Singapore Adds Hundreds of Family Offices in 2024...we are in Good Hands

[k1976]

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Tuesday, 17 September 2024

(Image: Shutterstock)
FINANCETuesday, 17 September 2024 11:03

• Singapore Launches Philanthropy Training Program

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The ultra-rich continue to opt for Singapore as their hub of choice with hundreds of more family offices being established in the city-state in 2024.
In the first eight months of 2024, the Monetary Authority of Singapore (MAS) has awarded another 250 family offices with tax incentives, according to Chee Hong Tat, deputy chairman of the regulator, in a speech at the Wealth Management Institute’s «Global-Asia Family Office Summit».
In total, 1,650 single family offices have been awarded tax incentives, up from 1,400 at end-2023 and 400 in 2020. Chee said that he expects the number of new family offices in 2024 to surpass the 300 added in 2023.

«To those who have recently chosen to set up your family office here, a warm welcome to Singapore,» he said at the two-day summit. «You have joined us at a good time – Asia’s prospects ahead are bright and the growth momentum remains strong.»
Industry Growth
Chee also highlighted the growth in assets under management (AUM) and the private banking industry. In 2023, wealth management AUM increased by 8 percent, resulting in a five-year compounded annual growth rate of about 10 percent. And in the first quarter of 2024, client assets at Singapore’s leading private banks grew 9.5 percent year-on-year.
Chee cited expanding teams and offerings at private banks including Bank of Singapore, UOB, Citi, HSBC and Nomura.
Strengthening the Ecosystem
According to Chee, there is further potential for family offices to grow and contribute in the city-state. He highlighted three main areas: philanthropy; private equity and venture capital investments; and building talent and capabilities.
«Wealth owners choose Singapore for many reasons – our strong rule of law, robust and predictable regulatory regime and a comprehensive ecosystem of wealth managers and professional service providers are also some of the reasons,» added Chee who is also the Minister for Transport and Second Minister for Finance.
«Equally important to wealth owners who spend time here is our high quality of life, our safe and secure environment which is family-friendly, and our excellent connectivity with the rest of the world, as well as our world-class education and healthcare systems.»

 

[k1976]

Singapore key exports up 10.7% in August, boosted by demand for AI-powered electronics​

Year on year, Singapore’s electronics exports grew 35.1 per cent in August, extending the 16.8 per cent expansion in July. PHOTO: ST FILE

 

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SINGAPORE – Singapore’s key exports grew for a second straight month in August, with non-oil domestic exports (Nodx) rising 10.7 per cent year on year.

The growth compares with a Bloomberg consensus forecast of a 15 per cent increase, and extends the 15.7 per cent expansion in July.

The gains were mainly driven by electronics even though non-electronics also increased, Enterprise Singapore (EnterpriseSG) noted in its Sept 17 statement.

UOB associate economist Jester Koh said the sector is riding on positive tailwinds such as the move to upgrade consumer electronics to incorporate generative AI-related applications as well as the ongoing replacement of equipment.

DBS Bank economist Chua Han Teng noted that global demand for Singapore’s electronics products remains resilient, as seen from the sustained expansion in their latest export orders. He added that Singapore firms are poised to capitalise on the global tech upcycle, which is driven by the replacement of smartphones and PCs, as well as the broadening adoption of artificial intelligence (AI) applications.

Non-electronics exports increased 3.7 per cent in August, slowing from the 15.5 per cent expansion in July.

 

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Specialised machinery, non-monetary gold and food preparations contributed to the growth in non-electronics Nodx. However, the gains were weighed down by pharmaceutical exports, which contracted 31.6 per cent year on year, after two months of positive growth in June and July.

On a month-on-month seasonally adjusted basis, which removes the effects of seasonal variations in the numbers, Singapore’s exports declined by 4.7 per cent in August, reversing the 12.2 per cent expansion in July.

The level of Nodx reached $14.7 billion, down from July’s $15.4 billion but higher than 2023’s average of $14.5 billion.

 

[k1976]

Power fault disrupts train services along Circle Line during evening peak hour rush​

Commuters outside one-north MRT station amid a power fault along the Circle Line on Sep 17, 2024. (Photo: CNA/Calvin Oh)

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17 Sep 2024 06:22PM (Updated: 17 Sep 2024 07:51PM)
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SINGAPORE: Scores of commuters had their evening peak hour journeys disrupted on Tuesday (Sep 17) after a power fault on the Circle Line briefly halted train services in both directions.
According to SMRT, there was a "momentary power fault" and the issue was resolved in 15 minutes.

