Approximately six years ago, a challenge developed into a vision which has since become a reality. The challenge of providing services to meet our clients’ global needs caused Peter Cogan, Charly Weinstein and me to develop a vision for what is now EisnerAmper Global. That vision was rooted in the necessity of effectively meeting our constituents’ needs as well as positioning us to become a truly worldwide business advisory service firm. This means being in the key international financial centers where our clients’ investment vehicles are domiciled.
That vision became a reality thanks to the hard work of many people. EisnerAmper Global member firms have established offices in financial service hubs such as New York, Dublin, the Cayman Islands, London, San Francisco, Israel, Mumbai—and now Singapore. So why Singapore? It’s an interesting question with an equally interesting answer.
In July of 1987, President Ronald Reagan said, “Mr. Gorbachev, tear down this wall.” The dismantling of the Berlin Wall was considered disruptive, but it ultimately made the world a smaller place. In 2018, technologies like blockchain and cryptocurrencies are disrupting economies and also making the world a smaller place. Who thought blockchain would become the ultimate ledger, where you could track financial transactions from inception and in real time? Who knew cryptocurrency could one day become the new international currency, where trade deals and multinational financial transactions can happen and significantly reduce the fluctuation of foreign currencies?
The evolution of technology in the financial services industry is also disruptive and causing significant shifts in the way financial transactions are being processed. While the development of new technologies will cause some financial service models to become obsolete, EisnerAmper is developing artificial intelligence technologies to assist clients in building advanced infrastructures for future financial services industry growth, as well as complying with the regulations put in place to monitor the activities of the new fintech firms.
By joining with Meng Tee and his firm, EisnerAmper has established a foothold in Singapore—the gateway to Asia. As such, EisnerAmper clients will have access to the third largest financial center in the world. Singapore’s technology readiness, global commerce and finance, highly educated population, strong rule of law and pro-business atmosphere all contribute to an environment that fosters international trade.
As for the future, the Industry Transformation Map (ITM) for the financial services sector that the Singapore Government unveiled in October 2017 promises to provide tremendous opportunities. In connection with the ITM, the Monetary Authority of Singapore is implementing measures to increase the development of the technology infrastructure, simplifying the regulatory framework for venture capital managers and encouraging nontraditional sources of private-sector financing for development-stage companies. We believe that this transformation of the Singapore financial services industry will provide the opportunity for EisnerAmper professionals to help clients flourish.
With offices in key financial service hubs, our professionals are well-positioned to provide client solutions to accounting, regulatory and technology opportunities that the growing financial services industry will provide. Our presence in Singapore is one more example of our vision and commitment.