Singapore to unveil improved family office tax incentives - minister

On Friday, a high-ranking official shared that Singapore's main financial institution plans to unveil more favorable tax benefits next month that acknowledge the generous donations made by family offices, which are organizations that look after the financial investments of affluent households.

Making investments in blended finance, a combination of public and private capital, will be advantageous for family offices under the modifications made by the Monetary Authority of Singapore (MAS). At an event organized by the Association of Banks in Singapore (ABS), Senior Minister and MAS Chairman Tharman Shanmugaratnam expressed this view.

According to him, supporting climate change solutions both domestically and internationally will also have advantageous outcomes.

Families with a vast amount of wealth are now establishing family offices in Singapore more often. This is because they are searching for secure locations due to the world's frequent political disturbances and economic instability.

On Friday, the ABS, an organisation made up of the leading banks in Singapore, introduced a Trade Finance Registry as a means of reducing fraudulent activity and the repetition of transactions in the field of trade finance.

Yantoultra Ngui from Singapore and Navya Mittal from Bengaluru are reporting on this topic, with the editing done by Richard Chang.