Date: For Parliament Sitting on 5 February 2025

Name and Constituency of Member of Parliament

Assoc Prof Jamus Jerome Lim, Sengkang GRC

Question:

To ask the Prime Minister and Minister for Finance (a) over the past four years, how many single family offices (SFOs) that have been set up have been awarded tax incentives; (b) whether MAS has any plans to seek SFO licensing and regulation under the Securities and Futures Act (SFA), similar to multi-family offices; and (c) if not, what considerations may lead MAS to decide to do so.

Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:

1. The number of Single Family Offices (SFOs) awarded tax incentives grew from 400 as at end 2020 to over 2,000 as at end 2024.

2. SFOs manage only the monies of the family and do not serve third-party clients, and thus are not subject to licensing under the Securities and Futures Act (SFA). This is similar to the approach taken by other major jurisdictions. Notwithstanding, as set out in MAS’ response to the consultation paper on “Proposed Framework for Single Family Offices”, MAS will be introducing a licensing class exemption framework for SFOs which will require them to notify MAS of their presence and comply with specific requirements to ensure that all SFOs are subject to anti-money laundering controls.

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