In his memoirs Lee Kuan Yew stated that: "Anyone who predicted in 1985 when we [Singapore] separated from Malaysia that Singapore would become a financial centre would have been thought mad".
The evolution of Singapore’s financial system is a fascinating story. The country weathered the financial crisis of East Asia, for instance. It never issued a licence to BCCI and was thus spared the scandal brought in the wake of its demise- according to Lee Kuan Yew "Singapore escaped unscathed because we refused to compromise standards". Singapore’s regulatory architecture itself has been undergoing changes through a gradual process of deliberate policy choices and the training of staff to monitor and supervise the changing regulatory requirements.
At the present time there is considerable interest within Sri Lankan banking circles on the scope and content of the proposed mandatory code of governance for banks issued by the Central Bank. In this context it is interesting to briefly consider the Code for Corporate Governance issued by the Ministry of Finance of Singapore in 2005.
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