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NEWS THIS WEEK

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Singapore challenges London as top hub for family offices

18 July 2024 - Singapore is positioning itself as a strong rival to London as a hub for family offices, according to a report by KPMG and Agreus. The city-state offers tailored structures and tax incentives, attracting a significant number of family offices and professionals. Currently, Singapore hosts 56% of Asia’s family offices, driven by proactive policies and rising regional wealth. The demand for... Click for more

China’s Q2 economic growth falls short at 4.7%

16 July 2024 - China’s economy grew by just 4.7% in the second quarter of 2024, falling short of the expected 5.1% and slowing from the previous quarter’s 5.3% growth, according to official data. This marks the slowest growth since early 2023, driven by a prolonged property slump and increasing job insecurity which have stifled consumer spending. Retail sales growth hit an 18-month low as deflation forced price cuts across various sectors. The ongoing property crisis deepened... Click for more

Cooperation urged between Singapore and Hong Kong in family offices

15 July 2024 - Experts from The Hong Kong University of Science and Technology highlight that viewing Singapore and Hong Kong as rivals in attracting family offices for the super-rich overlooks potential collaboration. These experts point out that single family offices (SFOs), which manage the wealth of one family, often operate in multiple locations, including both Singapore and Hong Kong, as well... Click for more

Family offices launch USD100m fund for Hong Kong residency applicants

19 July 2024 - Hong Kong’s cash-for-residency scheme has spurred local family office operators to collaborate on launching a USD100 million fund targeting applicants. Wings Capital spearheads this initiative, aiming to invest in private credit, offering returns above 10%, according to Cliff Ip Wang-hoi, a partner at Wings. The Capital Investment Entrant Scheme (CIES) has already attracted... Click for more

Malaysia shines in APAC M&A with 87% surge

17 July 2024 - In a challenging year for Asia-Pacific dealmaking, Malaysia stands out with an 87% increase in mergers and acquisitions, totaling USD8.3bn. This includes a notable USD2.6bn buyout of Malaysia Airports Holdings. Malaysia’s tech sector is thriving, with significant investments from global giants like Google and Microsoft, enhancing its AI capabilities and supporting the semiconductor industry with a MYR25bn government investment. The country’s political stability... Click for more

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Hong Kong’s private banking sector sees surge in HNWI inflows

16 July 2024 - Hong Kong’s private banking sector is seeing a resurgence of optimism, driven by a significant inflow of high net worth individuals (HNWIs) and their assets, following years of political unrest and stringent health policies. In 2023, the industry registered a net fund inflow of nearly HKD390bn (USD50bn), a more than threefold increase from the previous year. According to... Click for more

Indonesia tops Asia investment preferences, poll finds

15 July 2024 - Foreign equity fund managers in Asia are maintaining their investments focused on domestic demand-driven recoveries, during market volatility in China leading some to reduce their exposure, according to a Reuters poll. Indonesia has become increasingly popular, identified as the top investment location, while Taiwan and Malaysia remain underweighted due to their... Click for more

Taiwan to lead global surge in millionaires by 2028, UBS reports

15 July 2024 - According to a recent UBS report, Taiwan is projected to see a 47% increase in millionaires by 2028, the highest growth rate globally, largely fueled by its booming microchip industry. The UBS Global Wealth Report 2024 indicates that the number of adults with over USD1m will rise in 52 of 56 surveyed markets. Meanwhile, global wealth rose by 4.2% last year, recovering from a... Click for more

Hong Kong investors bullish on AI and local market investments

19 July 2024 - According to a survey by the Hong Kong Investment Funds Association, 65% of Hong Kong investors are interested in AI-related investments, and 72% view Hong Kong as the top market for investment in the next year, ahead of mainland China and North America. The survey, which included 500 local investors earning at least HKD300,000 (USD38,422) annually and holding... Click for more

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Hong Kong tycoon Adrian Cheng to list venture fund on Swiss exchange

15 July 2024 - Hong Kong property mogul Adrian Cheng is taking his venture fund, C Capital, public by merging it with Swiss-listed Youngtimers AG, to be rebranded as C Capital AG, the companies announced. The new entity will be headquartered in Switzerland and will acquire full ownership of JAKOTA Index Portfolios Inc, a firm specialising in stock index licensing and market research in Japan... Click for more

