As published on: hubbis.com, Thursday 14 September, 2023.
In response to a significant increase in demand, Singapore's Wealth Management Institute (WMI) has rolled out two new initiatives to bolster the engagement of family offices in the region.
Over the last year, the WMI saw a 100% increase in participation in its family office-related programs and forums, with participation figures reaching 3,000. Additionally, more than 200 professionals have achieved their certified family office advisor status after completing the required coursework.
The first of these initiatives, the 'Family Office Discovery Series', is tailored for new family offices establishing their roots in Singapore. Crafted in collaboration with the Monetary Authority of Singapore and the Singapore Economic Development Board, the series is designed to seamlessly integrate these new entities into Singapore's vibrant ecosystem. The goal is to instill a sense of belonging while facilitating meaningful engagements. This initiative will provide new entrants with networking opportunities, peer support, and access to co-investment prospects. The program will feature regular 'discovery sessions', with two such sessions slated for the coming month.
Commenting on the initiative, WMI's CEO, Foo Mee Har, shared, "The feedback from various family offices has consistently highlighted their keen interest in deepening their connections in Singapore and tapping into the myriad opportunities the country presents."
The second initiative is the 'Family Office Risk Management & Controls' program. This has been created to enhance the ability of family offices to guard against financial wrongdoing. The program will offer insights into the regulatory landscape of the sector, focusing on pivotal legal and regulatory challenges.
With Singapore's ongoing $1.3 billion money laundering investigation bringing the wealth management sector under the microscope, initiatives like these are timely. The Monetary Authority of Singapore recently put forth proposals in July to further tighten anti-money laundering measures for single-family offices.