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Singapore asks banks to keep quiet on wealth inflows during China boom

SBFNews

Alfrescian
Loyal
Singapore asks banks to keep quiet on wealth inflows during China boom

Singapore asks banks to keep quiet on wealth inflows during China boom Tacit directive from regulators comes as wealthy Chinese people funnel funds into city-state Singapore has worked to position itself as a neutral territory between the US and China © Lauryn Ishak/Bloomberg Singapore asks banks to keep quiet on wealth inflows during China boom on twitter (opens in a new window) Singapore asks banks to keep quiet on wealth inflows during China boom on facebook (opens in a new window) Singapore asks banks to keep quiet on wealth inflows during China boom on linkedin (opens in a new window) Singapore asks banks to keep quiet on wealth inflows during China boom on whatsapp (opens in a new window) Save Mercedes Ruehl in Singapore, Kaye Wiggins in Hong Kong and Leo Lewis in Tokyo 7 HOURS AGO

Singapore has asked the world’s biggest banks to avoid discussing the origins of the significant sums of money flowing into the city over the past year, as wealthy Chinese funnel billions into the Asian financial hub.

The tacit directive from the Monetary Authority of Singapore was given during a February 20 meeting of an industry group made up of bankers and regulators, according to multiple people who attended.

The flow from China into Singapore has become a politically sensitive issue domestically, and the MAS wants banks to keep public discussion of the phenomenon to a minimum, said three people with knowledge of the talks. China was not mentioned by name, but it was clear regulators were referring to the country, they added.


The influx of mainland Chinese money and people into Singapore comes as China’s president Xi Jinping has launched a regulatory assault on business and an anti-corruption crackdown. The city-state has plotted a careful path as a neutral financial centre at a time of rising tension between Beijing and Washington, becoming a destination for the assets of many of China’s wealthiest families.

“It was obvious that they [the MAS] were referring to China with all the press about family offices setting up here and mainlanders moving over, though they didn’t single out a particular country,” said one banker from an international bank.
Members of the Private Banking Industry Group include HSBC, Standard Chartered, UBS, BNP Paribas, JPMorgan and Citigroup, as well as local banks DBS and Bank of Singapore. It is jointly chaired by representatives of the MAS and UBS and meets three times a year.

The MAS, Singapore’s central bank, said when banks reported the sources of their inflows, they should not single out any particular markets, according to another senior banker briefed on the discussion.

This banker summarised the MAS’s message as being that private banks should “just quietly do your job” because “you don’t want to antagonise”.

The MAS said the meeting in February noted that growth in fund flows into Singapore “has been driven by high net worth individuals from different regions”.

One banker said it was not the first time the MAS has used the forum to address large capital inflows from a particular market. In the past, booming Indonesian wealth — and the local scrutiny it attracted — concerned regulators.

“They desperately want to be the regional hub of private banking, and the situation has kind of granted them that wish,” said the banker. “[The Chinese flows] are probably overrunning their best expectations of what was going to happen.”
Lawyers and industry groups estimate Singapore had 1,500 family offices by the end of last year, with a large chunk of them from China. The MAS said there were 700 family offices at the end of 2021, up from a handful in 2018.

Singapore has been eager to use financial regulation and government policy to maximise the appeal of its financial services industry and attract wealth, said one private banker briefed by a colleague on the February 20 meeting.

However, it is acutely aware of the potential for domestic pushback against the influx of Chinese money and how it could widen Singapore’s income gap, already a political pressure point given the rising cost of living and soaring rents.

“The Chinese presence is being felt everywhere,” said one industry group executive in the asset management industry. “It is not just super yachts and luxury cars anymore, it is being percolated down to everyday people and it is a topic of conversation across all layers of Singapore society.

“We haven’t been told explicitly not to talk about” China, the executive added, “but there is a sense in the financial services industry that talking about it publicly will not be welcomed.”

https://www.ft.com/content/ea198ae9-7157-4e3c-9832-2db4cf93d1c2
 

blackmondy

Alfrescian (Inf)
Asset
a lot of money from credit suisse reached our local banks.
That's where all the CCPee top dogs stashed their money. The bank-run occured when these fuckers heard Switzerland gahmen will not be neutral anymore and plan to release info of these tiong deposit holders.
 

