Singapore’s Variable Capital Company (VCC) structure has seen a 40% year‑on‑year increase in registrations from family offices, with many citing renminbi (RMB) internationalisation as a key driver for establishing a local presence.

Data from the Monetary Authority of Singapore (MAS) shows that over 120 new VCCs were established by single‑family offices in the first quarter of 2026, bringing the total to more than 1,200 since the regime’s launch in 2020.

“The VCC offers unparalleled flexibility for holding alternative assets—from whisky casks to private equity—and its tax‑transparent status makes it a natural vehicle for families looking to diversify beyond traditional RMB‑denominated holdings,” explained a partner at a leading Singapore law firm.

RMB Internationalisation Creates Opportunities

As China accelerates the RMB’s international use through bilateral swap lines and digital‑currency pilots, Asia‑based family offices are increasingly seeking to allocate a portion of their portfolios to RMB‑hedged instruments. Singapore’s deep capital markets and growing array of RMB‑denominated investment products provide a convenient gateway.

“We’re seeing strong demand for dim sum bonds, offshore RMB futures, and even Shanghai‑listed equities accessed via Stock Connect,” noted the head of a multi‑family office in Hong Kong. “The VCC structure allows families to hold these assets alongside global alternatives within a single regulated entity.”

HKEX Pipeline Swells

Concurrently, the Hong Kong Exchanges and Clearing (HKEX) pipeline for new listings has expanded to over 150 companies, many of which are mainland Chinese firms seeking to tap international capital. Family offices are positioning themselves as anchor investors, using their Singapore VCCs to participate in pre‑IPO rounds.

“The synergy is clear,” said a senior wealth adviser. “HKEX provides the exit liquidity for Chinese growth stories, while Singapore’s VCC offers the holding vehicle that families trust for governance and succession planning.”

This trend is expected to strengthen as more bilateral agreements between Singapore and China streamline cross‑border investment flows, further cementing Singapore’s role as the family‑office hub for RMB‑internationalisation strategies.