Singapore's wealth management sector to sustain growth, says MAS director

This is despite the recent money laundering case.

Singapore’s wealth management sector continues on a growth trajectory, said Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS).

At the MAS Annual Report 2023/2024 Media Conference, Chia said the country's high regulatory standards continue to support its status as a leading global wealth management hub despite a recent money laundering case.

“The money laundering case of the past year has not changed our growth trajectory, nor our position on regulatory standards,” he said.

The managing director stressed the need for ongoing vigilance by financial institutions, given Singapore’s attractiveness to both legitimate wealth and potential money launderers.

He noted that the financial institutions' quick reporting of Suspicious Transaction Reports (STRs) helped law enforcement uncover the money laundering scheme. 

MAS is currently reviewing its findings from supervisory engagements with the involved institutions to decide on further actions.

Singapore remains committed to supporting legitimate wealth and is working to reduce wait times for tax incentive schemes. New initiatives, such as the Philanthropy Tax Incentive Scheme for family offices, aim to boost philanthropy and sustainability.

Additionally, Chia noted that Singapore’s financial sector has demonstrated resilience and progress across various segments, including asset management, debt markets, insurance, and banking throughout 2023.

Looking ahead, he outlined three key priorities for the future, including ensuring safe and resilient digital financial services, promoting fair dealing in financial services, and advancing capabilities in sustainability, artificial intelligence, and quantum technology.