Singapore cautions wealth managers on aggressively courting Hong Kong business

Monetary Authority of Singapore (MAS)

12 Jul 2019 - Monetary Authority of Singapore (MAS) has cautioned wealth managers against aggressively marketing their services to woo clients to Singapore by capitalising on Hong Kong's political turmoil, according to people with knowledge of the matter.

The Singapore central bank told bankers it wanted to ensure wealth managers in Singapore were sensitive to the situation in Hong Kong and did not design campaigns specifically targeting business from Hong Kong, the people said.

It is known that some tycoons in Hong Kong have moved funds, or considering to do, given the recent political and social unrest in Hong Kong. Even the middle-class people of Hong Kong are trying to find out about opening bank accounts in Singapore.