SINGAPORE – Media OutReach – September 12, 2023 – The Wealth Management Institute (WMI) introduced two new initiatives aimed at further deepening family office engagement in Singapore at the annual Global-Asia Family Office (GFO) Summit, which took place held on September 11 and 12. 2023 at the St Regis Singapore. Deputy Prime Minister and Coordinating Minister for Economic Policies, Mr Heng Swee Keat was the guest of honor at the Single Family Office Forum on the second day. These initiatives follow a two-fold increase in demand across WMI’s family office-related programs and forums.
WMI announces measures to strengthen family office engagement in Singapore, building on a doubling of demand for WMI’s family office programs and forums, which reached over 3,000 during the year elapsed
The first initiative will be the “Family Office Discovery Series”, developed and organized with the support of the Economic Development Board of Singapore (EDB) and the Monetary Authority of Singapore (MAS). The series aims to orient newly arrived family offices to Singapore and support closer integration into Singapore’s dynamic ecosystem, fostering a sense of belonging and purposeful engagement within the community. It will be systematically offered to recent and new family offices arriving in Singapore.
Through this series, family offices will have access to an extensive network and be exposed to a range of opportunities, from building a strong peer network to exploring co-investment opportunities.
Ms. Foo Mee Har, CEO of WMI, said: “WMI continues its strong momentum of capacity and community building in the family office sector. Over the past year, total participation in WMI’s family office programs and forums has doubled to more than 3,000 since its launch. In addition, more than 200 professionals have successfully obtained their Certified Family Office Advisor designation by following a rigorous program.
“Many family offices we spoke with expressed a strong desire to strengthen their ties here and access the wealth of opportunities that Singapore has to offer. The Family Office Discovery Series will support the next stage of family office integration in Singapore, to fully leverage the capital, knowledge, networks and expertise they bring. By creating a systematic introduction to the diverse facets of the innovation and social impact community, we will enable family offices to accelerate their engagement, thereby enabling Singapore-based businesses to benefit from technology, innovation and innovation exchanges. mutual. and capacity transfers”, adds Ms Foo.
The second initiative announced is the upcoming launch of a new Family Office risk management and control program. This program aims to help strengthen the capabilities of the family office ecosystem to protect against financial crime and meet compliance requirements and standards related to onboarding and due diligence, cross-border jurisdiction and issues. taxation, capital and exchange controls.
Mr. Lim Chow Kiat, Chairman of WMI and CEO of GIC, said: “For two decades, WMI has been equipping the wealth management profession with future-ready capabilities. The profession plays a vital role in maintaining Singapore’s reputation as a transparent and trusted international institution. financial center. With the rapid growth of the family office industry, we will continue to create programs that enhance its capabilities.
These two new launches build on WMI’s flagship initiatives in the family office sector. In 2021, WMI established the Global-Asia Family Office Circle to create a trusted environment for collaboration and knowledge sharing in the industry. In March 2023, WMI launched the Impact Philanthropy Partnership (IPP) in collaboration with the Private Banking Industry Group (PBIG) and with the support of the Monetary Authority of Singapore (MAS). The IPP aims to increase awareness and momentum among family offices about philanthropy and impact capital.
For more information about the Family Office Discovery Series and other WMI initiatives, please visit
www.wmi.edu.sg.
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