Issue Regional finance runs through Singapore, which blurs where capital originates

Summary

This issue concerns the double role Singapore plays in financing Southeast Asia's growth markets. Beyond attracting foreign capital into the region in its own right, Singapore is home to banks that are central to regional lending. With ample capital and liquidity, these banks have widened their presence across Southeast Asia in recent years. Singapore is therefore both a destination and the channel through which money reaches neighbouring economies. Because funds routed this way register as Singaporean, the city-state tops the region's cross-border deal data, which can obscure where the capital ultimately comes from.