Singapore MAS Chairman Gan Kim Yong on Economic & Social Contributions of Single Family Offices (SFOs) in Singapore: 1) SFOs Part of Broader Effort to Grow Singapore Wealth Management Sector to Use Wealth Management Products & Services Benefiting Private Banks & Related Services and Generating Revenue & Jobs, 2) Singapore MAS Tracks SFOs AUM, Employment & Wages, 3) Singapore MAS Do Not Track SFOs Social Contributions in Singapore, 4) Notable Philanthropic Initiatives Include Tsao Foundation, Ishk Tolaram Foundation, ImpactSG & Philanthropy Asia Alliance (Partners Include Gates Foundation, The Rockefeller Foundation & Li Ka Shing Foundation), 5) Family Office Tax Scheme Application Process Reduced to 3 Months from 12 Months
25th September | Hong Kong
Singapore Deputy Prime Minister & Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong reply to Singapore Parliamentary question (24/9/25) on economic & social contributions of Single Family Offices (SFOs) in Singapore: 1) SFOs part of broader effort to grow Singapore wealth management sector to use wealth management products & services benefiting private banks & related services and generating revenue & jobs, 2) Singapore MAS tracks SFOs AUM, employment & wages, 3) Singapore MAS do not track SFOs social contributions in Singapore, 4) Notable philanthropic initiatives include Tsao Foundation, Ishk Tolaram Foundation, ImpactSG & Philanthropy Asia Alliance (Partners include Gates Foundation, The Rockefeller Foundation & Li Ka Shing Foundation), and 5) Family office tax scheme application process has been reduced to 3 months from 12 months. Gan Kim Yong (24/9/25): “Developing Single Family Offices (SFOs) is part of broader efforts to grow Singapore’s wealth management sector. When SFOs and other high net worth individuals (HWNIs) use wealth management products and services, private banks, other financial institutions and ancillary service providers benefit, and business revenue and jobs are generated. MAS tracks metrics such as AUM, employment, and the wages earned to measure growth and contributions of the wealth management sector. While MAS does not track social contributions from SFOs in Singapore, industry players such as Soristic Impact Collective track philanthropic giving, including those from HNWIs. Some HNWIs behind SFOs have engaged in philanthropic activities and established philanthropic entities such as Tsao Foundation and Ishk Tolaram Foundation. The recent establishment of new intermediaries such as ImpactSG and Philanthropy Asia Alliance also reflects growing interest in philanthropy among HNWIs in Singapore. The Government will continue to work closely with industry to strengthen Singapore’s position as an international wealth management centre, including Revamping the family office tax scheme application process. Most applications are now processed within three months, down from the previous 12 months; Supporting HNWIs across their business, wealth and family interests; Improving customer onboarding experiences including ensuring private banks’ account opening processes are efficient and customer-friendly, while maintaining sound controls.”
