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Singapore is one of the key private banking hubs in the world, mainly serving the Asian HNWIs. Generally, the top source of funds for Singapore private banking businesses are China, India, Indonesia and Malaysia.
The other major wealth hubs in the world are Hong Kong and Switzerland.
As a leading private banking hub in the world, Singapore has some unique characteristics that differentiates it from its competitors, such as:
Some examples of private banks operating in Singapore are:
![]() | Did you know?Accredited Investor (AI) High Net Worth Clients in Private Banking typically qualify as Accredited Investors (AI). Accredited Investors are deemed to be well-informed on investment-related issues, and thus may require less consumer protection. This is part of the regulatory landscape which allows Accredited Investors with appetite for higher risk to access more complex financial products. |
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Beyond products and services, private banking offers tailored services to address the needs and requirements of private banking clients.
Some of the customised services are:
Private banking offers bespoke advisory services and financial planning solutions that cater to the needs of their clients
As a one-stop “shop”, private banking is able to provide bespoke financial solutions for the clients such as offering tailored solutions that aims to match clients’ expectations and requirements precisely.
Private banking is able to provide their clients with broader access to more complex products such as discretionary portfolio management or bespoke credit solutions.
It is also able to provide platforms for their clients and their next generation to network and interact for business opportunities. Private banking also organizes premium and exclusive events for their clients to network and holds workshops for the younger generation clients on topics ranging from succession to financial literacy.
Did you know?The oldest Swiss private bank in Landolt & Cie established in 1780. Singapore was founded in 1819. Switzerland's self-imposed foreign policy of neutrality dating before World War I and its strong tradition of banking secrecy contributed to being the most established private banking hub in the world. | ![]() |
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Private banking constantly enhances clients' experience holistically at various touchpoints which includes:
Private banking products and services have expanded to include family offices and shifting its focus on advisory services and legacy planning. This calls for strengthening of relationship with its clients, building trust and setting long-term business. This may also result in increased attention on the services of Family Offices, External Asset Management (EAM) and Trust Administration.
Private banking will continue to invest in technologies including expanding web and mobile channels to provide real-time service to engage private banking clients.
![]() | Code of ConductTo further strengthen competency and market conduct standards of the PB sector in Singapore, a Code of Conduct was developed by the Private Banking Advisory Group (PBAG) together with the Monetary Authority of Singapore. |
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Consumer preference among private banking clients has evolved where confidence and loyalty in banks are lower among the younger clients compared to the more senior clients.
Private banking faces escalating cost as overall remuneration for relationship managers remains high. Private banking is also expected to invest in technology to automate transactional services and to cater to younger, more tech-savvy clients.
Regulatory changes such as data protection, cyber security, customer due-diligence (CDD) for compliance will impact the private banking’s internal processes.
For private banking to stay ahead of the challenges, it needs to:
To better understand the possible career pathways in Private Banking, you may refer to the Skills Framework for Financial Services.
The Skills Framework (SFw) is a SkillsFuture initiative developed for the Singapore workforce to promote skills mastery and lifelong learning, and is an integral component of the Financial Services Industry Transformation Plan.
Jointly developed by SkillsFuture Singapore (SSG), Workforce Singapore (WSG), Monetary Authority of Singapore (MAS), and the Institute of Banking and Finance (IBF), together with industry associations, training providers, organisations and unions, the Skills Framework for Financial Services provides useful information on:
Navigate Skills Framework for Financial Services (SFwFS) |
Please refer to commonly used banking terms and acronyms here.
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