LITTLEREDDOT

Alfrescian (Inf)
Asset
MAS in full damage control mode.
Who would you rather believe: Financial Times, or the MAS and the private banks in Singapore who have to toe the line?

Banking group rejects FT article saying MAS asked banks to keep mum on source of wealth inflows​

yaohui-pixgeneric-4181_0.jpg

The Private Banking Industry Group said MAS has not issued any directive to banks to avoid discussing the origins of wealth inflows into Singapore. ST PHOTO: LIM YAOHUI
priscaang_0.png

Prisca Ang

Apr 14, 2023

SINGAPORE – An organisation representing private banks here has hit out at claims in the Financial Times newspaper that the Monetary Authority of Singapore (MAS) had asked financial institutions to keep quiet about the sources of money flowing into the country.
The Private Banking Industry Group (PBIG) stated on Friday that the MAS “has not issued any directive to banks – tacit or otherwise – to avoid discussing the origins of wealth inflows into Singapore”.
PBIG is co-chaired by MAS and UBS, Asia’s largest private bank. It meets three times a year to discuss matters related to the private banking industry here.
Its members include HSBC, Standard Chartered, JPMorgan and Citigroup, and local players DBS and Bank of Singapore.
FT reported on Friday that MAS issued a tacit directive to banks to avoid discussing the sources of significant sums of money flowing into Singapore over the past year.
The British newspaper cited people with knowledge of PBIG’s Feb 20 meeting who said MAS wants banks to keep public discussion of wealth flows from China into Singapore to a minimum. These sources said that China was not mentioned by name “but it was clear regulators were referring to the country”.
“It was obvious that they (MAS) were referring to China, with all the press about family offices setting up here and mainlanders moving over, though they didn’t single out a particular country,” one executive from an international bank was quoted as saying.

PBIG said on Friday that it had noted at its latest meeting that while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows here in fact remain diversified.
“The increased fund flows into Singapore were from high net worth individuals from different markets,” it added.
“The meeting agreed that, in the face of increased fund flows into Singapore, it was important to maintain robust risk management controls to safeguard against money laundering and terrorism financing risks.”
It added that attendees also discussed how to help wealth to be deployed to purposeful causes, given growing interest from family offices in philanthropy.
 

LITTLEREDDOT

Alfrescian (Inf)
Asset
SG shot itself in its own foot.
Shitty Times ran an article a few days earlier acknowledging the huge flow of money from billionaires in China.

Why is Singapore a magnet for Chinese billionaires?​

Strong bilateral ties, connectivity to Asean and global networks make the city state a strong contender for wealthy Chinese family offices looking to set up shop outside China.​

202003121583989208807557919431658692510a2obmczuann_1.jpg

The growing popularity of Singapore as a family office hub has been partly driven by the influx of Chinese family money moving into the Republic. ST PHOTO: KELVIN CHNG
Yu Hong


APR 12, 2023

We have seen a boom in the world of wealth management over the past decade. Singapore’s assets under management trebled from $1.82 trillion in 2013 to $5.4 trillion in 2021, according to the Monetary Authority of Singapore’s (MAS) Singapore Asset Management Survey.
Family offices set up in Singapore today to manage the wealth of the super-rich are expected to contribute significantly to the nation’s growing wealth advisory pie following a period of extraordinary growth.
The total number of family offices here rose to 700 in 2021, from 400 in 2020 and a mere 50 in 2018, according to government estimates. Some industry estimates put the number closer to 1,500 now.
While the nationality breakdown is not known, the city state is so attractive as a family office hub destination that the authorities are confident that tightening qualifying conditions for tax incentives would not spook investors.
Since early 2022, family offices must have a minimum fund size of $10 million and make a commitment to raise this to $20 million within two years. The authorities also require family offices set up in Singapore to invest at least 10 per cent or $10 million of their funds, whichever is lower, in the local market.

