Latest news with #UBSAsiaWealthForum
Economic Times
09-07-2025
- Business
- Economic Times
Singapore cuts queue time for global rich to set up family offices
Agencies Wealthy individuals setting up family offices in Singapore will now face a shorter wait of up to three months to access tax incentives, down from the earlier 12-month period, the Monetary Authority of Singapore (MAS) said on Wednesday. The change is part of the regulator's move to streamline processes and sustain its appeal as a global wealth hub even as scrutiny on financial flows tightens. Deputy Chairman Chee Hong Tat of MAS said the regulator is also working with private banks to help their clients open accounts faster. 'We want to maintain high standards and at the same time, we also want to make it convenient and business-ready for our clients,' Chee said during a media interaction at DBS Group Holdings Ltd. The move comes in the backdrop of heightened concern from investors over tougher checks on sources of wealth, following a string of financial scandals. Singapore has faced questions over its anti-money laundering safeguards after authorities seized S$3 billion ($2.3 billion) in assets linked to a major laundering case in 2023. 'We take a risk-proportionate approach and not a zero-risk approach,' said Chee. 'Otherwise, Singapore will not be able to capture new opportunities.' Last week, MAS fined nine financial institutions a total of S$27.5 million for lapses related to the 2023 laundering case. This was the regulator's biggest enforcement action since it shut down BSI SA's Singapore unit in 2016 over 1MDB-linked offences. Among the firms penalised were local branches of UBS Group AG, Citigroup Inc., and United Overseas Bank Ltd. When asked why domestic lenders faced less regulatory action, Chee said, 'It is not whether it is a local or international financial institution, but it is about the nature and extent and the severity of the lapses and offences that have been committed.' MAS said it had conducted supervisory examinations of all financial institutions involved in the case. At least 16 firms, including DBS, had dealings with those convicted, according to Bloomberg News. Growth of single family offices At the UBS Asia Wealth Forum held in Singapore earlier this year, Chee said the number of single family offices in Singapore rose to 2,000 in 2024—up from 1,650 in 2023. This reflects a 21 per cent increase in just one year, according to a Reuters report published in January. 'There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia,' Chee told participants at the forum. 'We want to see how we can offer greater variety of investment options, including for people who want to put their wealth here also to grow their wealth,' he added. Singapore has benefited from strong inflows of wealth into Asia, aided by a favourable tax regime, political stability, and its role as a regional investment base. Indian diaspora reshapes Singapore's family office landscape Nearly 60 per cent of Asia's family offices are now based in Singapore, The Straits Times reported. Among the high-profile names is the Ambani family, which set up its Singapore family office in 2022. They are joined by a younger wave of Indian entrepreneurs who are now formalising their succession plans through dedicated structures to avoid internal disputes and improve asset governance. According to DBS Bank, an estimated US$4 trillion (S$5.3 trillion) in wealth is expected to transfer across generations among the Indian diaspora over the next decade. In 2023, about 6,500 high-net-worth Indians moved abroad, with Singapore remaining one of the preferred destinations. 'Singapore is a top destination for ultra-high-net-worth individual Indian families looking to establish a family office outside of India,' said Shee Tse Koon, head of consumer banking and wealth management at Indian families are now shifting away from traditional holdings like real estate and gold, opting instead for a more diversified mix of public equities, private capital, and start-up investments. According to DBS, Indian family offices have participated in over 200 start-up funding rounds over the past two decades. This shift in strategy reflects broader concerns over volatility in the real estate sector, both in India and abroad. Family offices are increasingly focused on formalising their wealth management through structures that support trust management and estate planning, ensuring continuity across generations. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Newton vs. industry: Inside new norms that want your car to be more fuel-efficient India's gas dream runs on old pipes. Can a European fix unclog the future? Engine fuel switches or something else? One month on, still no word on what crashed AI 171 Is gold always the best bet? Think again Can this cola maker get back bubble valuation pricked by Ambani? Stock Radar: Metropolis Healthcare breaks out from 2-month consolidation; likely to retest 2,000 levels For risk-takers, it is time to review & reinvest: 5 mid-cap stocks from different sectors with upside potential of up to 38% in 1 year These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Buy, Sell or Hold: Motilal Oswal raises target on SRF; Nuvama sees over 20% upside in Phoenix Mills
Time of India
09-07-2025
- Business
- Time of India
Here's why Singapore is making it easier for HNIs to set up family offices; slashes wait time to woo billionaires amid scandals
Singapore has thrown a bone to the country's billionaire class by making it easier for them to set up family offices. Originally, such people had a 12-month waiting period before they were granted tax incentives, but the Monetary Authority of Singapore has slashed this period by 75%, so that it's just 3 months now. This decision is part of a larger effort by the regulator to preserve Singapore's reputation as a global wealth hub, as the country struggles to reckon with recent financial scandals that have raised concerns about tighter regulations arising as a consequence. The Monetary Authority of Singapore is offering increased tax incentives Aside from the relaxed tax incentive requirements for setting up family offices, the MAS is also working with private banks to make it easier for clients to open accounts. When discussing these measures at a DBC Group Holdings press event, MAS Deputy Chairman Chee Hong Tat had this to say: 'We want to maintain high standards and at the same time, we also want to make it convenient and business-ready for our clients.' Singapore's financial regulator is looking to shorten the waiting time for wealthy people before they can manage assets in the Asian wealth hub, while also seeking to uphold tight standards, a senior official said Singapore's wealthy elites have grown rather skittish of late thanks to a string of financial scandals, such as a money laundering case in 2023 that resulted in over S$3 billion worth of assets getting seized. Last week, the MAS ended up fining nine financial firms for a total of S$27.5 million in connection with the case. 9 Financial Institutions Fined A Combined $21.5 Million For Their Role in Singapore's Biggest Money Laundering Scandal. "... ($2.2 billion) in illicit assets seized after 10 foreigners were busted in a series of simultaneous raids in August 10 convicted money… Single family offices are on the rise in Singapore Single family offices have been increasing at a steady rate in Singapore, with the tally being 2,000 as of 2024, an increase of 21% from 2023's 1,650. MAS Deputy Chairman Chee remarked on this at the UBS Asia Wealth Forum, saying: 'There will be, I think, more interest from investors to look at Singapore as a key node and hub in Asia.' 10 years from now: Rich people will work in India. But, retire abroad. Recently, one of India's richest billionaires set up a family office in Singapore. He is not alone. Many Millionaire/billionaires are migrating their wealth abroad. There is a very specific strategy… The Indian diaspora is a heavy driver of investment in Singapore, with DBS Bank estimating that an estimate S$3 trillion may transfer across the diaspora's generations over the coming decade.
