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Singapore Chairman of MAS Gan Kim Yong on Variable Capital Companies (VCCs) in Singapore: 1) 1,338 VCCs Managed by Fund Managers & Banks in 2026 (1/4/26), 2) 25 VCCs Had No Assets Without Valid Reason in 2025 & Fund Managers Instructed to De-Register the VCCs
9th April 2026 | Hong Kong
Monetary Authority of Singapore (MAS) Chairman Gan Kim Yong on Variable Capital Companies (VCCs) in Singapore – 1) 1,338 VCCs managed by fund managers & banks in 2026 (1/4/26), 2) 25 VCCs had no assets without valid reason in 2025 & fund managers instructed to de-register the VCCs. See below for more details:
“ Singapore Chairman of MAS Gan Kim Yong on Variable Capital Companies (VCCs) in Singapore: 1) 1,338 VCCs Managed by Fund Managers & Banks in 2026 (1/4/26), 2) 25 VCCs Had No Assets Without Valid Reason in 2025 & Fund Managers Instructed to De-Register the VCCs “
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Written reply to Parliamentary Question on Variable Capital Companies (VCCs)
Date: For Parliament Sitting on 8 April 2026
Name and Constituency of Member of Parliament
Mr Chua Kheng Wee Louis, Sengkang GRC
Mr Chua Kheng Wee Louis: To ask the Prime Minister and Minister for Finance since the last review of Variable Capital Companies (VCCs) and their managers conducted by the MAS (a) what is the current number of VCCs in Singapore; (b) how many VCCs currently do not (i) hold any assets and (ii) have any investors; and (c) what is the number of VCCs that have had supervisory interventions or regulatory actions directed.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade and Industry, and Chairman of MAS:
1. As at 1 April 2026, there were 1,338 VCCs managed by licensed fund managers and banks. The use of VCCs, alongside our growing asset management industry, is part of Singapore’s value proposition as a trusted asset management and funds centre.
2. MAS carries out regular monitoring and review of fund managers as part of its supervision of the fund management industry. This involves reviewing the activities of fund managers, including their regulatory compliance when using the VCC fund structure. Fund managers are required to remediate any observed control weaknesses following such reviews. From time to time, MAS may also publish good practices for wider adoption across the industry.
3. Last year, 25 VCCs were found to have held no assets without a valid reason. The fund managers of these VCCs have been directed to de-register them.
Singapore Chairman of MAS Gan Kim Yong on Variable Capital Companies (VCCs) in Singapore: 1) 1,338 VCCs Managed by Fund Managers & Banks in 2026 (1/4/26), 2) 25 VCCs Had No Assets Without Valid Reason in 2025 & Fund Managers Instructed to De-Register the VCCs
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