WMI announces measures to deepen engagement of Family Offices in Singapore

The Wealth Management Institute (WMI) has introduced two new initiatives to further deepen engagement of family offices in Singapore at the annual Global-Asia Family Office (GFO) Circle Summit, held on 11 and 12 September 2023 at The St Regis Singapore. Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat was the Guest of Honour for the Single Family Office Forum on the second day. The initiatives come on the back of a twofold surge in demand in WMI’s family-office related programmes and forums. 

The first initiative will be the pioneering ‘Family Office Discovery Series’, developed and organised with the support of the Singapore Economic Development Board (EDB) and the Monetary Authority of Singapore (MAS). The Series aims to orientate newly arrived family offices to Singapore and support closer integration into Singapore’s dynamic ecosystem, fostering a sense of belonging and purposeful engagement within the community. It will be systematically offered to recent and new family offices arriving into Singapore. 

Through the Series, family offices will gain access to an expansive network and exposure to a spectrum of opportunities, from building a strong peer network to exploring co-investment opportunities.

“Many family offices we have spoken to have expressed a strong desire to strengthen their bonds here and access the wealth of opportunities Singapore has to offer. The Family Office Discovery Series will support the next stage of integrating family offices into Singapore, to fully tap the capital, knowledge, networks and expertise they bring. Through creating a systematic introduction to various facets of the innovation and social impact community, we will enable family offices to fast-track their engagement, allowing businesses based in Singapore to benefit from mutual technological, innovation and capability transfers,” Ms Foo adds. 

The second initiative announced was the upcoming launch of a new Family Office Risk Management & Controls programme. This programme is targeted to help strengthen capabilities in the family office ecosystem to safeguard against financial crime and uphold compliance requirements and standards relating to onboarding and due diligence, cross border jurisdiction and tax, capital and exchange control matters. 

These two new launches build on WMI’s flagship initiatives in the family office sector. In 2021, WMI established the Global-Asia Family Office Circle to create a trusted environment for fostering collaboration and knowledge-sharing in the sector. In March 2023, WMI launched the Impact Philanthropy Partnership (IPP) in collaboration with the Private Banking Industry Group (PBIG) and with the support of the Monetary Authority of Singapore (MAS). The IPP aims to build greater awareness of and momentum for philanthropy and impact capital among family offices. 

For more information about the Family Office Discovery Series and other initiatives by WMI, please visit www.wmi.edu.sg.