Date: For Parliament Sitting on 16 October 2024
Name and Constituency of Member of Parliament
Mr Yip Hon Weng, MP, Yio Chu Kang SMC
Question:
To ask the Prime Minister and Minister for Finance (a) whether the Ministry views the single family office (SFO) sector as a continuing growth area for Singapore; (b) if so, what steps are being taken to prepare the local workforce with the specialised skills and expertise needed to effectively service this sector; and (c) what is the estimated number of Singaporean citizens currently employed within the SFO sector.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. The single family office (SFO) sector in Singapore is expected to continue to grow given that Singapore is a trusted and well-regarded centre for asset and wealth management.
2. MAS, the Institute of Banking and Finance Singapore (IBF) and the Wealth Management Institute have worked together over the past few years to support the talent needs of the family office ecosystem. In 2020 and 2021, skills maps for family office executives and private banking professionals advising family offices were launched to highlight the technical skills and competencies that such professionals will need to acquire. Training providers took reference from these skills maps to develop relevant courses. Today, there are more than 60 such courses offered by established training providers. MAS, through the Financial Sector Development Fund, provides course fee subsidies for locals attending training programmes that are accredited by IBF under these skills maps.
3. As of 31 December 2023, more than 1,700 locals were directly employed by SFOs awarded MAS tax incentivesThese are the tax incentive schemes for funds under sections 13O and 13U of the Income Tax Act (ITA).. Beyond direct employment, SFOs contribute to the growth of ancillary services as they engage local service providers such as private banks, law firms, tax advisers, fund administrators and custodians.
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