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.
As at end-2021
“As an established financial hub, Singapore will continue to grow opportunities for wealth management and support the evolving needs of family offices…we also believe that the best legacy that those with greater means can leave behind is a positive impact on society.”
Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, Mr Lawrence Wong at The Owner's Symposium of The Global-Asia Family Office Summit on 29 September 2022
Click here to access all speeches relating to Singapore's wealth management industry
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
MAS has not issued a directive – tacit or otherwise – to banks to keep quiet about the origins of wealth inflows
Statement by the Private Banking Industry Group
Speech by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, at The Owner's Symposium of The Global-Asia Family Office Summit on 29 September 2022
At The Owner's Symposium of The Global-Asia Family Office Summit, Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman, MAS spoke about opportunities for family offices in Singapore to maximise their philanthropic impact and do good.
MAS launches Financial Services Industry Transformation Map 2025
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.
"ITM 2025: Forging New Growth Pathways" - Opening Address by Mr Lawrence Wong, Deputy Prime Minister and Minister for Finance, and Deputy Chairman of the Monetary Authority of Singapore, at the Financial Services Industry Transformation Map 2025 Launch Event on 15 September 2022
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.
Strengthening AML/CFT Practices for External Asset Managers
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.