Wealthy investors can trust Singapore to manage their assets: Gan Kim Yong

Deputy Prime Minister Gan Kim Yong assured wealthy investors that Singapore can be trusted to manage their assets, as the nation strives to solidify its position as a global wealth management hub. Gan, who is also the minister for energy, trade and industry, made these remarks during a visit to India from October 13 to 15, 2026, to bolster bilateral economic cooperation.

When questioned about Singapore's competitiveness against Hong Kong and Dubai as a wealth hub, Gan emphasized the need to keep pace with the evolving market. He stressed that Singapore must consistently update its regulations to facilitate wealth management operations and improve overall efficiency.

During a panel discussion, Gan highlighted the importance of investing in supply chain resilience in the face of geopolitical uncertainties and climate change. He cited the Covid-19 pandemic and Strait of Hormuz disruptions as examples of potential disruptions, stating that the cost of disruption may exceed the cost of implementing resilience measures.

To enhance supply chain resilience, Singapore is diversifying its natural gas supplies and exploring nuclear gas as an option. The country is actively studying the feasibility of nuclear gas, as it aims to reduce its dependence on a single source of natural gas. Gan noted that the decision on nuclear gas is still under consideration, but keeping abreast of technological advancements is crucial for Singapore.

Regarding the ASEAN Power Grid, Gan acknowledged the complexity of the initiative, which aims to connect electricity networks across ASEAN member states for cross-border power trading and clean energy security by 2045. He acknowledged that the project will be a multi-decade-long endeavor and emphasized the need for an incremental approach.

Singapore, as the ASEAN chairmanship in 2027, plans to initiate the connection with Malaysia and Indonesia before expanding to other ASEAN nations. Additionally, upgrading the internal domestic power grid will be essential to accommodate the expansion.