Singapore’s financial watchdog has decided to shorten the waiting time for wealthy people who are looking to manage their assets in the Asian wealth hub.

The move aims to solidify Singapore’s wealth management industry even as the Monetary Authority of Singapore (MAS) vows to uphold tight regulatory standards, a senior official said on Wednesday.

Faster set-up for wealthy investors

In a significant change, wealthy individuals and families applying for tax incentives to set up their family offices in the city-state will now need less time than before, reported Reuters.

Previously, this process could take up to 12 months. However, after the change, the applicants can expect to wait up to a maximum of three months.

This expedited timeline was announced by Chee Hong Tat, the Deputy Chairman of MAS, during a media visit to DBS Group Holdings Ltd., the country’s biggest bank

Ease of doing business

Beyond family offices, the regulatory body is also actively working with private banks to help their clients open accounts faster.

“We are also working closely with the private banking industry group to see how we can further reduce the time taken for the clients to set up” accounts, said Chee.

This initiative reflects Singapore’s goal of creating a more efficient and attractive space for global wealth.

Balancing growth and standards

Chee’s comments underscore Singapore’s calculative approach to expanding the country’s local wealth management sector.

The government is willing to take what it calls “proportionate” risks to foster the industry’s growth while also ensuring that its high standards of financial integrity and regulation are not compromised.

Singapore as a global wealth hub

Singapore is swiftly climbing the ranks among the world’s largest asset-management centres and emerging as a preferred destination for offshore wealth stewardship, reported Bloomberg.

It is also emerging as a growing spot for family offices and philanthropy as the number of Single Family Offices (SFOs) in Singapore has grown from 400 in 2020 to 1,650 as of September 2024, solidifying its status as a key destination for global wealth management, the report said.