Speaking at the Association of Banks in Singapore (ABS) 50th anniversary dinner on June 23, Tharman says single-family offices are a significant pool of capital that is 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 next month enhancements to recognise single-family offices’ voluntary contributions to charity, alongside their normal business spending, when granting tax incentives.
Single-family offices will also be recognised for contributing to blended finance solutions, particularly concessional capital and grants; along with investments made towards climate change solutions both here and abroad, says Senior Minister and MAS chairman Tharman Shanmugaratnam.
