ABSTRACT
This chapter utilizes the constructivist approach to integrate the socio-economic and political in a study of local banking enterprise experience in the contest of an increasingly competitive economic space under globalization and liberalization pressures. Singapore's experience is used to illustrate the impact of such globalizing tendencies on its banking sector, entrepreneurship development and the contested banking space. The domestic banking landscape has become concentrated and local banks have responded to the new regulatory measures with few grudges. State governance, social capital and embeddedness have generated an effective win-win economic and political interaction and cooperation. The United Overseas Bank (UOB) experience has illustrated the trajectory path taken by local banks in reaching today's strength and stability. The free trade regime and absence of foreign exchange controls have enabled these banks to flourish. The weakening of socio-cultural significance to local banks is reflected in UOB's third generation caretaker.
