Asian Wealth Management Forum 2019 SG - Exclusive Insights - Lee Woon Shiu - 2

Jump to section:

1. Has Singapore positioned itself in a very smart way?

Video transcript

1. Has Singapore positioned itself in a very smart way?

Singapore's in a very sweet spot because the two regulators that are fronting the activities in this area, the EDB and the MAS of Singapore, are both seen by clients in this region as being very business friendly and being very visionary. Approximately three to four years ago, when the family office wasn't such a big thing in this part of the world, the regulators were very, very forthright in saying, "We want to position Singapore as the place to be for family offices," and that's when they really worked very actively with all the banks to make sure that the bankers knew that this was the pitch and went out flying the flags of Singapore. And through that process, we have actually garnered good talent in the last few years. Singapore's ecosystem for the family office has become so much richer because of the regulator’s efforts. They're really in the forefront and doing the smart thing. And secondly, I think in terms of being very, very friendly to offer attractive immigration opportunities for both the family office teams. You can either get an employment pass or a permanent residency. These two make it attractive for ultra-high net worth families to redomicile themselves in this part of the world. And long term, this is really going to be beneficial for Singapore because we're getting the best talent throughout the entire world from the ultra-high net worth families, so it's a very, very good play by the Singapore government.

More videos from Woon Shiu Lee, DBS Private Banking

Latest Articles

Latest News