The Monetary Authority of Singapore’s (MAS) revised framework for single-family offices (SFOs) came into effect on 15 June 2026, introducing a simplified regulatory regime designed to make it easier for wealthy families to establish operations in the city-state while enhancing regulatory oversight. Under the revised framework, qualifying SFOs can benefit from a class exemption from licensing requirements regardless of their […]

The post Singapore’s streamlined framework for single family offices kicks in appeared first on Asian Private Banker.

For years, the assumption was simple. The easier it was to move money across borders, the more wealth a financial centre would attract. That equation is starting to change. China is the clearest example. Its private banking sector is still expanding rapidly, with record assets and rising numbers of wealthy clients, according to Asian Private Banker’s latest China AUM League […]

The post Bottom Line: Cross-border wealth just got complicated — or just better controlled? appeared first on Asian Private Banker.

China’s crackdown on offshore brokerages will see wealthy Chinese families increasingly resort to alternative channels, such as e-commerce, to move wealth offshore, Justin Choy, chief investment officer and responsible officer at Youxfort Family Office, told Asian Private Banker. “Currently, for Chinese high net worth individuals, the most difficult challenge is figuring out how to move their wealth outside of mainland […]

The post How China’s UHNWs are navigating capital controls amid brokerage crackdown appeared first on Asian Private Banker.

Chinese mainland customers can still open bank accounts in Hong Kong “smoothly” as lenders implement new regulatory requirements, the Hong Kong Monetary Authority (HKMA) said on Saturday. “The banking industry has implemented the new regulatory requirements set out in the HKMA circular to ensure the account opening process is compliant and orderly,” a spokesperson for the HKMA said. “Chinese mainland […]

The post HKMA: Mainland account openings in Hong Kong unaffected by new rules appeared first on Asian Private Banker.

Singapore’s move to shorten private bank account opening times from around six weeks to four is a positive development for the industry. As a leading wealth management hub and key booking centre alongside Hong Kong and Dubai, Singapore plays an important role for private banks serving global and ultra high net worth clients. Faster onboarding can improve client experience and […]

The post Singapore speeds up private bank onboarding — but can scrutiny keep pace? appeared first on Asian Private Banker.

More stringent regulatory compliance checks are stretching account opening times for North Asian clients in Singapore to upwards of six months, yet independent wealth managers report that capital inflows show no signs of slowing. Compliance requirements such as know-your-customer (KYC) and supporting documentation, for example, can appear especially frustrating for first-generation wealth owners, Vincent Ming, co-founder of Azura Partners, told […]

The post Singapore tightens KYC, yet wealthy Chinese capital shows no retreat appeared first on Asian Private Banker.

Singapore’s Variable Capital Company (VCC) structure has become a key pillar of the city-state’s fund management ecosystem, widely used by fund managers and family offices to organise investments with flexibility and legal segregation between sub-funds. Since its launch in 2020, adoption has expanded rapidly, reaching about 1,200 VCCs by March 2025 and managed by roughly 600 regulated financial institutions. But […]

The post Bottom Line: Singapore turns up the heat on VCCs — what went wrong appeared first on Asian Private Banker.

Incoming changes that could slash taxes on certain fees earned by fund managers and independent wealth managers are welcome but long overdue, Ronald Chan, founder and chief investment officer, Chartwell Capital, told Asian Private Banker. The Hong Kong government announced proposed changes to its carried interest regime in March 2026, to provide asset and wealth managers with preferential tax treatment […]

The post Hong Kong’s carried interest refresh: Too little, too late for private credit? appeared first on Asian Private Banker.

Investors can expect “robust scrutiny” rather than a “light touch” as the Monetary Authority of Singapore moves to prevent Variable Capital Companies (VCCs) from being abused for money laundering, independent wealth managers warn. The MAS issued a warning to fund managers in January regarding the use of VCC structures for money-laundering purposes. The warning, which had not been reported until […]

The post MAS VCC crackdown: Expect “robust scrutiny,” wealth managers warn appeared first on Asian Private Banker.

Wealthy individuals in Asia with US exposure risk being caught out by recent changes in US tax policy, including measures under President Donald Trump’s One Big Beautiful Bill Act (OBBBA), Jessica Cutrera of Leo Wealth, a Hong Kong-based independent wealth advisor, told Asian Private Banker. “There are a lot of individuals in Greater China and Southeast Asia, especially Indonesia and Thailand, […]

The post “Never advised properly”: Leo Wealth flags US tax risks for Asia’s HNW appeared first on Asian Private Banker.

Hong Kong is sweetening the pot for single-family offices (SFOs) by expanding tax concessions to include digital assets, specified commodities and precious metals, a move designed to cement the city’s status as a top-tier wealth hub amid fierce regional competition. It will introduce an amendment bill in the first half of this year, with a view to implementing it from […]

The post Hong Kong 2026 Budget: Government lures SFOs with tax concessions for gold, digital assets appeared first on Asian Private Banker.

Faced with an uptick in enforcement actions across Asia, financial institutions, including private banks, are increasingly adopting centralised anti-money laundering (AML) strategies to bolster their defences. Historically, launderers have exploited the lack of communication between Western financial institutions, playing them against one another by hiding behind commercial competition and bank secrecy laws, according to Rory Doyle, head of financial crime […]

The post Private banks pivot to centralised AML amid rising enforcement in Asia appeared first on Asian Private Banker.

