Speaking at the Association of Banks in Singapore’s (ABS) 50th-anniversary dinner on June 23, Tharman says single-family offices are a significant pool of capital growing faster than most other sources of wealth. “Overall, what we have to do is to strengthen the whole ecosystem of capital, expertise and compassion.”
The Monetary Authority of Singapore (MAS) will announce enhancements to its tax incentive scheme for single-family offices in July, says Senior Minister and MAS chairman Tharman Shanmugaratnam.
The coming change will recognise single-family offices’ voluntary contributions to charity and blended finance solutions, as well as their investments in climate change solutions both here and abroad, adds Tharman.
