Second Minister for Finance Chee Hong Tat at a fireside chat with Patricia Quek, head of UBS Wealth Management Singapore, during the UBS Asia Wealth Forum 2025 on Jan 14. — The Straits Times
SINGAPORE: Singapore is seeing growing interest from investors to build regional hubs or expand their wealth here, and will ensure the business environment remains conducive for them to achieve sustainable growth, says Second Minister for Finance Chee Hong Tat.
“There will be more interest from investors to look at Singapore as a key node and a hub in Asia,” said Chee, who is also deputy chairman of the Monetary Authority of Singapore’s (MAS) board of directors.
“We want to see how we can offer a greater variety of investment options, including for people who want to put their wealth here and also grow their wealth here,” he said.
Speaking at a fireside chat during UBS Asia Wealth Forum 2025 on Jan 14, Chee noted that Singapore’s pro-business and pro-innovation policies, as well as a stable and well-regulated environment, appeal to investors here.
The wealth management sector continues to flourish, with the number of single-family offices growing to more than 2,000 by the end of 2024, said Chee.
That was a more than 21.2% increase from 1,650 by the end of August 2024 and at least a 42.8% rise from 1,400 by the end of 2023.
The rise came on the back of tax incentive schemes by MAS to encourage single-family offices to do business here, as well as create jobs, stimulate demand for local service providers, and channel capital to enterprises.
Chee said that there has been growing interest from Chinese companies looking to venture overseas to places such as South-East Asia.
Many of these businesses have opted to set up their headquarters in Singapore to support their expansion plans in the fast-growing region.
Some of these firms include sportswear company Anta, toy company Popmart and telecom equipment and technology company Suzhou Dongshan Precision Manufacturing.
Singapore has been working with such Chinese firms to build their regional hubs here, Chee said.
With uncertainties rising, the Republic should continue to position itself as a place where investors have the confidence and trust that the government takes a long-term economic view and focuses on achieving sustainable growth, said Chee.
He added that the financial sector has seen good progress in the past few years, and noted that wealth management and financial services remain key growth areas.
“Wealth management will become a more important sector in Singapore as the population ages and more people look for better retirement options.”
Wealth management assets in Singapore have grown by an average of about 10% per year over the past five years. — The Straits Times/ANN
