I spoke at the Wealth Management Institute’s Global-Asia Family Office Summit today, engaging with family office principals and investors from around the world on this year’s theme - 'Charting the Course in a Different World'. In my speech, I outlined Singapore’s strategic response across three key areas: - Strengthening our relevance and competitiveness amid global changes. - Supporting wealth owners holistically – across business, wealth and family priorities. - Investing in capital markets and talent to drive future growth. Singapore’s track record of strong governance, stability and consistent policies has earned the trust of investors: - Our financial sector grew by 6.8% in 2024, more than double the pace of the previous year. Growth was broad-based – spanning banking, insurance, capital markets, asset management and wealth management. - Private banking client assets also grew by 19% in 2024, with about half coming from net new inflows. Beyond trust, we are also delivering greater efficiency: - MAS has cut approval time for the Single Family Office tax scheme from 1 year to 3 months. - MAS is now reviewing the Single Family Office Fund tax scheme parameters to simplify the framework and better align with industry needs. - A private banking working group, co-led by MAS, is enhancing account opening processes. Our objective is clear – to ensure that banks in Singapore provide services that are competitive, efficient and responsive to the needs of legitimate investors whilst upholding sound regulatory standards.
Hong Tat Chee Bro, the report you wanted to commence action is found in the other comment.
We have come a long way, thanks to both public and private efforts. Looking forward to the next lap of innovations and developments in our financial sector.
Great intiatives to drive growth, moving forward 👍
Minister Hong Tat Chee’s speech confirms the critical duality for Asia Family Offices: accelerating efficiency (MAS approval times) while upholding sound governance. This speed-vs-governance tension is a core risk challenge. Our research shows this demands quantum assurance. Our QCCP (Enterprise Fraud) model delivers the accelerated, high-fidelity VaR necessary for real-time compliance. Crucially, our Q-CORRIDOR (DPI Risk) model quantifies the complex **Trust Entropy (HD) ** across multi-jurisdictional FO ledgers. You cannot accelerate account opening without a corresponding leap in quantitative risk assurance. These quantum models provide FOs with the governance proof they need to scale safely in a complex global market. #FamilyOffice #WealthManagement #QuantumFinance #Governance #Singapore
Congratulations
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1moCrux of the goal is very loud and clear and reflects true leadership with road map. “Our objective is clear – to ensure that banks in Singapore provide services that are competitive, efficient and responsive to the needs of legitimate investors whilst upholding sound regulatory standards.”