UBS intends to hire more talent in Taiwan, seizing upon regulatory loosening and a semiconductor-fueled tech boom, the Swiss banking giant recently told Asian Private Banker. “We are now taking advantage of all the relaxation that has happened,” Henry Su, Taiwan location head, UBS Global Wealth Management, told APB in a recent interview. Su is referring to the launch of […]

The post UBS targets headcount expansion in Taiwan as regulations ease appeared first on Asian Private Banker.

“Artificial intelligence (AI) represents something larger than compliance efficiency — it’s about redefining what’s possible in banking,” Kelvin Chiang, head of platform and analytics, financial crime compliance, Bank of Singapore, told Asian Private Banker. His comments come as Singapore’s wealth management industry continues to rebuild trust after a S$3 billion money-laundering scandal two years ago. As the Monetary Authority of […]

The post AI steps in as private banking’s new compliance watchdog appeared first on Asian Private Banker.

Singapore has revoked tax incentives granted to two single-family offices (SFOs) linked to Prince Group, whose founder and chairman, Chen Zhi, has been sanctioned by the US and the UK for allegedly running forced-labour scam operations in Cambodia. The Monetary Authority of Singapore (MAS) said on Wednesday it has identified the two SFOs connected to the sanctioned individuals and has […]

The post Singapore pulls tax perks for family offices tied to Cambodia’s Prince Group appeared first on Asian Private Banker.

The Monetary Authority of Singapore (MAS) has admitted that processing times for its tax incentive scheme for single-family offices (SFOs) have been too slow, and has vowed to simplify and speed up the process. During a speech at the Global-Asia Family Office Summit organised by the Wealth Management Institute (WMI) on Monday, Chee Hong Tat, MAS deputy chairman and minister […]

The post MAS vows to improve wait times for SFO tax incentive scheme appeared first on Asian Private Banker.

The thorny issue of succession planning has been thrust into the spotlight for wealthy Chinese families as China expands its enforcement of global income tax and a family dispute much-discussed on the Chinese internet raises important questions for dual-jurisdiction trust structures. China’s crackdown and enforcement of global income tax began last year by targeting the ultra rich and has, in […]

The post Wahaha Case and tax crackdown shine spotlight on China’s family trusts appeared first on Asian Private Banker.

What are the first names that come to mind when considering financial hubs in Asia Pacific? Hong Kong, Singapore, Shanghai, Sydney, Tokyo? But could we be about to add… Kaohsiung to that list? If the Taiwanese government has anything to do with it, we might be. Emboldened by an artificial intelligence (AI) and semiconductor boom, and promising a series of […]

The post Deep Dive: Why cultural Kaohsiung could be the next frontier for wealth management appeared first on Asian Private Banker.

Foreign private banks are facing growing regulatory restrictions in Thailand, as authorities crack down on unlicensed investment-related activities amid rising interest in offshore products, prompting Asian Private Banker to investigate the situation further. Last September, the Securities and Exchange Commission (SEC) issued a statement outlining new guidelines for foreign firms offering investment services to Thai investors, aiming to enhance Thailand’s status […]

The post No licence? No card. Thailand gets tough on foreign private banks appeared first on Asian Private Banker.

The S$27.45 million in fines that Singapore’s regulator handed out last week is more than just a headline. It’s a warning. Nine financial institutions, including UBS, Credit Suisse, Julius Baer, Citi, LGT, and UOB, were penalised for lapses tied to the country’s most significant money laundering case. But let’s be honest. Are these fines significant for institutions that generate massive […]

The post Bottom Line: Culture eats compliance for breakfast appeared first on Asian Private Banker.

Cathay United Bank Private Bank (CUB PB) is set to capitalise on the new asset management pilot zone in Kaohsiung to sustain its strong growth momentum this year, while also benefiting from expansion in its offshore businesses. “The whole team grew very strongly in 2024, and we still forecast maintaining double-digit growth in 2025,” Robert Fuh, CUB PB’s chief executive […]

The post Kaohsiung and offshore? Taiwan private bank eyes double-digit growth appeared first on Asian Private Banker.

Singapore’s Monetary Authority (MAS) has imposed S$27.45 million in fines on nine financial institutions (FIs), including Credit Suisse, UBS, Julius Baer, and UOB, for their roles in the “Fujiang gang” money laundering scandal, the largest in the city-state’s history. The 2023 case involved at least 10 Chinese nationals laundering approximately S$3 billion through illicit channels. In its statement, MAS detailed […]

The post Singapore fines Credit Suisse, UBS, UOB, Julius Baer, LGT, Citi and others S$27m appeared first on Asian Private Banker.

Asian Private Banker is proud to unveil the 2025 edition of our annual COO Focus, gathering the latest views of regional private bank operational chiefs on everything from compliance costs, to artificial intelligence and the latest work-from-home trends. The flagship project gathers analysis and opinions from all of the COOs as Asia’s leading wealth players on how they are strategising […]

The post Revealed: What’s keeping private bank COOs up at night appeared first on Asian Private Banker.

