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Mr Leong Sing Chiong, Deputy Managing Director, MAS
Distinguished Speakers, Partners, Guests,
Ladies and Gentlemen,
Good morning.
A very warm welcome to the second day of our Global-Asia Family Office Summit.
Yesterday, we opened the Summit with family principals and single-family office professionals.
Today, we bring together the partners ecosystem—private banks, wealth and asset managers, lawyers, tax and trust advisors, philanthropy specialists, and many more.
You are the trusted advisors. Helping families navigate complexity, steward wealth, and shape investments across asset classes and geographies.
Over these two days, we have over 600 participants from Asia, the Middle East, Europe, the US, and Australia.
A true reflection of Singapore’s growing role as a global family office hub. And the importance of the topics we will explore together.
Continued Growth of Family Offices Depends on Talent and Capabilities
Singapore is now home to over 2,000 single-family offices.
That’s more than five times the number just five years ago.
Assets under management in Singapore crossed S$6 trillion for the first time in 2024. Growing by more than 12% in a single year.
Private Banking client assets grew by a robust 19% in 2024, with about half of that growth coming from net new inflows. BCG projects Singapore to be the fastest growing wealth management centre through 2029.
This extraordinary growth reflects global confidence in Singapore—our political stability, transparent regulations, trusted legal system, competitive tax frameworks, and above all, our strong financial and professional services ecosystem.
Through WMI’s Global-Asia Family Office Circle, we are proud to have played a part to bringing the ecosystem together—fostering learning and building connections across the sector through many initiatives, including this annual Summit.
To stay ahead, we must attract, develop, and retain skilled professionals and advisors who can meet the evolving needs of family offices.
Advisors in the Age of Family Office Expansion
Families today are looking for more:
Advisors therefore need to broaden their knowledge beyond traditional portfolios.
They must understand alternative investments, hedging strategies, due diligence, and risk management.
And most importantly, they need to help families integrate diverse asset classes across multiple jurisdictions—with all the regulatory, tax, and structuring implications—into a single, well-coordinated wealth strategy.
Those who can do this will be highly sought after in the new era of family office growth.
WMI Raising Capabilities Across the Board
To meet this demand, WMI now offers over 150 programmes—from certifications to Master’s degrees—in collaboration with leading universities.
We have over 35 family office-related programmes covering everything from family governance and operations to tax, regulations, legacy planning, and investments.
At last year’s Summit, we announced the launch of a groundbreaking, fully online investment programme—the Dalio Market Principles, developed with Ray Dalio, Founder of Bridgewater Associates.
Leveraging AI technology, it even features a digital version of Ray Dalio—known as Digital Ray—as a virtual tutor to guide learners.
I am pleased to share that we have already seen close to 1,300 enrolments, with learners from around the world.
Our community of learners goes beyond finance.
It also includes accountants, lawyers, trustees, and more.
And I am delighted to announce that we have signed a training agreement with the Law Society of Singapore to launch Singapore’s first family office certification for lawyers in 2026.
This programme will equip 6,500 practicing lawyers with the skills to advise on structuring, succession planning, and regulatory matters—ensuring families have access to the highest-quality legal and governance advice.
Lawyers play a critical role.
Building governance frameworks. Navigating cross-border legal complexities. Safeguarding the long-term interests of families.
This initiative is part of WMI’s broader mission—to raise capabilities across all professions serving families.
Insights from WMI’s Succession Planning Research
Alongside capability building, we have been investing in research to better understand the evolving needs of families.
And today, we are releasing the findings of our latest research report on succession planning.
Studies show that while Asian families aspire to pass down their businesses and legacy, nearly 80% of family business leaders want to keep their businesses in the family—yet most have not started serious succession planning.
Why?
Many leaders doubt the readiness of successors. Fear losing control or identity. And avoid conversations about succession because it feels uncomfortable—or even taboo.
The result?
Too often, families delay, defer, and put things off—even as the need for action grows urgent.
Key Research Findings
Today, I am pleased to share highlights from this study.
Key Insights
First, succession is a living practice—not a one-time handover.
Many families get stuck because they see succession as a legal or financial transaction. Something you do once—and then it’s done.
But the families who get this right see succession as a long-term process. Of capability-building. Of relationship-building.
Think of it as what we call the Legacy Flywheel.
At the start, it can feel heavy and slow—especially when families are unsure where to begin.
But with small, intentional steps—regular family conversations, agreed decision-making forums, and a clear sense of purpose—the momentum builds.
Over time, the process runs more smoothly. The family grows in confidence.
Succession planning shifts from being a daunting task to a natural rhythm. One that unites and strengthens the family.
Second, philanthropy serves as a powerful bridge-builder in succession.
Our research shows philanthropy creates a low-conflict space where families can unite around shared values.
It engages the next generation in meaningful stewardship development.
When families work together on causes they care about, it creates natural opportunities to collaborate, to make decisions jointly, to practice leadership skills.
All in settings with clear purpose but lower stakes than business operations.
The research shows families who use giving strategically find it far easier to have the broader conversations about values, legacy, and stewardship that underpin successful transitions.
Yet only one-third of the Asian families we interviewed engage in philanthropy strategically—despite its powerful role in unifying generations and preparing them for leadership.
For those who want to explore the findings in greater depth, please scan the QR code on screen to access the full.
You will be amongst the first to receive it as we publish the final report today.
Philanthropy and PBIG Task Force: A Timely Opportunity
With philanthropy emerging as a strategic bridge-builder in succession, it is timely that WMI is doubling down on our partnership with the Private Banking Industry Group, supported by MAS.
The Workgroup will focus on two priorities:
For advisors, developing expertise in philanthropy and impact is now a strategic skill.
Those who cultivate this capability can engage families beyond investment discussions.
Opening conversations on values, governance, next-generation engagement, succession planning, and legacy.
Do this well, and you won’t just manage wealth—you will help families create lasting unity and legacy across generations.
Already, WMI has trained 600 professionals in philanthropy programmes, with new certifications launching this year—including the Certificate in Philanthropy and Social Impact for Greater China Markets.
Closing
To close, let me express our deepest gratitude.
To our distinguished speakers and moderators.
To MAS and EDB for your unwavering partnership.
And to all of you—for taking the time to be with us.
We hope today’s sessions spark new ideas, fresh perspectives, and valuable connections.
Connections that help you better support the families you serve.
Thank you.
And I wish you a meaningful and inspiring day ahead.
