Trust companies were brought under the supervision of MAS in February 2006, bringing the supervision of the complementary activities of trust services, private banking and wealth management under the ambit of a single regulator. The new regulatory regime will encourage high standards of professionalism in the provision of trust services in Singapore, and support the robust growth of the industry. The trust services industry has grown steadily along with firm growth seen in the wealth management sector. Currently there are 33 trust companies licensed under the Trust Companies Act (TCA), comprising both local and overseas firms. |
