Nagato, thanks for setting up the exchange in Singapore, when I am back in Singapore, first thing I am going to do is to open an account and verified with FYB-SG. Don't just go for SG, make Singapore the financial hub for Bitcoins, steady lah!
I have done this -- i.e., I have opened a bank account in S'pore. But to deal with FYB in amounts exceeding 1000 SGD you have to get "verified". The verification process assumes you are a citizen of S'pore, so it fails for me. So, for now, any transactions I make must be in amounts less than 1000 SGD. Highly inconvenient, but workable. S'pore is such a tiny state that one would assume much of their financial dealings are with foreigners, and things like account verification would be automatically tailored to foreigners. Unfortunately, this appears not to be the case. At least with respect to FYB.
Agree, Singapore is such a tiny state and market, but it is better to have full concentration on the local market, raise the awareness and capture the market first before trying to venture overseas and catering to foreigners. But I guess this will be the path no matter what if you want to have a sizable exchange to compete with Bitstamp and MtGox etc. Anyway it is a good start.