Mr Lim Chow Kiat, Chairman, Wealth Management Institute,
Ms Foo Mee Har, CEO, Wealth Management Institute
Distinguished Guests
Ladies and Gentlemen
1. A very good morning to everyone. I am happy to join you here today for the Summit.
2. This year’s theme - 'Charting the Course in a Different World' – is very timely. The world around us is shifting and changing rapidly.
3. Supply chain disruptions, shifting geopolitical landscapes, and changing market dynamics are realities that affect how all of us do business, where we invest, how we invest and how we plan for our families' futures. For family offices, these changes are felt even more keenly. You must not only navigate global volatility, but also steward wealth across generations, and meet rising expectations for sustainability and social impact.
4. Today, I would like to share with you how Singapore is charting the course across three areas:
a. First, our strategic approach to these global changes to strengthen Singapore's relevance and competitiveness;
b. Second, our comprehensive support for wealth owners’ wealth, business and family priorities; and
c. Third, our deliberate investments in our capital markets ecosystem and talent to drive future growth.
Singapore’s Strategic Approach
5. Let me start with the first area – our strategic approach to global changes.
6. Singapore is not immune to these global challenges. Like many of you, we need to navigate new trade conditions and shifting geopolitical dynamics. But our approach has been consistent and deliberate: stay competitive, stay open, and stay connected. The key question is: how do we apply these principles in the new world order? This is why we have embarked on the Economic Strategy Review, led by Deputy Prime Minister Mr Gan Kim Yong, who is also Chairman of the Monetary Authority of Singapore, to chart a forward-looking blueprint to secure quality opportunities for businesses and workers.
7. For businesses and wealth owners, this means that you are operating within a jurisdiction that offers stability, is pro-enterprise and is forward-looking. You can plan for your wealth, your business and your family's future with the confidence that Singapore will remain anchored based on the principles of being competitive, open, and connected.
One-Stop Shop for Wealth, Business and Family Needs
8. This brings me to the second point: what does this mean for wealth owners in practice.
Wealth
9. Many of you chose to come to Singapore because we offer something valuable — trust. Trust in our governance, our stability, and our consistent policies. This trust has translated into results. Private banking client assets grew by a robust 19% in 2024, with about half of that growth coming from net new inflows. Looking ahead, in its Global Wealth Report 2025, BCG projects Singapore to be the fastest growing wealth management centre through 2029.
10. But we don’t take this for granted. We certainly will not rest on our laurels. This is an important recognition of what we have done so far because the world is becoming more volatile and uncertain. There is also competition with different cities around the world. The government and industry in Singapore will continue to work closely together to see how we can remain relevant.
11. Beyond trust, we know we must also deliver efficiency. Some of you may remember waiting over a year for your Single Family Office tax scheme applications. MAS recognises that this is not the standard of efficiency that we should provide to our clients. We have worked hard to improve this, and today, most new applications are approved within three months.
12. And we are not stopping there. Today, I'm pleased to announce that MAS is reviewing the Single Family Office Fund tax scheme parameters to simplify the framework and better align with industry needs. This would include:
a. Reducing documents needed for application;
b. Easing reporting requirements; and
c. Expanding the types of investments eligible for the fund tax scheme.
13. At the industry level, a private banking working group, co-led by MAS, has been established to improve account opening efficiency. They will be sharing best practices for streamlining processes and adopting AI and automation. At the same time, they will highlight potential areas where greater regulatory clarity could help to reduce unnecessary second-guessing, and excessive ex-ante checks. These efforts are in addition to the guidelines already issued by MAS and the AML/CFT Industry Partnership. MAS will fully support the industry’s endeavours to improve account opening efficiency. Our objective is clear – to ensure that banks in Singapore provide services that are competitive, efficient and which facilitate the needs of legitimate investors while maintaining sound regulatory standards.
14. I think all of you chose Singapore because we have high standards. We have a regulatory environment that you can trust, and we won’t shift away from that. At the same time, we will ease the process, make it less tedious, quicker and more efficient. This way, we can achieve an environment that is pro-business and efficient, has high standards, and is trusted.
15. These initiatives reflect our commitment to making Singapore responsive to wealth owners’ operational needs. We may not get everything right in the first instance, just like many other jurisdictions. But one strength of Singapore’s system is that we remain very close to the industry. We are very open to listening to feedback from the industry and we work together with them to see how we can make things better.
Business
16. Beyond wealth management, Singapore's location at the heart of Southeast Asia opens significant business opportunities in a region that is now the world’s 5th largest economy. By 2030, ASEAN is projected to become the 4th largest, with a consumer market of over 700 million and investment flows of US$230 billion.
17. From Singapore, businesses can tap into this regional growth momentum. The ‘Singapore+’ twinning model lets you anchor your high-value functions here — your headquarters, your R&D functions, your advanced manufacturing teams and for some, your treasury functions as well — while scaling operations in nearby markets, including Johor, and the BBK region, which is Bintan, Batam and Karimun. The upcoming Johor-Singapore Special Economic Zone will also help businesses to access these growing opportunities.
18. This is why half of Southeast Asia's top family businesses have chosen Singapore as your base, to strengthen operations, future-proof your enterprises, and explore new growth opportunities through innovation and partnerships. We hope to welcome the rest as well.
