The Bermuda International Business Association (BIBA), in conjunction with the American Chamber of Commerce, hosted its first ever Bermuda Financial Services Briefing and Luncheon yesterday at The Fullerton in Singapore.

The event attracted more than 50 high-level lawyers, accountants, fund managers and financial services industry advisers to a speech by Cheryl Packwood, BIBA's chief executive officer, who provided an introduction to Bermuda and insights into the latest regulations, business developments and opportunities for financial services businesses in Singapore to do business with Bermuda.

Attending the event to represent Bermuda, in addition to Ms Packwood, were: Susan Stirling, director of marketing for BIBA, Judy Lee of Appleby; Savithri Chettiar, Srikumar Te, Lakshman and Susan Jacob of Apex Fund Services; and Brian Holdipp, of Conyers Dill & Pearman.

Singapore, which has regulatory and legal provisions in place through the Singapore Tax Exemption Scheme that both allow for and encourage offshore activities and investment in approved jurisdictions, has significant business connections and interests in Bermuda.

"Since the latter part of the 1900s, Bermuda and Singapore have been partnering in business - in fact, of the 130 offshore stocks listed on the Singapore exchange, 100 are registered in Bermuda," Ms Packwood said.

"So, obviously, our relationship has a firm grounding. In addition, several of Bermuda's companies have established branches in Singapore. This longstanding relationship not withstanding, the global financial crisis has reaffirmed the valuable role that Bermuda plays and can continue to play as a partner with Singapore."

Ms. Packwood concluded by saying: "Bermuda has always been on the frontier of change, innovation and quality. We are the grand dame of the offshore business world with real onshore business in terms of mind and management. Working together we are confident that Singapore and Bermuda can continue to thrive and grow."

The Singapore briefing concludes BIBA's promotional tour of Asia.