Singapore must evolve its family-office proposition

The following is the transcript of his opening remarks:

I am happy to join you at the Global-Asia Family Office Summit.

Today’s theme, “Legacy in Action: Capital for the New Horizon”, is apt for a time of profound change. Geopolitical dynamics are reshaping trade and investment flows. Rapid technological advances, including in artificial intelligence, are transforming industries and business models. A new generation is also bringing different perspectives to how wealth can be managed, invested and deployed.

These structural shifts are making the task of preserving and growing wealth more complex. Families must respond to new opportunities and growing expectations, while staying true to their values and long-term goals. They will need trusted advice, global connections and access to diverse investment opportunities.

Singapore can be a trusted partner for families as they plan across generations. Our deep wealth management ecosystem and established financial centre connect families with key markets and partners around the world. Our stable institutions, clear rules, appropriate safeguards and reliable infrastructure give families the assurance to invest for the long term. Together, these strengths make Singapore an attractive base from which families can invest and manage wealth with confidence.

Growth of Singapore’s wealth management sector

Our commitment to openness, trust and partnership has supported the growth of Singapore’s wealth management sector. Over the past five years, private banking client assets grew around 50%. Between 2024 to 2025, client assets under management rose by 15%. This reflects the confidence that global and Asian families continue to place in Singapore as a wealth management hub and long-term partner. We must continue to deepen this confidence.

Improving the private banking client experience

MAS and the industry are also working to improve the client experience while upholding high regulatory standards. Last year, a working group led by the Private Banking Industry Group (PBIG) was established to enhance the account opening experience for private banking clients. MAS worked closely with PBIG to identify practical improvements, while maintaining robust due diligence standards. These include using AI and digital tools in onboarding, taking a risk-appropriate approach to establishing clients’ sources of wealth, and training industry professionals.

PBIG has committed to reducing median account opening times of its member banks to within one month by the end of this year. And I am pleased that the group is making good progress towards its goal. Nearly half of all new accounts opened by PBIG member banks over the last three months were completed within a month. Most PBIG member banks have also shortened their median account opening times since the end of last year.

Reviewing the funds tax incentive framework

MAS also works closely with the industry to keep our frameworks competitive and responsive to families’ needs. For instance, single family offices have asked for greater flexibility in managing their portfolios and deploying capital from Singapore, including into investments such as digital payment tokens and insurance policies. MAS is considering this feedback in its regular review of the tax policy framework, to keep pace with families’ evolving investment and wealth planning needs.

This includes updates to the Designated Investment list, which sets out the types of investments that can qualify for tax exemption under Singapore’s tax incentive schemes for funds. MAS will announce the updated Designated Investment list and implementation date in due course.

Connecting families with innovation and enterprise

Managing wealth is only one part of building a legacy. Families can also contribute their experience, networks and patient capital to the wider economy, by supporting new ideas and promising businesses. Many of you have built successful businesses across different industries and markets, and understand what it takes to turn ideas into thriving enterprises. Your experience will help aspiring entrepreneurs and companies succeed. Your right advice and business connections can be as valuable as the capital you provide. This can greatly benefit young companies and the wider start-up ecosystem in Singapore and Asia.

Singapore’s innovation and enterprise ecosystem offers families opportunities to invest alongside companies and partners that are developing solutions for Asia and the world. We are home to almost 4,000 start-ups representing 40% of all start-ups in Southeast Asia. Singapore is also home to 24 unicorns with exits valued above $1 billion. Altogether, the Singapore start-up ecosystem holds an estimated value of more than $290 billion.

Families interested in connecting with Singapore’s start-ups and high-growth companies can reach out to EDB to discuss your interests. Through these partnerships, families can become part of Singapore’s growth story and help promising businesses grow beyond our shores. Singapore will continue to strengthen our wealth management ecosystem, so that families can plan with confidence and pursue new opportunities. We invite you to make Singapore your base for these ambitions, and to work with us to nurture the next generation of global champions. The businesses we help build today can create opportunities for generations to come.

I look forward to continuing this conversation with you later on during the fireside chat.

Thank you very much.