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Matthias Knab, Opalesque for New Managers: The Monetary Authority of Singapore (MAS) is considering whether single family offices should be allowed to deploy capital into digital payment tokens and insurance policies under Singapore's tax incentive schemes for funds. Deputy Prime Minister Gan Kim Yong, who also chairs MAS, made the comments in his opening remarks at the Wealth Management Institute's (WMI) Global-Asia Family Office Summit in Singapore on 5 October.
Gan also reported progress on a separate industry push to cut private bank account opening times to one month.
Family offices ask for more flexibility
According to Gan, single family offices have asked for "greater flexibility in managing their portfolios and deploying capital from Singapore," including into digital payment tokens and insurance policies.
MAS is weighing this feedback as part of its regular review of the tax policy framework. The review includes updates to the Designated Investment list, which sets out the types of investments that can qualify for tax exemption under Singapore's fund tax incentive schemes. These include the Section 13O and 13U schemes used by most single family offices in the city-state.
MAS will announce the updated list and its implementation date "in due course." Gan gave no timeline, and the inclusion of either asset class has not been confirmed.
Any change would matter to family offices weighing Singapore against rival hubs. At present, the treatment of crypto holdings and insurance-based wealth structures inside incentivised vehicles is a key limitation for families who want to consolidate these assets in Singapore.
Onboarding: nearly half of new accounts opened within a month
On the private banking side, a working group led by the Private Banking Industry Group (PBIG) was set up last year to improve the account opening experience for private banking clients. MAS worked with PBIG to identify practical improvements while maintaining due diligence standards.
The measures include using AI and digital tools in onboarding, taking a "risk-appropriate approach" to establishing clients' sources of wealth, and training industry professionals.
PBIG has committed to bringing median account opening times at its member banks to within one month by the end of 2026. According to Gan, nearly half of all new accounts opened by PBIG member banks over the last three months were completed within a month. Most member banks have shortened their median opening times since the end of last year.
The initiative comes after several years in which onboarding at Singapore private banks became notably slower, as banks tightened source-of-wealth checks following heightened anti-money laundering scrutiny.
Client assets up 50% in five years
Gan said private banking client assets in Singapore have grown by around 50% over the past five years, including a 15% rise between 2024 and 2025.
He also encouraged families to invest in Singapore's start-up ecosystem, which he said comprises almost 4,000 start-ups and 24 unicorns, with an estimated total value of more than US$290bn. Families interested in direct investment can contact the Economic Development Board (EDB).
GIC chief: long-term capital is getting more expensive
Earlier in the day, WMI Chairman Lim Chow Kiat, who is also CEO of GIC, told summit participants that government borrowing, the AI build-out and the overhaul of energy systems are all competing for the same pool of long-term capital. This is happening at a time when lenders are demanding more compensation to commit capital over long horizons.
Held under the theme "Legacy in Action: Capital for the New Horizon," the fifth Global-Asia Family Office Summit brought together close to 650 participants. It continues on 6 October with the Partners Forum.
The full text of Gan's remarks is available on the MAS website.
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