FEATURE

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Raffles Family Office names new group COO

16 July 2024 - Raffles Family Office has appointed Terence Chow as its new Group COO, effective July 2. Chow, based in Hong Kong, will oversee the firm’s business transformation, risk management, and corporate real estate and procurement functions, while reporting to Chi-man Kwan, the Group CEO and co-founder. Previously, Chow served as the CEO of wealth management in Asia at Royal Bank of Canada, bringing a wealth of experience to Raffles Family Office... Click for more

Malaysia’s recent digital banks struggle with technical setbacks

16 July 2024 - The last two digital banks in Malaysia developed by consortia led by Sea Ltd with YTL Digital Capital, and KAF Investment Bank with partners like Carsome and MoneyMatch, are delayed in launching due to technical issues and incomplete digital platforms, as per Bank Negara’s requirements. Initially expected to launch by early 2024, these issues mirror those faced by previously... Click for more

Taiwan’s economy set for growth, driven by AI and tech exports

17 July 2024 - DBS Bank has upgraded Taiwan’s GDP growth forecast for this year to 4.2%, up from 3.5%, driven by robust demand for AI technology and exports. At a Taipei news conference, DBS senior economist Ma Teiying noted the upgrade exceeds the local official forecast of 3.94%. The demand surge is linked to generative AI, which has significantly increased the need for AI chips across major... Click for more

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Shinhan Bank CEO urges stronger controls for global growth

17 July 2024 - Shinhan Bank CEO Jung Sang-hyuk emphasised the importance of customer trust and rigorous internal controls for global expansion during the Global Conference Week in Seoul. Addressing top officials from international subsidiaries, Jung highlighted the need for strict compliance with local regulations to maintain and grow Shinhan’s global reputation. The 11-day event aims to... Click for more

Vietnam allows banks to continue selling investment-linked insurance

17 July 2024 - Commercial banks in Vietnam will continue to sell investment-linked insurance products through the bancassurance channel, following a reversal by the State Bank of Vietnam (SBV). Initially, a draft circular in March proposed a ban, but the final circular permits these sales under existing insurance regulations. Industry experts, including Dau Anh Tuan from the Vietnam Chamber of... Click for more

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New initiatives boost opportunities for accountants in Hong Kong

18 July 2024 - Government programmes like the Capital Investment Entrant Scheme (CIES) are opening opportunities for accountants to mitigate the negative effects of weak capital market sentiment, noted Cliff Ip Wang-hoi, CPA Australia’s Greater China president. Speaking at a media event, Ip, also a partner at Wings Capital, revealed plans with other family offices to establish a Hong Kong... Click for more

South Korea crypto exchanges boost regulations ahead of new law

18 July 2024 - South Korean cryptocurrency exchange operators are tightening regulations ahead of the Virtual Asset User Protection Law, effective this Friday. The Digital Asset Exchange Alliance, which includes five major local exchanges, has released guidelines to monitor abnormal transactions and enhance internal controls. The law requires providers to report unusual trading activity and... Click for more

ADB holds growth forecasts for Southeast Asia steady

18 July 2024 - The Asian Development Bank (ADB) maintained its 2024 and 2025 growth projections for Southeast Asia, citing a “solid improvement” in domestic and external demand. The region, including the 10 ASEAN nations and Timor-Leste, is expected to see growth rates of 4.6% and 4.7%, respectively, up from 4.1% last year. Key growth drivers include stable consumption supported by... Click for more

Malaysia’s pension fund launches new stewardship policy

19 July 2024 - The Employees Provident Fund (EPF) of Malaysia has introduced the EPF Sustainable Investment Stewardship Policy, marking its position as the first Malaysian institutional investor with a dedicated policy for sustainable investment. This policy outlines the procedures and standards the EPF employs to promote sustainability practices among its investee companies and external... Click for more

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HSBC appoints Georges Elhedery as new CEO from September

19 July 2024 - HSBC announced the appointment of Georges Elhedery as the new group CEO effective September 2, succeeding Noel Quinn, who will depart after nearly five years leading the bank. Elhedery, currently the chief financial officer, was promoted to this role in January 2023 and will maintain his CFO responsibilities during the transition. Praised for his strategic insight and... Click for more

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