Five decades of prosperity in Singapore

“A controversial and bold decision was made to build the first container port in Southeast Asia. That decision has paid off in spades as today, 50 years on, Singapore is one of the busiest ports in the world.”

From our earliest days, we have facilitated the movement of trade and capital around the world. This goes right back to the early 1800s when our predecessor banks financed the movement of goods between Great Britain and Australia.

More recently in the 20^th century it became clear Australia would play key role in facilitating trade and finance flows around the Asian region. Asia is in our DNA. It’s woven into the fabric of who we are and what we do best.

We operate in 29 markets around the world – many of them in Asia. And the opportunity from Asia’s economic growth is difficult to overstate.

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Southeast Asia is at the centre of global growth, with the region expected to be the world’s fourth-largest economy by 2040. As a bloc, the ASEAN nations are already Australia’s second largest bilateral trading partner.

And few places are as pivotal to regional trade in Asia as Singapore. Located in a strategically important and geographically central peninsula, it is a trading hub to the operation of the whole region.

It’s also on Australia and New Zealand’s doorstep – so our connection to Singapore makes strategic and economic sense. ANZ has a long history in Singapore and this month we are celebrating 50 years in the city state with a series of events in the city state.

Major milestones

Underlining our commitment to Asia, this celebration comes on the heels of a number of other milestones in different countries in the region. In recent years ANZ has celebrated supporting investment flows from Japan for more than 70 years, 50 years in Indonesia and 30 years in Vietnam.

For our customers, Singapore is a gateway to the world, unlocking global opportunities. Importantly, Singapore and Hong Kong are the two leading financial centres in the Asia-Pacific, behind only New York and London globally.

But it was a different story when ANZ entered this market in the decade after Singapore’s independence in 1965. In that time, Singapore’s economy has undergone a radical evolution.

In 1974 when ANZ’s operations began, the gross domestic product of the country was around US$5 billion. Today, 50 years on, it is more than 100 times that and has developed a number of key industries in transport, logistics, technology, aerospace and financial services.

During ANZ’s time in the county, the first Singapore dollar was issued, Singapore joined the United Nations and the International Monetary Fund and Singapore Airlines was formed and launched its first transcontinental service to London.

And perhaps most significantly – a controversial and bold decision was made to build the first container port in Southeast Asia. That decision has paid off in spades as today, 50 years on, Singapore is one of the busiest ports in the world on one of the busiest shipping channels in the region.

That foresight and first-mover advantage propelled Singapore to global trading hub status. The door to international trade and foreign investment was well and truly opened.

Capital magnet

ANZ recognised early how important Singapore would be on a global scale and we have invested accordingly as part of our strategy to support movement of trade and capital for major companies and financial institutions around the world and into our home markets of Australia and New Zealand.

We have about 760 bankers on the ground in Singapore – it’s our biggest office outside Australia and New Zealand. Those bankers cover around 500 customers across technology, commercial real estate, financial institutions, transport and logistics, agriculture, resources, energy and infrastructure.

As well as being a magnet for private capital, Singapore is critically important from a geopolitical perspective to the governments of the region.

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The nation will play a key role in realising the Australian government’s objective of boosting trade and investment given Singapore is an important contributor to a number of advanced manufacturing value chains.

The Federal Government commissioned a report by Nicholas Moore AO to develop a national strategy for greater trade and investment between Australia and Southeast Asia.

In September 2023 the strategy was released and then earlier this year Australian Prime Minister, Anthony Albanese, introduced a host of measures to support regional growth.

One of those measures was to appoint of 10 private-sector Business Champions to help facilitate greater commercial links between Australia and Southeast Asia.

I was honoured to be named Business Champion for Singapore. A serendipitous appointment given our 50^th anniversary this year. 

While trade flows and finance brought ANZ to Singapore 50 years ago – the country and its economy has evolved immensely since then and offers so much more today.

It’s a disrupter on a global scale. It has a strong institutional framework, a progressive regulator, a vibrant fintech system and an ambitious plan to transition to net-zero.

Singapore is growing its legacy with a sharp eye on the future. As ANZ marks 50 years here, we are doing the same.

Shayne Elliott is CEO of ANZ.