Influx of Chinese family money​

The growing popularity of Singapore as a family office hub has been partly driven by the influx of Chinese family money by clients keen to strengthen their portfolios and drawn to the country’s reputation for good governance, rule of law and stability as an international financial centre.
Against the backdrop of global economic gravity shifting to Asia, the region has seen an accompanying accumulation of wealth, particularly in China. According to the Hurun Global Rich List, China accounted for more than 60 per cent of the world’s new billionaires in 2020.

In recent years, many have chosen to move their money from Hong Kong as a hedge, after the 2019 mass protests and China’s tightening grip over the city shook investor confidence and raised concerns over parking wealth within Beijing’s jurisdiction for the long term.
In 2022 alone, Hong Kong lost 3,000 high-net-worth individuals while Singapore gained 2,800, according to Mr Rupert Hoogewerf, chief researcher of the Hurun Wealth Report.
Assets held in Hong Kong are not subject to foreign exchange capital controls imposed in China and can easily be transferred to other financial centres like Singapore. Hong Kong has over 20 international investment and protection agreements with other economies that facilitate two-way investment flows.


China’s three-year zero-Covid policy also marked a turning point for many high-net-worth individuals, who are reconsidering the wisdom of storing wealth there. This, as the authorities’ have demonstrated that they are not averse to recurring citywide lockdowns in major cities like Shanghai, the country’s financial centre, impractical travel rules and other economically damaging rules such as those that restricted movement and sealed the country off from the rest of the world.
Recent reassurances from Chinese Premier Li Qiang that China is committed to promoting a business-friendly environment and the agenda of growth and recovery put forth by the Two Sessions in March notwithstanding, China is seen as a good place to make a fortune but less so to park money.

Singapore’s trade connectivity and expertise in wealth advisory​

Family offices are an instrument for immigration to countries like Singapore, with a Global Investor Programme according permanent residency to eligible investors.
Singapore also has a strong bilingual education system and high standard of living, which enhance its appeal for wealthy Chinese seeking to move their families here and desiring a good education and premium living environment for their children. Among those who now live in Singapore are Shein founder Chris Xu and Haidilao founders Zhang Yong and Shu Ping.
As a financial centre, Singapore offers a strong combination of technical competence for the ultra-wealthy looking to protect their legacy, with its wide range of sustainable finance, accounting, international arbitration and other professional services, an ecosystem of sustainable finance and private equity firms, and wealth-friendly regulations.
It launched a new variable capital company fund management framework in 2020 that gives family offices more flexibility in redeeming investments early and access to co-funding of qualifying expenses from the MAS.
MORE ON THIS TOPIC
Rich Chinese splashing out on luxury have yet to invest big in Singapore
Family offices in Singapore may face talent crunch
The country also offers a gateway to investments in fast-growing South-east Asia and global trade connectivity, making it an attractive option for wealthy investors looking to diversify their portfolio outside of China, where competition has become more aggressive.
With Asean poised to become the world’s fourth-largest economy by 2030, the region is a hotbed for businesses and start-ups catering to a rising middle class and tapping a young and energetic workforce.
The green and digital economies also offer fresh growth opportunities, with Singapore having inked five digital economy partnership agreements – with New Zealand, Chile, the United Kingdom, South Korea and the European Union.
MORE ON THIS TOPIC
Super rich folks in wealth hubs, including S’pore, still have their eyes on crypto
Why relocating Chinese see S'pore as a safe haven for their businesses and property

Strong bilateral ties a plus​

Amid geopolitical tensions, trade spats and supply chain shocks centred on the China-US rivalry, the thriving bilateral relations between Singapore and China provide strong reassurance to Chinese investors that the city state is a safe bet to park their wealth.
Singapore and China both greatly value their ties with each other. The most recent signal came from Prime Minister Lee Hsien Loong’s trip to Beijing that saw him hold meetings with the four most senior Chinese leaders – President Xi Jinping, Premier Li Qiang, National People’s Congress chairman Zhao Leji, and Chinese People’s Political Consultative Conference chairman Wang Huning. This is rare for a visiting head of government.
Both sides agreed to upgrade bilateral relations to an “all-round high-quality future-oriented partnership”, reflecting their commitment to further expand bilateral cooperation and explore new areas of collaboration in the digital and green economies, finance and aviation.
Mr Xi characterised the relations between China and Singapore as “forward-looking, strategic and exemplary”, and said they set the benchmark for China’s ties with other countries in the region.
20230331MCIPhoto04_1.jpg