Family
19. Singapore also provides families with resources and trusted networks to create meaningful impact in causes close to their hearts, such as environmental or social causes. Let me give some examples.
20. The government has designed initiatives like the Carbon Project Development Grant, where EDB co-funds projects alongside private capital from family offices. This helps local firms develop carbon projects and credits while giving families impactful investment opportunities.
21. Families can also access philanthropic networks and global philanthropic organisations here. Networks like the Philanthropic Asia Alliance and ImpactSG bring like-minded families together. Global philanthropic organisations such as the Dalio Philanthropies and the Gates Foundation have also set up in Singapore. For example, the Gates Foundation expects to mobilise at least US$100million from family offices and foundations here, to improve healthcare across South-east Asia through the Health for Human Potential community. It is a very meaningful initiative.
Investing in Our Capital Markets Ecosystem
22. Turning to the third area – investments in our capital markets ecosystem and talent to drive future growth. A vibrant market is critical for investors seeking diversification and families seeking to raise capital for their businesses.
23. We have been working with industry partners to strengthen Singapore’s equities market. Last year when I spoke at this event, I shared about our initial moves and ideas. Looking over the last one year, we have achieved some positive momentum. We will be releasing the remaining recommendations by the end of this year, which I hope when implemented, will give Singapore’s equity market a further boost. Our focus, as I shared last year, is not to go for quick wins which is not sustainable. We want to address the fundamentals of our ecosystem to enhance Singapore’s equity market, such that the momentum can be sustained. Our focus is a practical one: measures that increase investor participation and make it easier for quality companies to list here.
24. We have made three key moves.
a. First, the MAS and the Financial Sector Development Fund (FSDF) has committed S$5 billion under the Equities Market Development Programme (EQDP) to strengthen Singapore’s fund management ecosystem and broaden investor interest beyond large cap stocks. An initial S$1.1 billion will be placed with three asset managers who will draw in additional third-party capital. This will deepen investment and liquidity in local small and mid-cap stocks. And we will continue to place out more of such funding with other managers in the coming phases – not to pump-prime the market, but to grow the asset management sector’s capabilities in local equities, so as to foster a durable demand base for Singapore equities.
b. Second, we are lowering the cost for companies to list here by providing tax rebates for listing expenses. The Prime Minister announced this earlier this year as part of his Budget Speech.
c. Third, we are streamlining our regulatory requirements and processes, such as prospectus disclosure requirements and listing admission criteria. With these changes, MAS and SGX RegCo have now publicly committed to completing their listing review processes within six to eight weeks.
25. For family offices, I hope this can create opportunities—both as investors in a more dynamic market and as business owners who might use our strengthened capital markets to raise funds for your businesses.
Investing in Talent and Capabilities
26. We are also investing heavily in our talent. Institutions like WMI offer structured training in areas such as wealth planning, succession planning, and philanthropy to support the growth of family offices here.
27. One flagship initiative is the Dalio Market Principles Program, launched in partnership with Mr. Ray Dalio, Founder of Bridgewater Associates. This innovative programme leverages artificial intelligence through "Digital Ray". This is an AI-powered platform that shares investment principles and market insights. Since its launch one year ago, almost 1,300 people have enrolled, from individual investors to finance professionals.
28. I’m heartened that established family offices are contributing to this ecosystem by sharing their expertise through teaching and mentoring. This creates positive feedback loops that help to strengthen our entire community.
29. One example I would like to share is Mr. Edoardo Collevecchio who is the Managing Director of Oppenheimer Generations. He serves on the teaching faculty for WMI and is a member of its Family Office Circle. Since early 2024, he has been sharing his knowledge in areas such as family office operations and legacy planning, at a certification programme for family office practitioners. Participants had found the real-world discussions coming from a practitioner who has a lot of industry experience highly relevant, and Edoardo himself had found the teaching opportunity enriching. In his words – “these sessions are always a source of great joy for me”. Please join me to express appreciation for Edoardo. Thank you, Edoardo.
30. In the area of philanthropy advisory, WMI has seen over 600 enrolments in its programmes. This November, they will be launching a Certificate in Philanthropy and Social Impact for Greater China Markets.
31. Today, I am pleased to note that there is a new initiative. WMI will partner with the Singapore Law Society to launch a specialised programme for legal professionals serving family offices. This initiative will strengthen capabilities in complex structuring, governance, and succession planning—areas that are increasingly critical as family office needs become more sophisticated.
Conclusion
32. Let me conclude my speech. I will be happy to have a dialogue with everyone later during the fireside chat. We know the world will continue to change. It is something that we can neither stop nor prevent. But Singapore will have to deal with this in a manner which is not fundamentally different from what we have done in the past. This is not the first crisis. This is not the first difficult challenge that we as a nation have encountered in the short 60 years of independence. We have done it before and this time round we will do it again. Singapore will remain open. We will remain connected to the world and we will remain committed to your success. We will continue to strengthen our ecosystem to support your needs.
33. For those who are already part of our community, I thank you for having that trust in Singapore, for putting your family offices and investments here in Singapore. We welcome your feedback as we continue to improve. If you are not yet here, I hope you will seriously consider coming to Singapore and I encourage you to speak with the families who are already here. My colleagues from MAS and EDB are also available throughout the day to answer any questions.
34. Thank you for your partnership and I look forward to our continued journey together.