For more than 150 years, UBS (or Bank in Winterthur, as it was once known) has called Switzerland home. But could the world’s pre-eminent wealth manager soon be upping sticks and leaving the Confoederatio Helvetica? Possibly, according to a Bloomberg News report, which claims that the bank is examining potential relocation of its HQ if Swiss regulators persist with demands […]

The post Bottom Line: Ignore the headlines, UBS isn’t going anywhere appeared first on Asian Private Banker.

Warren Buffett famously said: “Only when the tide goes out do you see who’s been skinny-dipping”. Chocolate Finance would do well to listen to the world’s most famous investor, after the Singapore-based wealthtech’s missing underwear was exposed over the last few days. The start-up, which Asian Private Banker profiled last year, targets mass affluent clients whose spare cash it invests […]

The post Bottom Line: Chocolate Finance’s sticky situation appeared first on Asian Private Banker.

Following the recent budget announcements from the governments of Hong Kong and Singapore, Asian Private Banker spoke to industry experts to learn how the new measures will impact private wealth investors. Singapore plans to inject cash into the country’s sluggish stock market via an equity investment fund, while ASEAN funds are set to benefit from tax changes. The Lion City […]

The post Regulation Focus: Singapore redirects cash to capital markets, Hong Kong eyes tax easing for SFOs appeared first on Asian Private Banker.

Hong Kong’s asset and wealth management industry has broadly benefited from a supportive policy agenda to promote the city as a wealth hub. However, 2025 will likely see increased scrutiny of asset managers, according to industry experts speaking to Asian Private Banker. Increased scrutiny In a circular in 4Q24, Hong Kong’s Securities and Futures Commission (SFC) flagged deficiencies and substandard […]

The post Hong Kong’s asset and wealth managers face increased scrutiny in 2025 appeared first on Asian Private Banker.

The Hong Kong government will relax the requirements for its cash-for-residency scheme in March as part of its latest efforts to attract wealthy individuals to the city. Hong Kong’s New Capital Investment Entrant Scheme (CIES) requires applicants to make investments in Hong Kong under specified channels in return for residency status. According to a government statement on Tuesday, effective from […]

The post Hong Kong to relax cash-for-residency rules appeared first on Asian Private Banker.

Hong Kong’s capital markets showed some positive signs of recovery in 2024, according to a recent report by the city’s securities regulator, the Securities and Futures Commission (SFC), which pointed to an increased use of cross-boundary schemes as a major driving factor. Positive highlights include how Hong Kong’s capital markets have benefitted from the Connect schemes, breakthroughs in Middle East […]

The post Is the Hong Kong market back? SFC report reveals driving forces for 2025 appeared first on Asian Private Banker.

Hong Kong plans to grant tax concessions to investments including virtual assets and private credit for fund managers and family offices, a move that industry experts said will help to boost the city’s attractiveness as an asset and wealth management hub. The city’s Financial Services and the Treasury Bureau at the end of November issued a consultation paper on enhancements […]

The post “On par with Singapore”: Hong Kong boosts tax breaks for private credit appeared first on Asian Private Banker.

Hong Kong authorities in October expanded the scope of the Capital Investment Entrant Scheme (CIES) to include investments in residential properties and said they are considering further tax breaks for single-family offices in the city. The CIES aims to attract investment by granting residency status to applicants who make investments in the city under qualifying criteria. In his policy address […]

The post Hong Kong expands scope of CIES, weighs single-family office tax breaks appeared first on Asian Private Banker.

China’s tax authorities are putting more scrutiny on the offshore income of ultra/high net worth individuals (U/HNWIs), according to legal experts, in a move that could have ramifications for private bankers in key global wealth hubs. While laws are already in place requiring Chinese citizens to declare and pay tax on overseas income, such laws were rarely enforced until now, […]

The post China is now enforcing offshore income tax. Should private bankers be worried? appeared first on Asian Private Banker.

Market regulators in APAC are grappling with the growing size of private markets and their lack of transparency as more investors look to gain exposure to this asset class. The Australian Securities and Investment Commission recently indicated its intention to increase the scrutiny of private market funds, saying in a statement the opacity of the country’s private markets “presents an […]

The post APAC regulators grapple with cloudy private markets appeared first on Asian Private Banker.

China has started a criminal investigation into troubled wealth manager Hywin Wealth for alleged illegal fundraising activities and has taken ‘formal mandatory measures’ against several suspects, including individuals understood to be among the company’s top ownership, Chinese authorities said in a statement on Wednesday. Although authorities have not precisely outlined what specific action has been taken against the individuals, in […]

The post Chinese police probe wealth manager Hywin Wealth for illegal fundraising appeared first on Asian Private Banker.

Singapore’s Philanthropy Tax Incentive Scheme (PTIS), which seeks to incentivise single-family offices (SFOs) to commit capital to charitable causes, has seen sluggish demand since opening at the start of the year. Meanwhile, Hong Kong is playing catch-up to Singapore when it comes to AI governance but has recently launched a generative AI (Gen AI) sandbox to bolster adoption of this […]

The post Singapore’s SFO philanthropy scheme starts slow; Hong Kong AI governance playing catch-up appeared first on Asian Private Banker.

