5 Reasons Singapore is Winning Asia’s Wealth Management Hub Race

4. MAS appeal

The Monetary Authority of Singapore (MAS) has been lauded by many as a forward-thinking regulatory body when compared to Hong Kong’s watchdogs.

The most recent example showcasing the courage and progressiveness of the regulator was in virtual banking—a major area for competition in future wealth management, especially for smaller account sizes. Although Hong Kong was first to issue relevant licenses, it ensured that the first recipients were incumbent lenders while the MAS was unafraid to target «internet-only» banks. Time will tell if this bet actually pays off but it signals a regulator of the future and not the past.