gan noted that while the government has not yet made a decision on nuclear power, it is closely monitoring developments to keep policy options open. “We are still studying today. It’s important for us to keep pace with the development of technology,” he explained.
Regarding regional cooperation, Gan discussed the complexities and necessity of the ASEAN Power Grid initiative, which aims to interconnect electricity networks across Southeast Asia by 2045 to support cross-border power trading and clean energy security. While acknowledging the technical and diplomatic challenges involved, Gan described the plan as a phased process involving incremental steps such as linking Singapore with Malaysia and Indonesia, before expanding connections throughout ASEAN.
Singapore is set to assume the ASEAN chairmanship in 2027, succeeding the Philippines. In preparation, Gan outlined priorities including the implementation of regional trade and digital economy agreements, notably the Digital Economy Framework Agreement expected to be signed in November, and the upgraded Trade in Goods Agreement.
He expressed optimism that these agreements would enhance intra-ASEAN trade efficiency and benefit external trading partners by enabling smoother movement of goods within the region. “This will also benefit our trading partners because we are able to trade among ourselves more efficiently,” Gan said, underscoring the mutual advantages of deeper regional economic integration.