In Singapore, two Chinese former relationship managers (RMs) were charged in court earlier today for offences linked to a major money laundering case last year, including money laundering, forgery and obstruction of justice. Wang Qiming and Liu Kai were charged in court on Thursday morning for their roles in assisting a group of ten Chinese nationals now convicted in a […]

The post Singapore money laundering case: Two Chinese former RMs charged in court appeared first on Asian Private Banker.

Law firms in Hong Kong and Singapore have identified private wealth as a growth area amid huge inflows of mainland Chinese capital, and with more clients seeking wealth protection and succession planning services in an increasingly volatile world. The great wealth transfer in Asia has prompted some law firms to form a dedicated team with full services to clients, add […]

The post Private wealth business booms for Asia law firms amid IPO slump appeared first on Asian Private Banker.

Singapore’s financial regulator, the Monetary Authority of Singapore (MAS), does not intend to tighten anti-money laundering (AML) requirements further but will instead focus on implementing the standards already in place more evenly across the industry, it said in a recent media briefing. “The money laundering case of the past year has not changed our growth trajectory, nor our position on […]

The post MAS will not tighten wealth industry’s AML requirements further appeared first on Asian Private Banker.

Significant ETF inflows and the rapid development of the semiconductor industry are fuelling positive sentiment for Taiwan’s wealth market, industry experts told Asian Private Banker. A surge in demand for chips needed to fuel the global artificial intelligence boom has powered the island’s TAIEX index, one of the world’s best-performing stock markets in 2024, filling the coffers of Taiwan’s UHNW […]

The post Taiwan wealth market “impossible not to talk about” as AI boom fuels inflows appeared first on Asian Private Banker.

The Singapore government has seized S$6 billion (US$4.4 billion) of funds linked to criminal and money laundering activities since 2019, highlighting the extent of these issues as the city-state steps up scrutiny of parts of the wealth management sector. The disclosure of the figure by the Monetary Authority of Singapore (MAS) on Wednesday arrives after the issue of money laundering […]

The post Singapore seizes US$4.4bn in laundered cash amid scrutiny on wealth sector appeared first on Asian Private Banker.

Hong Kong’s latest efforts to lure more mainland Chinese wealth to the city are slowly gaining traction, but private banks believe that more still needs to be done with much of this money making its way into deposits and low-yielding products. In its push attract more U/HNWIs from mainland China to invest in Hong Kong, the city’s government has recently […]

The post Hong Kong welcomes wave of mainland wealth … into deposits appeared first on Asian Private Banker.

Global private banks operating in Thailand’s onshore market are confident that a new offshore wealth tax will not damage their business in the country, leading private bankers said at Asian Private Banker‘s inaugural Thailand Private Banking Leaders Conversation. The regulatory change, which came into force at the start of this year, means that Thai residents who intend to bring foreign-sourced […]

The post “The uncertainty has lowered”: Global private banks on Thai wealth tax appeared first on Asian Private Banker.

Singapore is increasing its scrutiny of the private wealth sector, including ramping up its anti-money laundering (AML) efforts. Meanwhile, Hong Kong’s regulators have turned their attention to enhancing ETFs, an asset class that has a market capitalisation significantly below that of other jurisdictions. In this edition of Regulation Focus, Asian Private Banker spoke to wealth industry experts from various backgrounds […]

The post Singapore ramps up AML efforts while Hong Kong enhances ETFs appeared first on Asian Private Banker.

Smaller external asset managers (EAMs) are facing a big compliance challenge as regulators in Asia ramp up scrutiny of the growing private wealth sector. While the EAM segment can offer attractive opportunities for private banks, the varying risk profile of these firms means banks have to deal with them very carefully, a senior executive at a private bank recently told […]

The post “You can’t say it’s too hard”: Small EAMs face giant compliance challenge appeared first on Asian Private Banker.

A sweeping change to tax rules in Thailand could drive more of the Southeast Asian country’s burgeoning wealth into the hands of foreign private banks and asset managers, according to bankers and lawyers. Starting 1 January 2024, Thai residents who intend to bring foreign-sourced income into the country have to pay personal income tax of up to 35% upon remittance, […]

The post Global private banks eye Thai windfall after sweeping tax change appeared first on Asian Private Banker.

Asian Private Banker is proud to present our inaugural COO Focus. This specially curated feature gathers the views and analysis of the regional private banking industry’s leading operational chiefs, on everything from what keeps them up at night when it comes to compliance, to the future of the work-from-home trend, to the next wave of digitalisation. You can read the […]

The post What’s keeping private bank COOs up at night? appeared first on Asian Private Banker.

Growth in new single-family offices (SFOs) in Singapore slowed to 300 in 2023, after the country was hit by a high-profile money laundering scandal and rivals such as Hong Kong made a bigger push into the sector. The money-laundering case last year led to increased regulatory scrutiny of the wealth management industry, including longer wait times to establish a family […]

The post New Singapore SFOs slow in 2023 amid rising regulatory scrutiny appeared first on Asian Private Banker.

From now on, you may need more than just a CFA designation to stand out in the growing private wealth industry. While the CFA is a notoriously difficult and prestigious qualification to obtain with high failure rates, the CFA Institute is now looking to launch more specialised certificates in private wealth management and private markets to better assist hiring firms […]

The post You may need these qualifications to stand out in private wealth appeared first on Asian Private Banker.