Prime Minister Lee Hsien Loong meeting China’s President Xi Jinping at the Great Hall of the People in Beijing on March 31, 2023. PHOTO: MCI
A strong sense of trust undergirded by decades of mutually beneficial cooperation underpins this investor confidence. Within China, Singapore is recognised as the country that participated the earliest and most fully in China’s reform and opening up after the 1970s, and it continues to have deep involvement in China’s regional development, with government-to-government projects in Suzhou, Tianjin, Chongqing and Guangzhou.
Meanwhile, bilateral trade maintained strong momentum even during the global Covid-19 pandemic. Singapore’s merchandise trade with China in 2022 increased by 9 per cent and reached $175 billion, according to Ministry of Trade and Industry statistics.
Singapore has also been China’s largest foreign investor since 2013, with the Big Three banks – DBS, UOB and OCBC – establishing a strong presence in many major Chinese cities.
The bilateral economic outlook is set to remain robust. Singapore and China are working together to upgrade the China-Singapore Free Trade Agreement, which is expected to provide a further boost to bilateral trade and investment.
MORE ON THIS TOPIC
China wants to work with S'pore as it executes ‘ambitious blueprint’, Li Qiang tells PM Lee
‘Old friends’ meet in Beijing during PM Lee’s last leg of China visit

A popular destination for family offices​

Singapore is emerging as a competitive family office hub in Asia, and Chinese billionaires are understandably keen to participate.
With its status as a renowned international financial centre, its long-held reputation for efficient governance, a strong regulatory framework, well-developed infrastructure and, importantly, the Government’s pro-business and investment policies, Singapore has long been a popular investment destination for rich businessmen, wealthy families and tech entrepreneurs from Asia and elsewhere.
The growth in family offices both reflects and reinforces Singapore’s competitiveness in the financial sector, with positive spillover effects to the wider business community here.
The question is whether local talent can keep up as demand for experienced professionals managing family offices rises, and whether the entry of the super-rich class into Singapore will raise concerns among Singaporeans over rising private property prices and demand for luxury cars.
  • Yu Hong is a senior research fellow at the East Asian Institute, National University of Singapore.
 

laksaboy

Alfrescian (Inf)
Asset
SG shot itself in its own foot.
Shitty Times ran an article a few days earlier acknowledging the huge flow of money from billionaires in China.

Why is Singapore a magnet for Chinese billionaires?​

Strong bilateral ties, connectivity to Asean and global networks make the city state a strong contender for wealthy Chinese family offices looking to set up shop outside China.​

202003121583989208807557919431658692510a2obmczuann_1.jpg

The growing popularity of Singapore as a family office hub has been partly driven by the influx of Chinese family money moving into the Republic. ST PHOTO: KELVIN CHNG
Yu Hong


APR 12, 2023

We have seen a boom in the world of wealth management over the past decade. Singapore’s assets under management trebled from $1.82 trillion in 2013 to $5.4 trillion in 2021, according to the Monetary Authority of Singapore’s (MAS) Singapore Asset Management Survey.
Family offices set up in Singapore today to manage the wealth of the super-rich are expected to contribute significantly to the nation’s growing wealth advisory pie following a period of extraordinary growth.
The total number of family offices here rose to 700 in 2021, from 400 in 2020 and a mere 50 in 2018, according to government estimates. Some industry estimates put the number closer to 1,500 now.
While the nationality breakdown is not known, the city state is so attractive as a family office hub destination that the authorities are confident that tightening qualifying conditions for tax incentives would not spook investors.
Since early 2022, family offices must have a minimum fund size of $10 million and make a commitment to raise this to $20 million within two years. The authorities also require family offices set up in Singapore to invest at least 10 per cent or $10 million of their funds, whichever is lower, in the local market.

