The Monetary Authority of Singapore (MAS), the city-state's central bank and financial regulator, is reviewing the list of investments that qualify for fund tax exemption after single family offices asked to deploy capital into digital payment tokens and insurance policies, but MAS has not confirmed that either will be added.

TL;DR

  • On 5 October 2026, MAS Chairman and Deputy Prime Minister Gan Kim Yong said MAS is considering feedback from single family offices (SFOs) in its regular review of the tax policy framework, including updates to the Designated Investment list.
  • Families have asked for more flexibility to deploy capital from Singapore, including into digital payment tokens and insurance policies, and the speech does not confirm either will be added.
  • MAS will announce the updated list and an implementation date "in due course," and no date or detailed terms have been given.

What did MAS say about family office investment rules?

Gan made the remarks in a keynote at the WMI Global-Asia Family Office Summit, whose theme was "Legacy in Action: Capital for the New Horizon." He said SFOs want more flexibility in managing portfolios and deploying capital from Singapore, including into digital payment tokens and insurance policies. MAS is weighing that feedback in its regular review of the tax policy framework. Wealth and Society reported the remarks on 12 October 2026, and its report did not link to a MAS document, so we checked the speech on the MAS website directly.

What is the Designated Investment list, and why does it matter?

The Designated Investment list sets out the types of investment that qualify for tax exemption under Singapore's fund tax incentive schemes. For SFOs, asset-class eligibility affects where a family can hold assets while keeping the exemption. A third-party summary of MAS circular FDD Cir 05/2026, dated 31 July 2026, says the minimum designated investments are S$20 million for the 13O and 13OA schemes and S$50 million for 13U, and that the 5% cap on physical precious metals was removed. We could not open the circular itself, so confirm those details with MAS before relying on them.

What else did the speech say about private banking?

Gan said private banking client assets rose about 50% over five years and 15% between 2024 and 2025, without giving a total. He also said member banks committed to a median account opening time within one month by the end of 2026, and that nearly half of new accounts in the last three months met that target. The speech did not give an SFO count.

How does Hong Kong compare?

Seoul Economic Daily, relaying a Nikkei Asia report in an AI-translated article dated 8 October 2026, said Hong Kong plans to widen tax breaks to precious metals, private credit and digital assets and aims to help at least 220 family offices enter or expand by 2028. It also cited Deloitte's figure of 3,384 SFOs in Hong Kong at end-2025 against "more than 2,000" in Singapore, while noting the two cities define SFOs differently. See our earlier report (https://asiafamilyofficehub.com/hong-kong-targets-220-more-family-offices-by-2028-as-it-widens-tax-concessions-to-new-asset-classes/).

Why does it matter for Asian family offices?

This section is Dachex editorial analysis. If MAS adds new asset classes, families structuring SFOs in Singapore may gain room for strategies they now hold elsewhere, while the timing and conditions remain unknown. Families considering changes should take advice from a licensed adviser, because this is not tax or legal advice. For related reading, see how APAC offices invest directly (https://asiafamilyofficehub.com/citi-wealth-survey-79-of-asia-pacific-family-offices-invest-directly-and-80-name-ai-a-focus/) and why offices are eyeing private credit and secondaries (https://asiafamilyofficehub.com/why-asian-family-offices-are-eyeing-private-credit-and-secondaries-what-a-summit-panel-and-ubs-data-say/).

Frequently Asked Questions

What is the Designated Investment list?

It is the list of investment types that qualify for tax exemption under Singapore's fund tax incentive schemes, according to the MAS speech.

Will digital payment tokens or insurance policies be added?

Not confirmed. They are the types of investment families have asked for, and MAS has said only that it is considering the feedback.

When will MAS announce the updated list?

MAS said "in due course" and has not given a date.

Sources and Method

This article rewrites facts from the sources below. We opened the MAS speech and independent reports and did not copy their wording.

MAS keynote speech by DPM Gan Kim Yong, 5 October 2026: https://www.mas.gov.sg/news/speeches/2026/keynote-speech-by-dpm-gan-kim-yong-at-wmi-gfoc-summit

Wealth and Society, 12 October 2026: https://www.wealthandsociety.com/updates-and-articles/singapore-reviews-family-office-investment-rules-as-bbva-unifies-its-wealth-tiers

VCC Singapore summary of the August 2026 changes (third party): https://vccsingapore.com/sfo-tax-incentive-changes-aug-2026/

Seoul Economic Daily, 8 October 2026: https://en.sedaily.com/international/2026/10/08/chinese-wealth-shifts-from-singapore-back-to-hong-kong