MAS Chairman Gan Kim Yong said on 5 October 2026 that the regulator is considering single family office requests for more flexibility, including investing in digital payment tokens and insurance policies, and will update a key tax-exemption list later.

TL;DR

  • MAS says it is considering family office feedback in its regular review of the tax policy framework, including updates to the Designated Investment list that sets which investments can qualify for fund tax exemptions.
  • Single family offices had asked for more flexibility to deploy capital from Singapore, including into digital payment tokens and insurance policies. No decision or date was given.
  • Private banking client assets grew about 50% in five years and 15% from 2024 to 2025, and banks aim to bring median account opening to within a month by year-end.

What did MAS say at the family office summit?

Gan Kim Yong, Singapore's Deputy Prime Minister and Chairman of the Monetary Authority of Singapore (MAS), the central bank and financial regulator, gave opening remarks at the Wealth Management Institute's Global-Asia Family Office Summit. A newswire release carried by the Manila Times describes it as the fifth edition, held on 5 and 6 October with nearly 650 participants and Gan as guest of honour. Gan said families will need trusted advice, global connections and access to diverse investment opportunities as wealth management grows more complex.

What is the Designated Investment list?

Gan described it as the list of investment types that can qualify for tax exemption under Singapore's tax incentive schemes for funds. He said single family offices have asked for greater flexibility in managing portfolios and deploying capital from Singapore, including into digital payment tokens and insurance policies. MAS is considering that feedback in its regular review and will announce the updated list and implementation date in due course.

Is it getting faster to open a private bank account?

A working group led by the Private Banking Industry Group (PBIG), set up last year, has committed to cutting its member banks' median account opening time to within one month by the end of 2026. Gan said nearly half of all new accounts opened by PBIG banks in the last three months were completed within a month, and most banks have shortened their median times since the end of last year. Measures include AI and digital tools in onboarding, a risk-appropriate approach to establishing sources of wealth, and staff training.

What did he say about Singapore's start-up ecosystem?

Gan said Singapore is home to almost 4,000 start-ups, representing 40% of all start-ups in Southeast Asia, and 24 unicorns with exits valued above US$1 billion. He put the ecosystem's estimated value at more than US$290 billion, and said families interested in connecting with start-ups can approach the Economic Development Board (EDB). These are Gan's figures and we have not independently verified them.

Why does it matter for Asian family offices?

Single family offices based in or considering Singapore are directly affected by which investments qualify for tax exemption, so the updated list is worth watching. For background, see our coverage of Singapore's revised Single Family Office rules, which set a transition period for existing offices to June 2027, and the HSBC survey that placed Singapore top among entrepreneur destinations. This is general information, not tax, legal or investment advice.

What is not confirmed?

MAS has not said which investments will be added to the list, whether digital payment tokens or insurance policies will qualify, or when the update takes effect.

Frequently Asked Questions

What is the Designated Investment list?

It sets out the types of investments that can qualify for tax exemption under Singapore's tax incentive schemes for funds, according to MAS Chairman Gan Kim Yong.

When will MAS announce the updated list?

MAS said it will announce the updated list and its implementation date in due course. No date has been given.

How much have private banking client assets grown?

About 50% over the past five years, and 15% between 2024 and 2025, per Gan.

Sources and Method

Primary source: MAS, Opening Remarks by Gan Kim Yong at the WMI Global-Asia Family Office Summit, 5 October 2026, https://www.mas.gov.sg/news/speeches/2026/keynote-speech-by-dpm-gan-kim-yong-at-wmi-gfoc-summit . Independent source for the event details: Manila Times newswire, 5 October 2026. Original Asia Family Office Hub rewrite.