Some unusual rumblings have been heard from Singapore recently. In July the resignation was announced of Koh Beng Seng, deputy managing director of the Monetary Authority of Singapore (MAS) and reckoned to be the country’s hard man of financial regulation. Then the prime minister persuaded him to withdraw his resignation and asked him to join a committee on banking deregulation. Behind the scenes, a furious debate is raging about the kind of financial centre Singapore should be.
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