Alvin Tan on anchoring family offices to contribute meaningfully to Singapore

Government agencies are developing initiatives to tap the growing interest from family offices to provide capital to support enterprise, financing, environmental, social and governance investments, as well as philanthropic activities. The Monetary Authority of Singapore (MAS) will continue to review the fund tax incentive schemes to ensure that they are relevant and that single family offices can contribute meaningfully to Singapore. Minister of State for Trade and Industry and MAS Board Member Alvin Tan said this in reply to an MP's questions in Parliament on Tuesday (Feb 14). He said as single family offices often start with small teams of investment professionals, the more meaningful way to create local jobs is through positive spillover effects in creating demand for ancillary services like legal, custody and tax services, as well as fund administration.