“ Singapore MAS Chairman Gan Kim Yong on Economic & Social Contributions of Single Family Offices (SFOs) in Singapore: 1) SFOs Part of Broader Effort to Grow Singapore Wealth Management Sector to Use Wealth Management Products & Services Benefiting Private Banks & Related Services and Generating Revenue & Jobs, 2) Singapore MAS Tracks SFOs AUM, Employment & Wages, 3) Singapore MAS Do Not Track SFOs Social Contributions in Singapore, 4) Notable Philanthropic Initiatives Include Tsao Foundation, Ishk Tolaram Foundation, ImpactSG & Philanthropy Asia Alliance (Partners Include Gates Foundation, The Rockefeller Foundation & Li Ka Shing Foundation), 5) Family Office Tax Scheme Application Process Reduced to 3 Months from 12 Months “
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Singapore MAS Chairman Gan Kim Yong on Economic & Social Contributions of Single Family Offices (SFOs) in Singapore: 1) SFOs Part of Broader Effort to Grow Singapore Wealth Management Sector to Use Wealth Management Products & Services Benefiting Private Banks & Related Services and Generating Revenue & Jobs, 2) Singapore MAS Tracks SFOs AUM, Employment & Wages, 3) Singapore MAS Do Not Track SFOs Social Contributions in Singapore, 4) Notable Philanthropic Initiatives Include Tsao Foundation, Ishk Tolaram Foundation, ImpactSG & Philanthropy Asia Alliance (Partners Include Gates Foundation, The Rockefeller Foundation & Li Ka Shing Foundation), 5) Family Office Tax Scheme Application Process Reduced to 3 Months from 12 Months
Date: For Parliament Sitting on 24 September 2025
Name and Constituency of Member of Parliament
Mr Saktiandi Supaat, Bishan-Toa Payoh GRC
Question
To ask the Prime Minister and Minister for Finance (a) from 2020 to 2024, what are the metrics used to track the economic and social contributions of the Single Family Offices (SFOs) established in Singapore; and (b) how does the Government plan to continue attracting SFOs to establish themselves in Singapore while ensuring such capital inflows benefit all Singaporeans.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. Developing Single Family Offices (SFOs) is part of broader efforts to grow Singapore’s wealth management sector. When SFOs and other high net worth individuals (HWNIs) use wealth management products and services, private banks, other financial institutions and ancillary service providers benefit, and business revenue and jobs are generated. MAS tracks metrics such as AUM, employment, and the wages earned to measure growth and contributions of the wealth management sector.
2. While MAS does not track social contributions from SFOs in Singapore, industry players such as Soristic Impact Collective[1] track philanthropic giving, including those from HNWIs. Some HNWIs behind SFOs have engaged in philanthropic activities and established philanthropic entities such as Tsao Foundation[2]and Ishk Tolaram Foundation[3]. The recent establishment of new intermediaries such as ImpactSG[4] and Philanthropy Asia Alliance[5] also reflects growing interest in philanthropy among HNWIs in Singapore.
3. The Government will continue to work closely with industry to strengthen Singapore’s position as an international wealth management centre, including Revamping the family office tax scheme application process. Most applications are now processed within three months, down from the previous 12 months; Supporting HNWIs across their business, wealth and family interests; Improving customer onboarding experiences including ensuring private banks’ account opening processes are efficient and customer-friendly, while maintaining sound controls.
4. We must continue to strike the right balance, to ensure we remain competitive versus other wealth management centres. We will continue to enable our wealth management sector to thrive, so it can generate opportunities, create good jobs for Singaporeans, and contribute to our social and philanthropic sectors.
Notes
- [1] Soristic Impact Collective is a social impact consultancy that aims to empower businesses, non-profits, and philanthropists to create meaningful change through research, evaluation, philanthropy support, and capacity building.
- [2] Tsao Foundation is a non-profit family foundation focused on promoting successful ageing and active ageing and among its various initiatives, had established the Hua Mei Centre for Successful Ageing, which provides medical, social and psycho-emotional care for adults aged 40 and above living in the community.
- [3] Ishk Tolaram Foundation aims to empower underserved individuals by providing access to quality education, healthcare, and skills training in geographies where Tolaram has a significant business presence. In Singapore, Ishk’ focuses on inclusive education. Its partners include Boys’ Town, Dyxlexia Association of Singapore, Samaritans of Singapore and Shine Youth Services.
- [4] ImpactSG is a ground-up non-profit organisation that was born out of Forward Singapore. It works with individuals from family offices, foundations, and corporations to deploy financial and non-financial contributions in Singapore and Asia. Since its launch in November 2024, ImpactSG has engaged more than 100 individuals and wealth owners on their contributions facilitated by specially designed programmes, such as one for Singapore’s neighbourhood schools.
- [5] Philanthropy Asia Alliance was launched by Temasek Trust, dedicated to catalysing collaborative philanthropy in Asia through dynamic multi-sector partnerships. Since its launch in 2023, it had amassed over S$1 billion in pledges from more than 80 global members and partners including Gates Foundation, The Rockefeller Foundation and Li Ka Shing Foundation.
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