Private banking group denies MAS told banks to keep quiet about origins of wealth inflows



The Business Times – THE Monetary Authority of Singapore (MAS) has not issued any directive – tacit or otherwise – to banks to avoid discussing the origins of wealth inflows into Singapore, the Private Banking Industry Group (PBIG) said on Friday (Apr 14), in response to statements in a report in Financial Times (FT).

The PBIG, which comprises private-banking industry representatives, is co-chaired by MAS and UBS.

The FT report published on Friday (Apr 14) said that as “wealthy Chinese funnel billions” into Singapore, the MAS gave a tacit directive at an industry group meeting on Feb 20 not to discuss the “significant sums of money” entering the country.

The financial newspaper cited sources with knowledge of the talks as saying that this has become a “politically sensitive issue” domestically, and that the MAS wants banks to keep public discussion on it to a minimum.

FT quoted “one banker from an international bank” as having said: “It was obvious that they [the MAS] were referring to China, with all the press about family offices setting up here and mainlanders moving over, though they didn’t single out a particular country.”

China was not mentioned by name at the meeting, the report added.

Quoting another senior banker, the financial daily said MAS reportedly told banks that they should not single out any particular markets when reporting the sources of their inflows.

In its statement responding to the FT report, PBIG said: “At its most recent meeting on 20 February 2023, the PBIG noted that while public commentary tended to focus on fund flows from China into Singapore, the sources of overall inflows into Singapore in fact remain diversified.

“The increased fund flows into Singapore were from high-net-worth individuals from different markets.”

It said that the meeting agreed on the importance of maintaining robust risk management controls to safeguard against money laundering and terrorism financing risks, in the face of increased fund flows into Singapore.

Attendees “also discussed how to facilitate the deployment of wealth to purposeful causes, given the growing interest among family offices in philanthropy and other activities that will benefit Singapore and the region”, PBIG added.

The PBIG holds thrice-yearly meetings to discuss matters to enhance the trust, reputation and growth of Singapore’s private banking industry.

Image by: Pixabay




Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.