Influx of Chinese family money​

The growing popularity of Singapore as a family office hub has been partly driven by the influx of Chinese family money by clients keen to strengthen their portfolios and drawn to the country’s reputation for good governance, rule of law and stability as an international financial centre.
Against the backdrop of global economic gravity shifting to Asia, the region has seen an accompanying accumulation of wealth, particularly in China. According to the Hurun Global Rich List, China accounted for more than 60 per cent of the world’s new billionaires in 2020.

In recent years, many have chosen to move their money from Hong Kong as a hedge, after the 2019 mass protests and China’s tightening grip over the city shook investor confidence and raised concerns over parking wealth within Beijing’s jurisdiction for the long term.
In 2022 alone, Hong Kong lost 3,000 high-net-worth individuals while Singapore gained 2,800, according to Mr Rupert Hoogewerf, chief researcher of the Hurun Wealth Report.
Assets held in Hong Kong are not subject to foreign exchange capital controls imposed in China and can easily be transferred to other financial centres like Singapore. Hong Kong has over 20 international investment and protection agreements with other economies that facilitate two-way investment flows.


China’s three-year zero-Covid policy also marked a turning point for many high-net-worth individuals, who are reconsidering the wisdom of storing wealth there. This, as the authorities’ have demonstrated that they are not averse to recurring citywide lockdowns in major cities like Shanghai, the country’s financial centre, impractical travel rules and other economically damaging rules such as those that restricted movement and sealed the country off from the rest of the world.
Recent reassurances from Chinese Premier Li Qiang that China is committed to promoting a business-friendly environment and the agenda of growth and recovery put forth by the Two Sessions in March notwithstanding, China is seen as a good place to make a fortune but less so to park money.

Singapore’s trade connectivity and expertise in wealth advisory​

Family offices are an instrument for immigration to countries like Singapore, with a Global Investor Programme according permanent residency to eligible investors.
Singapore also has a strong bilingual education system and high standard of living, which enhance its appeal for wealthy Chinese seeking to move their families here and desiring a good education and premium living environment for their children. Among those who now live in Singapore are Shein founder Chris Xu and Haidilao founders Zhang Yong and Shu Ping.
As a financial centre, Singapore offers a strong combination of technical competence for the ultra-wealthy looking to protect their legacy, with its wide range of sustainable finance, accounting, international arbitration and other professional services, an ecosystem of sustainable finance and private equity firms, and wealth-friendly regulations.
It launched a new variable capital company fund management framework in 2020 that gives family offices more flexibility in redeeming investments early and access to co-funding of qualifying expenses from the MAS.
MORE ON THIS TOPIC
Rich Chinese splashing out on luxury have yet to invest big in Singapore
Family offices in Singapore may face talent crunch
The country also offers a gateway to investments in fast-growing South-east Asia and global trade connectivity, making it an attractive option for wealthy investors looking to diversify their portfolio outside of China, where competition has become more aggressive.
With Asean poised to become the world’s fourth-largest economy by 2030, the region is a hotbed for businesses and start-ups catering to a rising middle class and tapping a young and energetic workforce.
The green and digital economies also offer fresh growth opportunities, with Singapore having inked five digital economy partnership agreements – with New Zealand, Chile, the United Kingdom, South Korea and the European Union.
MORE ON THIS TOPIC
Super rich folks in wealth hubs, including S’pore, still have their eyes on crypto
Why relocating Chinese see S'pore as a safe haven for their businesses and property

Strong bilateral ties a plus​

Amid geopolitical tensions, trade spats and supply chain shocks centred on the China-US rivalry, the thriving bilateral relations between Singapore and China provide strong reassurance to Chinese investors that the city state is a safe bet to park their wealth.
Singapore and China both greatly value their ties with each other. The most recent signal came from Prime Minister Lee Hsien Loong’s trip to Beijing that saw him hold meetings with the four most senior Chinese leaders – President Xi Jinping, Premier Li Qiang, National People’s Congress chairman Zhao Leji, and Chinese People’s Political Consultative Conference chairman Wang Huning. This is rare for a visiting head of government.
Both sides agreed to upgrade bilateral relations to an “all-round high-quality future-oriented partnership”, reflecting their commitment to further expand bilateral cooperation and explore new areas of collaboration in the digital and green economies, finance and aviation.
Mr Xi characterised the relations between China and Singapore as “forward-looking, strategic and exemplary”, and said they set the benchmark for China’s ties with other countries in the region.
20230331MCIPhoto04_1.jpg

