SINGAPORE: In a significant shift, Ramesh Moosa and his team of 30 experts at EY’s Forensic and Integrity Services in Singapore are embarking on a new mission.
They are part of a select group of professionals from six firms tasked by Singapore’s financial regulator to meticulously scrutinize high-net-worth individuals seeking to establish family offices in the country.The team’s goal is to uncover any hidden issues, delving into the backgrounds of these individuals to ensure they are who they claim to be.
According to industry experts, the influx of wealth from China, Indonesia, India, Hong Kong, and the rest of Asia has solidified Singapore’s position as a key financial hub.has surged from 400 in 2020 to 1,650 by the end of August this year, with expectations of further growth.The city-state has also eased travel restrictions for Chinese citizens, reflecting its openness to international talent and investment.
This strategic positioning is advantageous for wealthy Chinese families, who can leverage Singapore’s connectivity to expand their business interests globally. The city-state offers tax incentives for family offices, a significant draw for high-net-worth individuals looking to manage their wealth efficiently.
For instance, Hong Kong, a significant wealth management centre, has faced challenges due to political unrest and different regulatory environments, which can deter wealthy Chinese families from choosing it over Singapore.The real challenge lies in maintaining this delicate balance amidst increasing competition from other financial hubs, such as Hong Kong.
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