19-05-2025
Singapore's private banks use finance boot camps to target wealthy Chinese scions
SINGAPORE -- Over five days in Hong Kong, children of the cream of the crop of Singapore lender United Overseas Bank's clients networked with prominent enterprises in the Chinese-ruled city, such as Porsche sports car distributor Jebsen Motors.
This first such expedition for the bank, in 2023, was part of a clutch of programs for rich scions on the rise as Singaporean private bankers chase affluent clients from China even as pressure for robust due diligence mounts in the wake of a massive money laundering case in the Southeast Asian finance hub.
