I doubt it’s about the money.

It’s just Singapore is a small country, we crave for global recognition like most powerful passport, best airport etc. so there was a dream to become an accountancy hub, and one way to get there was to have our own qualification paper that is internationally recognised.

When it first came out there were already concerns we might be reinventing the wheel, since ACCA, ICAEW already so well established.

If tomorrow MOF creates a new body and makes a CFA(SG), it’s not automatically going to be superior to the already damn well known CFA.

Btw the next big thing they also working on is Valuation, there is a CVA now.