Malaysia’s Maybank is seeing growth in its family office business, supporting more than just efforts in establishing entities to manage money for the ultra-rich.
Maybank’s wealth management business is seeing growth in its family office business, especially in light of increasing capital inflows into Singapore, and it is focusing on more than just helping clients establish an entity.
«More importantly, it is not just about setting up the family offices but really bringing ideas and opportunities to them,» said John Lee, country CEO and CEO of Maybank Singapore at a media briefing attended by finews.asia, without providing details.
New SFOs
According to data analytics firm Handshakes, Singapore continues to see new entrants with 182 new family offices opened from January to April 24 this year, compared to 690 opened in 2022 overall. In March, the Monetary Authority of Singapore issued a statement saying that there were about 200 single family office (SFO) tax incentive applicants awaiting approval.
«It's beyond helping them look at their wealth, but really to help them to grow their wealth,» Lee added.
Currently, Maybank has a wealth management business in its home market of Malaysia, alongside Singapore and Indonesia.
