Singapore’s banking industry is what made the country develop into one of the richest countries in the world. It can further develop by embracing the Bitcoin industry.
I went to search the net on this but the banking system was not giving as the reason alone but I understand what you mean here.
Three factors were important for the growth of Singapore development,
1. Being friendly to foreign investors
2. Location
3. Sincerity in governance and policy.
There is however relationship in the last listed point to growth of economy because policies made are going to be followed up sincerely. As for the bitcoin in Singapore, the government may sincerely develop policies that will help to boost the adoption. But I think they will also go the way of developing there own cryptocurrency.