The financial hub has over the years accumulated a large, undisclosed sum of reserves, which has been estimated at over a trillion dollars, a figure Gupta referenced in his remarks. Still, authorities have mostly batted off calls for a greater deployment of the pile, especially for welfare payouts.
Singapore needs to figure out how to better deploy its sizable reserves and leverage its wealthy status by investing more in the region, according to Piyush Gupta, the chief executive officer of the city-state’s largest bank.
“We’ve still not caught up around the fact that we are a rich country,” the head of DBS Group Holdings Ltd., said at a conference titled Reinventing Destiny on Monday. “We have capital resources, how do we put it to work to create competitive advantage?”