Prime Minister Lee Hsien Loong meeting China’s President Xi Jinping at the Great Hall of the People in Beijing on March 31, 2023. PHOTO: MCI
A strong sense of trust undergirded by decades of mutually beneficial cooperation underpins this investor confidence. Within China, Singapore is recognised as the country that participated the earliest and most fully in China’s reform and opening up after the 1970s, and it continues to have deep involvement in China’s regional development, with government-to-government projects in Suzhou, Tianjin, Chongqing and Guangzhou.
Meanwhile, bilateral trade maintained strong momentum even during the global Covid-19 pandemic. Singapore’s merchandise trade with China in 2022 increased by 9 per cent and reached $175 billion, according to Ministry of Trade and Industry statistics.
Singapore has also been China’s largest foreign investor since 2013, with the Big Three banks – DBS, UOB and OCBC – establishing a strong presence in many major Chinese cities.
The bilateral economic outlook is set to remain robust. Singapore and China are working together to upgrade the China-Singapore Free Trade Agreement, which is expected to provide a further boost to bilateral trade and investment.
MORE ON THIS TOPIC
China wants to work with S'pore as it executes ‘ambitious blueprint’, Li Qiang tells PM Lee
‘Old friends’ meet in Beijing during PM Lee’s last leg of China visit

A popular destination for family offices​

Singapore is emerging as a competitive family office hub in Asia, and Chinese billionaires are understandably keen to participate.
With its status as a renowned international financial centre, its long-held reputation for efficient governance, a strong regulatory framework, well-developed infrastructure and, importantly, the Government’s pro-business and investment policies, Singapore has long been a popular investment destination for rich businessmen, wealthy families and tech entrepreneurs from Asia and elsewhere.
The growth in family offices both reflects and reinforces Singapore’s competitiveness in the financial sector, with positive spillover effects to the wider business community here.
The question is whether local talent can keep up as demand for experienced professionals managing family offices rises, and whether the entry of the super-rich class into Singapore will raise concerns among Singaporeans over rising private property prices and demand for luxury cars.
  • Yu Hong is a senior research fellow at the East Asian Institute, National University of Singapore.

Shitty Times is the propaganda newspaper of the PAP regime. You might recall it showering praise on the 'integrated resorts' prior to the two casinos being built, or how much the economy would benefit by having the IMF and World Bank people have their meeting here in 2004. :rolleyes:
 

millim6868

Alfrescian
Loyal
Knn,all.tjese.d9n.benefit.simkies ,butn60% local cb still blur,knn u think it benefit us,no,vut 60% still blur ,most papigs are jiuhu kia
 

Rogue Trader

Alfrescian (Inf)
Asset
It's a damn pity pap can't build fast enough so that sinkapore can sell more properties to foreigners.

Meanwhile young sinkies have to wait 5 years for their 600k BTO flats
 

Qantas

Alfrescian
Loyal
Are we helpless in the face of this?
No, we are not, you can choose to vote them out or continue to suffer rising income inequality, ridiculouus land/housing prices and special treatment for foreigners amongst others.
It is getting more and more difficult to vote them out each passing election as they give citizenships in torrents to new migrants (read CECA and tiongs) every year. Our protest votes will be drowned by the votes of these new shitizens. Piss and poop looks likely to stay on in eternity.
 

Balls2U

Alfrescian
Loyal
Why so hush-hush? Scared of getting sanctions? :sneaky:

See the inflation around you? This is the main reason why. Unrepentant money-laundering hub but don't want to admit it. It's like a prostitute insisting others regard her as a chaste lady. :wink:

It's amazing that they would attempt to impose a 'gag order' on banks... but that's the kind of regime we live in. No surprises. Secrecy, obfuscation, strawman half-truths and gaslighting. :cool:

"It's like a prostitute insisting others regard her as a chaste lady."

Sounds like a certain character from Mayfair. :biggrin:
 
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