Risky activity linked to shell corporations has surged in recent years, new data has revealed, raising the complexity of anti-money laundering compliance for private banks. The findings are drawn from Moody’s Shell Company Indicator application data. According to the data, the total number of sanction alerts sent to Moody’s clients rose from about 3 million in 2017 to more than […]

The post What’s behind rising AML risk for private banks? appeared first on Asian Private Banker.

China’s US$3 trillion trust industry saw a sharp decline in profits in 2023 amid the country’s economic malaise, prompting the industry to accelerate the transition to a new growth model under tightening regulatory scrutiny. Now, some firms are struggling to adapt to the new reality. The earnings picture for trust companies looks grim after a year mired by default. More […]

The post China’s US$3 trillion trust industry struggles with transition amid turmoil appeared first on Asian Private Banker.

Competition among secure communications providers is heating up, with private banks pushing for more sophisticated solutions to overcome regulatory hurdles and cater to client demands to continue using their messaging apps like WhatsApp and WeChat. Meeting requirements to monitor and regulate communications and, at the same time, using the multiple platforms clients use, does not necessarily go hand-in-hand. Several Wall […]

The post Secure messaging: A US$549m question for Asia’s private banks appeared first on Asian Private Banker.

The launch of Bitcoin spot ETFs on US exchanges is set to attract significant inflows from private wealth, with one Hong Kong asset manager already looking to ride the regulatory tailwinds and launch its own competing product in the city. The market’s penchant for the long-awaited investment product, which was first approved by the Security Exchange Commission on 10 January, […]

The post Can Hong Kong cash in as crypto buzz lures more private wealth? appeared first on Asian Private Banker.

A new law which will come into effect at the end of January could upend the safety of wealthy individuals’ assets in Hong Kong as judgments issued by PRC courts will be more readily recognised by Hong Kong courts, wealth industry experts told APB. New enforcement regime Under the system in place since 2008, assets in Hong Kong have generally […]

The post “Another reason for PRC clients to worry” – New enforcement regime raises concerns for Hong Kong-based assets appeared first on Asian Private Banker.

Family offices in Hong Kong are increasingly dabbling in virtual assets after prices skyrocketed in 2023, even if significant drama and controversies surrounding the cryptocurrency industry dissuade wealthy individuals from dipping their toes in too far. Among the reasons for rising appetite are increasing prices – CSOP’s Hong Kong-traded Bitcoin Futures ETF has more than doubled in value this year […]

The post Crypto to the moon? Hong Kong’s family offices zoom in on virtual assets appeared first on Asian Private Banker.

Hywin Wealth Management has become the latest wealth manager to be ensnared by China’s property market slump, after it delayed payments on investment products and its shares tumbled by about 60%. The Shanghai-based, NASDAQ-listed company this week apologised for “inconvenience caused to investors”, blaming delayed wealth product repayments on China’s economic downturn. Shares in Hywin, which has said its serves […]

The post Hywin Wealth slammed by China’s property slump appeared first on Asian Private Banker.

China has launched a probe into one of the country’s largest wealth managers mired in insolvency trouble, highlighting the spillover effect of the struggling property industry into the wealth management sector. Police in Beijing have started a criminal investigation into the wealth management arm of Zhongzhi Enterprise Group, and have taken mandatory criminal measures against several suspects, including one surnamed […]

The post China probes troubled wealth manager amid protracted property woes appeared first on Asian Private Banker.

Bigger quotas, more products and wider scope: these are some of the benefits that private banks and fund manufacturers after regulators in the Greater Bay Area (GBA) unveiled proposals to upgrade the Wealth Management Connect (WMC) scheme. The linkage, which was first launched in October 2021, currently has 19 participating banks and allows eligible investors in mainland China, Hong Kong […]

The post Bottom Line: What to expect from Wealth Management Connect 2.0 appeared first on Asian Private Banker.

A US$1.8 billion probe into money laundering in Singapore will do little to dent the city’s status as a leading wealth hub in Asia, according to the latest APB Pulse survey, even as the investigation prompts private banks to take more precautions with clients. Of the private bankers and other associated professionals polled by Asian Private Banker across its website […]

The post AML probe won’t dent Singapore wealth ambitions: APB Pulse appeared first on Asian Private Banker.

China’s authorities have announced cuts to mortgage down payments and mortgage rates for new and existing mortgages. However, the cuts, announced by the People’s Bank of China (PBoC) and the National Administration of Financial Regulation, may still not go far enough, with many calling for faster and more significant interventions in China’s struggling economy. “These stepped-up easing measures are in […]

The post Too little too late? Beijing trims mortgages to revive moribund property market appeared first on Asian Private Banker.

Hong Kong’s financial regulators have introduced a new ‘streamlined approach’ for assessing suitability requirements for sophisticated professional investors (SPIs). The new guidance reflects a “balanced” approach, a compliance expert has told Asian Private Banker. In addition, Hong Kong’s regulators are looking at allowing equity funds to be sold through the Wealth Connect, along with other enhancements. The HKMA and SFC […]

The post Regulators unveil “streamlined approach” for wealth investors. Here’s what that means appeared first on Asian Private Banker.

