Overview
Singapore has established itself as one of the leading private banking and wealth management centres globally and in Asia.
High net worth individuals choose Singapore for our sound financial regulation, strong rule of law, as well as political and economic stability. The breadth and depth of institutions here also give them ready access to global and regional financial markets while providing a full suite of wealth management services to meet their every need.
In addition, Singapore has built up a strong eco-system of capabilities to support the growth of private banking. These include:
- Skills and expertise in asset management, wealth and succession planning, foreign exchange and derivatives trading.
- A diverse pool of local and international wealth management talent, supported by world class training institutions.
- Developed capital markets as well as a vibrant private equity and venture capital eco-system.
- Comprehensive suite of wealth management players including trust companies, philanthropy organisations, family offices and ancillary service providers such as tax, legal advisors, consultants and technology platform providers.
Key Facts
In competitiveness and performance
Among industry professionals
Between 2017 - 2019
Wealth management of the future will be one of stewardship and purposeful deployment of assets… We will continue to work with our industry partners to facilitate future-planning for the future generation.
MAS Assistant Managing Director Ng Yao Loong at the Euromoney Asia Private Banking Seminar, 13 September 2018
Click here to access all speeches relating to Singapore's wealth management industry
Family Offices
On
the back of rising growth of Asian wealth, an increasing number of families are
consolidating their wealth in Singapore through formal structures, such as
family offices. In March 2019, MAS and the Singapore Economic Board (EDB) jointly established the Family Office Development Team (FODT) to enhance Singapore’s competitiveness as a global wealth management and family office hub. The FODT seeks to enhance the operating environment for family offices; deepen capabilities of family office professionals and service providers; and build a stronger community of family offices.
This section also contains information on licensing requirements for
single family offices in Singapore.
Extract from “FAQs on the Licensing and Registration of Fund Management Companies”:
The term ‘single family office’ (SFO) is not defined under the Securities & Futures Act (SFA). An SFO typically refers to an entity which manages assets for or on behalf of only one family and is wholly owned or controlled by members of the same family. The term ‘family’ in this context may refer to individuals who are lineal descendants from a single ancestor, as well as the spouses, ex-spouses, adopted children and step children of these individuals.
There are existing class exemptions from licensing under the SFA and the Financial Advisers Act for the provision of fund management and financial advisory services respectively to related corporations.
For further details, please refer to the full FAQ here.
Upholding Professional Standards
Regulations and Guidance
Banks in Singapore are regulated under the Banking Act . Find out more about the regulatory regime and licenses for the banking industry in Singapore.
See the full list of banks in the Financial Institution Directory.
Schemes and Initiatives
Roadmap for a Leading Global Financial Centre in Asia
Learn about MAS' roadmap for financial services, including growth strategies, skills upgrading, and agenda for innovation and technology.
Singapore Asset Management Survey
Get the latest report on the state of Singapore's asset management industry. This annual survey includes respondents from banks, finance and treasury centres, and capital market services licensees, and more.
Jobs and Skills
Find out how MAS is working to grow and develop talent in the financial sector, including wealth management and private banking.
Financial Sector Tax Incentive Schemes
View MAS' tax incentives and grant schemes for financial institutions with plans to establish or expand their operations in Singapore.
What's New
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"Growing a Vibrant Insurance Linked Securities Market in Asia" - Speech by Mr Lim Cheng Khai, Executive Director, Financial Markets Development Department, Monetary Authority of Singapore, at the Artemis ILS Asia Conference 13 July 2023
Steve Evans, Editor in Chief, Artemis Distinguished guests Ladies and gentlemen Introduction 1. Good morning. Thank you for having me at the Artemis ILS Asia Conference. It is good to see the event back for its fifth installation in Singapore. I am happy to be here, to reconnect with friends I’ve met in Artemis New York...
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"The Wellness of Investing - Eating Well, Sleeping Well, Feeling Well" - Keynote Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at SIAS 1st Master Series Investment Conference on 11 July 2019
Mr Ravi Menon, Managing Director, MAS, spoke on three investment themes that investors can consider to achieve wellness in their investment.
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"Future-Planning for the Future Generation" - Keynote Address by Mr Ng Yao Loong, Assistant Managing Director, Monetary Authority of Singapore, at the Euromoney Asia Private Banking Seminar in Singapore, on 13 September 2018
Keynote Address by Mr Ng Yao Loong, Assistant Managing Director, Monetary Authority of Singapore, at the Euromoney Asia Private Banking Seminar in Singapore
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Roadmap for a Leading Global Financial Centre in Asia
Singapore, 30 October 2017… The Monetary Authority of Singapore (MAS) today released the industry transformation map (ITM) for financial services, which outlined growth strategies by business lines, programmes for upgrading skills, and an agenda for continuous innovation and technology adoption. 2 Speaking at the launch...
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MAS and ABS lead consortium to harness blockchain technology for more efficient inter-bank payments
The Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS) announced today that the consortium which they are leading has successfully developed software prototypes of three different models for decentralised inter-bank payment and settlements with liquidity savings mechanisms.