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 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:
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.
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 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.
The Financial Services Industry Transformation Map 2025 lays out the growth strategies to further develop Singapore as a leading international financial centre in Asia – to connect global markets, support Asia’s development, and serve Singapore’s economy.
At the launch of the Financial Services Industry Transformation Map 2025, Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman, MAS shared the plans, strategies and targets for the next five years for our financial centre to continue to stay relevant and competitive.
This information paper follows from a series of anti-money laundering and countering the financing of terrorism (AML/CFT) thematic inspections and engagements conducted by MAS of selected external asset managers. It sets out MAS’ supervisory expectations for effective AML/CFT frameworks and controls and includes good practices and illustrative examples observed.
Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat, highlighted that asset and wealth management is a core part of the financial services sector and underpins Singapore's position as a global financial node. He also announced the launch of the Sustainable Finance Technical Skills and Competencies by MAS and the Institute of Banking and Finance.
The new skills maps serve as a resource for training providers and financial institutions to design family office-related training, and provide guidance to family offices on the skills and competencies which family office professionals should possess.