Digital communications with clients are commonplace today, particularly post-COVID-19. However, wealth managers should be mindful of contradictory local and global regulations, sometimes requiring the simultaneous storage and deletion of data. With fewer face-to-face meetings, there is a demand for a more personal approach when interacting with clients remotely, which has driven demand for the compliance capture of all modes of […]

The post Client communication rules demystified: Here’s what wealth managers need to know appeared first on Asian Private Banker.

Schroders has been granted a licence to operate in mainland China, according to an announcement on Thursday. The public fund licence, granted by China’s securities watchdog the China Securities Regulatory Commission, permits Schroders to provide onshore investment products and solutions to retail clients and asset management services to institutional clients. The British multinational will function as a wholly foreign-owned public […]

The post Schroders granted operating licence in mainland China appeared first on Asian Private Banker.

UBS expects to complete its takeover of Credit Suisse as early as 12 June 2023, according to an announcement from the bank on Monday. Upon completion, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange and the New York Stock Exchange. Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding […]

The post UBS expects to finalise Credit Suisse merger by next week appeared first on Asian Private Banker.

With Hong Kong competing to be a philanthropy hub in Asia, the city has a unique edge when it comes to supporting philanthropists, Anthony Gao, head of Philanthropy Services, Asia, Pictet Wealth Management, told Asian Private Banker. “Hong Kong has a long history of giving, and many families in Hong Kong have been working on philanthropy for a long time,” […]

The post Pictet: Three ways Hong Kong has an edge in philanthropy appeared first on Asian Private Banker.

Hong Kong’s legislative body on Wednesday passed the much-anticipated tax concession bill, which will offer a tax exemption for qualifying transactions made by eligible single-family offices (SFOs), to foster the city’s position as an international wealth management hub. Officially named “The Inland Revenue (Amendment) (Tax Concessions for Family-owned Investment Holding Vehicles) Bill 2022,” it exempts a Family-owned Investment Holding Vehicle […]

The post Hong Kong approves tax concession bill to attract FOs appeared first on Asian Private Banker.

Family offices are on the rise in Hong Kong, with the government announcing a raft of measures to attract family offices to set up in the city. While this space is gaining traction, there is a palpable lack of certainty surrounding an upcoming shakeup of the family office tax regime, according to Katie Graves, a Hong Kong-based private client and […]

The post Hong Kong’s family office tax concessions “in limbo” appeared first on Asian Private Banker.

Regulators in the Greater Bay Area (GBA) are looking to move to the second phase of development for the Wealth Management Connect Scheme by mid-2023, and could introduce a higher investment quota and more product choices, according to sources familiar with the matter. In early March, several asset managers in Hong Kong were invited to Guangdong Province by mainland regulators […]

The post Bigger quotas, more products: GBA Wealth Connect next phase by mid-2023 appeared first on Asian Private Banker.

Hong Kong has announced a raft of new measures to incentivise UHNWIs to establish family offices (FOs) in the city, including relaxed residency rights and tax incentives. Furthermore, in a possible riposte to Singapore’s recently-announced tax incentives for philanthropists, the Hong Kong government has announced policies of its own to develop Hong Kong as a philanthropic centre. Family offices are […]

The post Hong Kong unveils new plan to woo FOs. Will it work? appeared first on Asian Private Banker.

Asia-Pacific’s private banking industry was stunned on Monday morning, when it woke to discover that UBS and Credit Suisse had announced they would be merging in a CHF3 billion (US$3.24 billion) hastily-arranged marriage brokered by the Swiss government. The deal is set to have significant ramifications for the region’s private banking industry, which Asian Private Banker will be closely following […]

The post UBS/Credit Suisse deal: HK and SG regulators react appeared first on Asian Private Banker.

UBS will merge with historic rival Credit Suisse in a deal valued at CHF3 billion (US$3.24 billion) following intervention by Swiss authorities, creating a global private banking and asset management player with US$5 trillion in assets. In a late night statement on Sunday Hong Kong time, Credit Suisse said it had entered into a merger agreement with UBS after the […]

The post UBS to merge with crisis-stricken Credit Suisse in CHF3 bn deal appeared first on Asian Private Banker.

Over the past two years, there has been a long-heated discussion of whether Singapore has overtaken Hong Kong as the wealth management hub in Asia, but for Hong Kong Private Wealth Management Association (PWMA), Hong Kong’s fundamentals have not changed. Peter Stein, CEO and managing director at PWMA, explained that Hong Kong and Singapore have long been the dual hubs […]

The post PWMA: Hong Kong’s fundamentals remain in face of Singapore threat appeared first on Asian Private Banker.

Singapore’s regulators have their sights set on ESG education in 2023, two regulation experts from Synpulse Management Consulting told Asian Private Banker. Associate partners at Synpulse, Gregory Achache and Anu Meha, set out the regulatory trends to watch in Singapore in 2023, including ESG education, virtual assets, AML and financial crime, and talent development. ESG education Achache explained how Singapore’s […]

The post ESG education top priority for Singapore’s regulators appeared first on Asian Private Banker.

The private banking industry is facing an uncertain and evolving regulatory environment, with regulators coming to grips with ESG, virtual assets, the GBA Wealth Management Connect scheme, among others. Asian Private Banker talked with Angela Wong, director of governance, risk and compliance at KPMG HK, to discuss the trends to watch in Hong Kong in 2023. Recalibration  One major upcoming […]

The post Five Hong Kong regulatory trends to watch in 2023 appeared first on Asian Private Banker.

