Growth of family offices in Singapore slows due to tougher regulations

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.

Apr 02, 2024
9 months ago
Singapore

Increased regulatory scrutiny — which is lengthening wait times for family offices seeking to establish in Singapore — is slowing down their growth in the city-state.

Regulations became more stringent in the wake of some family offices being involved in a huge money-laundering case in August 2023.

By Dec. 31, 2023, around 1,400 family offices had been awarded tax incentives, a 27% increase from 2022 and almost double the number in 2021.

Currently, the application process takes at least 18 months, and the process to open a private bank account takes around three to six months, Alice Quek, head of private clients at Hawksford Asia, told AsiaInvestor.

Marcus Baram
Author Marcus Baram

Marcus Baram is a contributing editor at Crain Currency, where he covers the intersection of finance and politics. Prior to joining Crain Currency, Baram was a staff writer at Fast Company and an editor at Huff Post. He has also written for outlets such as The New York Times, The Atlantic, and Vice. Baram is an expert on economic policy and has a deep understanding of the ways in which politics shapes the global financial system. In his role at Crain Currency, he brings a unique perspective to the complex and ever-evolving world of finance. With his keen analysis and clear writing, Baram helps readers make sense of the important issues impacting the economy today.