As Singapore tightens regulations around family offices, the Bank of Singapore (BOS) has revamped its approach—both in how it evaluates prospects and how it engages wealthy families considering a dedicated structure.
Recent changes by the Monetary Authority of Singapore (MAS) have made setting up a family office more complex. Rather than jumping straight into the regulatory checklist, BOS now takes a more consultative stance, first understanding a family’s broader goals before advising on whether a family office is truly the right fit.
“We’ve changed how we have these conversations,” said Guo Jiawen, who leads the bank’s family office and structuring solutions team. “Many families decide against it once they understand the regulatory burden and alternatives available—such as trusts for estate planning, which can be more cost-efficient.”
Guo’s team, part of a larger restructuring effort last year, consolidates BOS’s services around investment, governance, succession, and philanthropy. Former Citi Private Bank executive Lynn Ong joined in 2023 to further develop the single-family office strategy, reflecting CEO Jason Moo’s prioritization of the sector.
Quality over quantity
Singapore’s family office boom continues—with numbers climbing from 400 in 2020 to over 2,000 in 2023. But the industry has drawn scrutiny following a major $2.3 billion money laundering case involving several family offices.
In response, MAS has raised the bar: requiring local bank accounts, third-party vetting, stricter reporting, and more professional staffing within family offices, including non-family investment specialists.
According to Ong, these changes are filtering out casual interest. “We’re seeing more serious, higher-quality enquiries,” she said, adding that demand is growing not just from Singapore but across Asia and parts of Europe—especially in fast-growing wealth markets like Vietnam.
Beyond new setups
BOS isn’t just targeting new clients. A key focus is deepening relationships with existing family office clients—many of whom are growing their assets under management (AUM) through dividends or major liquidity events.
“We’re working closely with relationship managers to help families grow their AUM and navigate generational wealth transfer,” Guo said. That includes formalizing governance, defining investment goals, and shaping board structures to support long-term continuity.