Singapore’s new tax incentive scheme for philanthropic donations has been lauded for its “immense potential” to attract further UHNWI capital to the Southeast Asian city-state, by Raffles Family Office, a major multi-family office which operates in Singapore and Hong Kong. In its 2023 budget announced this week, Singapore’s Ministry of Finance said it would introduce a tax incentive scheme for […]

The post Singapore tax break a “unique opportunity” – major MFO appeared first on Asian Private Banker.

HNWIs in Asia retain a high degree of interest in digital assets despite recent setbacks in the sector, including a plunge in the price of crypto coins and the collapse of the FTX exchange, according to a new study. Four out of five HNWIs and family offices who responded to a survey about attitudes and investment strategies to digital assets […]

The post ‘Crash, what crash?’ Asia-Pacific HNWIs still keen on crypto, study finds appeared first on Asian Private Banker.

It takes more than an impending Typhoon 8 warning to stop bankers from coming to Hong Kong after almost three years away. The Hong Kong Monetary Authority is hosting banking’s top figures at the Global Financial Leaders’ Investment Summit this week, which started on Tuesday with a dinner at M+, the art gallery in the West Kowloon Cultural District. The […]

The post It takes more than a typhoon to keep bankers away from Hong Kong’s re-opening appeared first on Asian Private Banker.

Digital transformation of Hong Kong’s financial services sector is a priority, the territory’s financial secretary said at the opening of Hong Kong Fintech Week, as private banks, wealth managers and tech groups discussed how the finance industry should best harness new digital innovations. The message, by Paul Chan on Monday, was one major takeaway from the first day of the […]

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The Communist Party of China (CCP) Congress, which began this weekend in Beijing, is expected to install Xi Jinping as leader of Asia’s biggest economy for a third successive five-year term. But for private bankers, what Xi and his government do over a much shorter term is far more important. Priorities include the future of China’s zero-COVID policy and what […]

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ESG investing is attracting growing interest from private banks and their clients across Asia-Pacific – and India is no exception. However, familiarity with the topic in the South Asian country remains nascent compared to other parts of the region. Below, Rajesh Cheruvu, CIO of Validus Wealth, shares with Asian Private Banker five key ESG themes to watch in the coming […]

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Regulators and banking associations in Hong Kong have teamed up to push two new initiatives to boost the availability of credit record and equity shareholding information, as part of broader efforts to develop client data transparency. The first initiative, a joint effort between the Hong Kong Monetary Authority (HKMA) and several industry associations, is a multiple credit reference agency (MCRA) […]

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The Monetary Authority of Singapore has set new requirements for family offices to qualify for tax incentives, according to a circular seen by Asian Private Banker. From 18 April, under the new section 13O, funds managed by or advised directly by a family office must have a minimum fund size of S$10 million at the point of application. Previously, there […]

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Hong Kong’s Securities and Futures Commission (SFC) has banned a former BNP Paribas Wealth Management (BNP Paribas WM) relationship manager from the industry for 27 months for making discretionary trades in an client account without obtaining written authorisation. The regulator said that Kim Bum Suk bought and sold investment products for a client account using pre-signed, blank client instruction forms […]

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The Monetary Authority of Singapore has banned a former DBS wealth manager from providing any financial advisory services for 10 years following his conviction for defrauding clients. Loh Thim Mun Marcus was found guilty of cheating seven clients into transferring S$490,000 to his personal bank account between October and November 2018. The regulator said Loh had falsely informed some of […]

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Despite interest from wealthy clients, cryptocurrencies and other virtual assets are not a priority for PBs because regulatory oversight has become stricter and decentralised trading channels are available. Over the past 12-24 months, a number of family offices and independent asset managers (IAM) in Asia have been developing investment products based on, or linked to, cryptocurrencies, alongside a couple of […]

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In this round-up: HKMA asks banks to implement vaccine passports; S’pore raises taxes for the wealthy; PBs often rely on error-prone manual fee disclosure checks; Privacy concerns hamper record-keeping HKMA asks banks to implement vaccine passports Private banks have expressed concern about a potential disruption to their business operations since the Hong Kong government on 24 February announced additional anti-COVID […]

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Private banks have been enthusiastic in persuading bankers to document all communications they have with clients through online channels, to be sure to satisfy regulatory requirements. But clients, especially in mainland China, have been reluctant to embrace digital communications that leave an audit trail. Traditionally a face-to-face business, where digital communication tools were not considered value-drivers or business-enablers, private banking […]

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The top 1.2% of taxpayers in Singapore will soon have to pay more in personal income tax, Finance Minister Lawrence Wong said during his 2022 Budget speech on Friday. The top marginal personal income tax will be increased from the 2024 assessment year. Income in excess of S$500,000 up to S$1 million will be taxed at 23%, while that in […]

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In this round-up: Concerns over hype surrounding crypto-assets; MAS fines Vistra for AML breach; More banks join GBA-WMC Asian Private Banker has reached out to legal specialists on their views about trends to watch in Hong Kong and Singapore in 2022. Regulators in these two markets last month enacted regulations addressing cryptocurrency concerns and AML enforcement. Regulators concerned over hype […]

