SGX Group, Asia's leading multi-asset exchange, and Jenga BCG, together with their partners, announced a pioneering event on Monday, November 14, which focuses on uncovering the cutting-edge ecosystem of Single Family Offices (SFOs).
According to the Singapore Economic Development Board, 54% of global family offices plan to increase asset allocation in Asia Pacific over the next five years1. Furthermore, the Singapore Monetary Authority predicted around 400 SFOs in the country by the end of 2020; nevertheless, this number drastically expanded to 700 by the end of 2021.
In this context, the event hosted by SGX in conjunction with Jenga BCG, Phillip Capital, Bayfront Law and sponsored by Occidental Rock Capital and Scarlett, seek to enhance attendees' understanding of SFOs alongside the capacities and prospects of Singapore as a major worldwide centre for wealth and asset management. Overall, the event focused on a multitude of topics, including the novel rules on the establishment and maintenance of SFOs in Singapore, alongside the requirements that SGX-ST investments must meet to satisfy local investment criteria.
As one of the most notable presences, the distinguished Minister of the Parliament, the Chief Executive Officer of Wealth Management Institute Limited, Asia's Centre of Excellence for Wealth and Asset Management Education and Research since 2015, Ms Foo Mee Har, delivered the opening address of the event.
Followed by an opening speech by Mr Matthew Song, Executive Director of SGX, Asia's most international, multi-asset exchange. "Owing to its openness and cutting-edge innovative spirit, Singapore is recognised as a worldwide and regional hub for the financial sector. Therefore, this unique position facilitates clients' access to local, national, and international financial markets while also covering a wide range of services. These elements pave the way for an outstanding evolution for SFOs that aim to flourish in the Singaporean environment."
This event intended to foster an open dialogue between the pioneering figures of the SFOs sector and those interested in this emerging sector's prospects. Hence, the event was guided by established professionals that will explore the various dimension of SFOs in Singapore.
Mr Ryan Lin, Director of Bayfront Law, uncovered the legal dimensions of Family Offices. In Singapore, Bayfront Law (in partnership with Nishimura & Asahi) is the first law alliance that involves a Japanese law firm, providing customers access to a comprehensive range of international legal services. As an experienced corporate lawyer, Mr Lin has worked extensively in mergers and acquisitions, selling and purchasing businesses and joint ventures, establishing investment funds, and establishing family offices.
According to Mr Lin, "SFOs are a nascent sector in Singapore, hence they should constantly monitor the changing regulatory requirements. As part of Singapore's attempts to professionalise the family office sector, the Monetary Authority of Singapore has amended the requirements for family offices seeking tax advantages under Section 13O and Section 13U of the Income Tax Act."
Miss Iris Xu is the founder of Jenga Business Consulting Group and a top counsellor on family offices and the Finance Technology business. She has evolved Jenga BCG into one of the most dependable and trusted operational partners for SFOs and Fin-tech companies in Singapore by emphasising and drawing on her extensive experience from ground practice. Commenting on the robustness of this sector, Iris asserts that "Family offices in Singapore represent a unique community with the potential to induce positive change. Moving forward, the individuals and organisations that constitute this ecosystem will all play a major role in the emergence of this change." Subsequently, she also introduced Jenga BCG's family office service centre, covering from set-up to maintenance of family offices, Jenga has developed a full-stop of services to meet the broad demand for SFOs in Singapore.
PhillipCapital Group provides its retail and high-net-worth individuals, family offices, and corporate and institutional clients with a comprehensive selection of high-quality and forward-thinking financial services and wealth management. Ms Grace Tang is the Executive Director of Phillip Private Equity Pte Ltd, a member of PhillipCapital Group, who also joined the panel discussion hosted by SGX Group. So far, Ms Tang has acquired over 20 of experience working at PhillipCapital Group. In the context of the Global Investor Programme, she administers private equity and venture capital funds that are approved by the Economic Development Board for GIP purposes. Recently, she was qualified as a Family Office Advisor from the Wealth Management Institute.
Ms Tang examined the emergence of family offices in Singapore by emphasising that "Nowadays, family offices may be successfully established and managed in Singapore because of the availability of skilled professionals in related fields, such as professional accountants, attorneys, bankers, investment managers, and wealth and insurance planning experts."
Those willing to explore the multitude of prospects of SFOs, either for starting an SFO or investing, are encouraged to contact one of these business partners.