 

[k1976]

Danger for public service when it becomes 'harder to disregard short-term considerations in decision-making': SM Lee​

The public service plays a major role in “keeping Singapore exceptional”, says Senior Minister Lee Hsien Loong.

Senior Minister Lee Hsien Loong speaking at the annual Public Service Leadership Ceremony on Sep 17, 2024.

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Justin Ong Guang-Xi
17 Sep 2024 05:49PM (Updated: 17 Sep 2024 07:50PM)
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SINGAPORE: The public service and Singaporeans must understand that there are dangers if politics becomes more fiercely contested, Senior Minister Lee Hsien Loong said on Tuesday (Sep 17).

“It will become harder to disregard short-term considerations in decision-making. The political dynamics will become very different,” he said.

 

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"All this has only been possible because Singapore has been well-governed all these years," he added, pointing to three factors - good policies and good politics, a good public service and good political leadership, and the "right relationship between the public service and the political leadership".

Emphasising the importance of ministers and the public service working closely together to deliver results for the country, Mr Lee said each has their respective responsibilities, with the lines properly drawn so the system functions properly.

 

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This is how we have been able to maintain political stability and deliver good government for Singapore, and kept it going through many terms of government,” Mr Lee said, contrasting it with examples in other countries.

“In those countries, governments find that doing the right thing is not politically feasible, and then political leaders of all parties default to populism or short-termism to stay in power,” he said.

“Thankfully, Singapore has been an exception to this rule.”

 

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Mr Lee gave the example of how Singapore implemented a Goods and Services Tax (GST) hike from 7 per cent to 9 per cent.

He said the government had known “for quite a while” that a GST increase would be needed at some point, in particular, to fund more healthcare services to support Singapore’s rapidly ageing population.

Honest and consistent public messaging was “crucial” - the issue was raised several times in the 2011 and 2015 General Election campaigns, before it was announced in the 2018 Budget that the increase would happen after the next General Election.

This was a political decision, said Mr Lee.
“We knew it would cost the ruling party some votes, but we felt strongly that we needed to be responsible and upfront with voters,” he said.

 

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“It was important that people voted fully informed about the upcoming increase, so that we maintain their trust and support.”
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Alongside schemes to help cushion the GST hike, a political decision was also made to split the increase into two steps - 7 to 8 per cent in 2023 and 8 to 9 per cent in 2024.
“I highly doubt that the public service on its own would have preferred such a two-step increase,” said Mr Lee, citing how administrative procedures would have to be doubled.
But making the increase in two steps would acknowledge the public’s concerns about the tax increase, he noted.
“It would show that the government recognised that conditions had not fully returned to normal, and it was doing what it could to give people more time to adjust to a more gradual hike,” he added.
“I can say, in all good conscience, that the government has done the right thing, and in a way which minimises the pain and maximises the acceptance of the change.”

THE PUBLIC SERVICE MISSION​

Mr Lee said the political leadership and the public service will also need to work closely on a range of other issues such as public transport, immigration and income inequality.
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“Each will need to do its part, so that together the political leadership and the public service can come up with good policies, persuade Singaporeans to support them, and make the policies succeed, and, if I may say so, therefore enable our politics to succeed," he added.

Mr Lee said that to ensure that the government functions this way for “as long as we can”, it will depend on maintaining and renewing a high-quality political leadership.
The public service, on its part, plays a major role in “keeping Singapore exceptional”.

Addressing public service leaders, Mr Lee said: “You have to set the tone and direction in your respective organisations, and show your colleagues and subordinates by personal example what the public service stands for.

“While you can look forward to good careers in the public service, I am sure you appreciate that this is much more than just a job or a career.”

Unlike working in the private sector or a commercial organisation, the public service has a mission to serve Singapore and Singaporeans.

“The public service must always be driven by and committed to that mission,” Mr Lee said.
Source: CNA/jx(gs)

 

[k1976]

 

[red amoeba]

Yes more FTs and SPGs while Singaporeans middle aged can go service them via grab drivers car washers and grab deliveries.