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Hong Kong’s plan to roll out stricter measures for COVID-19 vaccination could affect operations at private banks in the city, ranging from client meetings to office working arrangements. Hong Kong SAR Chief Executive Carrie Lam on Tuesday announced additional measures in the hope of curbing an escalating outbreak of the COVID-19 Omicron variant. Lam’s suggestion to amend the city’s Employment […]

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A key challenge for the private wealth management industry over the past few years has been to stay on top of regulatory changes. Significant resources are deployed with a view to complying with the latest regulations and optimising operational processes. After looking at regulatory trends that private banks should beware of in Hong Kong, Asian Private Banker summarised the following […]

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Substantially increasing the individual investment quota of the cross-boundary Wealth Management Connect (WMC) scheme will be key to developing interest in the platform among private banks, according to a survey by Asian Private Banker. However, industry executives are downbeat about the prospect of this happening soon. The survey, which was completed by attendees of Asian Private Banker‘s GBA Connect 2022 […]

The post Larger individual investment quota needed to spark PB interest in WMC: APB survey appeared first on Asian Private Banker.

A key challenge for the private wealth management industry over the past few years has been to stay on top of regulatory changes. Significant resources are deployed with a view to complying with the latest regulations and optimising operational processes. Asian Private Banker reached out to multiple regulatory specialists in the region, to find out what trends most deserve the […]

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In this round-up: HKMA raises banks’ awareness of climate risks; Hong Kong, Singapore regulators join forces in curbing ramp-and-dump schemes; Singapore and China widen financial cooperation with more product linkages HKMA takes multi-pronged approach to raise awareness of climate risks Last week, the Hong Kong Monetary Authority (HKMA) announced the results of its first climate risk stress test (CRST). The […]

The post December Regulatory Round-up: HKMA raises banks’ awareness of climate risks; HK, S’pore regulators join forces in curbing ramp-and-dump schemes; Singapore and China widen financial cooperation appeared first on Asian Private Banker.

In this round-up: Hong Kong’s strict reg environment limits crypto and SPAC activities for FOs; Tighter AML rules affect PB client onboarding; FI executives share views on China’s “common prosperity” drive Hong Kong’s strict reg environment limits crypto and SPAC activities for FOs Hong Kong’s regulatory environment may affect the financial activities that family offices based in the city can […]

The post November Regulatory Round-up: Strict HK regs limit crypto and SPAC activities for FOs; Tighter AML rules affect PB client onboarding; FI executives’ take on China’s “common prosperity” drive appeared first on Asian Private Banker.

About RMB 267 million (US$42 million) has been remitted through the Wealth Management Connect (WMC) scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) since it was launched last month, according to several media sources. As of 19 November 2021, 13,090 accounts had been opened under the WMC, it was reported on Thursday, quoting a statement from the Guangzhou branch […]

The post Northbound investors make up bulk of trades in first month of GBA WMC appeared first on Asian Private Banker.

Stricter anti-money laundering (AML) measures — such as the requirement to identify the client’s source of wealth/source of funds (SOW/SOF) — have made onboarding clients a greater challenge for private banks in the region’s two wealth hubs. Many banks struggle with putting together fragmented data for compliance purposes. Private banker sources in Singapore and Hong Kong who cover the Greater […]

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Conduct-related key performance indicators (KPIs) can be used to determine the level of variable remuneration in bank front offices, the Hong Kong regulator has said in a review that was part of its drive to push for a proper bank culture. Over the past few years, the Hong Kong Monetary Authority (HKMA) has emphasised the importance of a proper bank […]

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Hong Kong’s unique advantage of “one country, two currencies” will remain as long as a fully convertible RMB remains in the works, said Credit Suisse APAC CIO John Woods at Asian Private Banker’s Asian Outlook 2022 seminar. Over the past decade, China has been setting up onshore free trade zones and accelerating its policy to open up its financial market […]

The post Hong Kong’s financial hub status is bullet-proof until the RMB is fully convertible: John Woods of Credit Suisse appeared first on Asian Private Banker.

China’s policy of prioritising “common prosperity for all” could lead to newly minted HNWIs in the country shifting some of their assets to Hong Kong or Singapore, according to investment manager Value Partners. “The plan does not emphasise wealth distribution and this is not about common poverty,” noted group co-chairman and co-CIO Dato’ Seri Cheah Cheng Hye during a media […]

The post China’s common prosperity drive could prompt inflows into Hong Kong and Singapore: Value Partners co-chairman appeared first on Asian Private Banker.

In this round-up: Ambiguity remains after the launch of GBA Wealth Management Connect; PWMA report shows 91% PWM firms spend most reg resources on suitability compliance; Hong Kong eyes tax concessions to boost FO appeal Ambiguity remains after launch of GBA Wealth Management Connect The long-awaited Greater Bay Area Wealth Management Connect (WMC) scheme was warmly welcomed by banks in […]

The post October Regulatory Round-up: Ambiguity remains after GBA WM Connect launch; PWM firms spend most reg resources on suitability compliance; Hong Kong eyes tax concessions to boost FO appeal appeared first on Asian Private Banker.