Singapore, a market open to IAMs and private banks
In an article dated June 18th, the Swiss newspaper Le Temps published a report about Singapore’s competitiveness and dynamism that attract a large number of independent wealth managers and private banks. As the new hub of wealth management, Singapore has decided mid-May to sign the FATCA agreement with the United States and to exchange more tax information via the OECD.
According to economist Manu Bhaskaran, the small asian country benefit from four main competitive advantages that explain its attractivity : “its connections with the worldwide Chinese diaspora, its ideological proximity with the Occidental markets, its strategic location at the heart of South East Asia and it indisputable indpendence.” Moreover, the island-country produces a fast growing number of HNWIs.
The Singaporian doors are open to Swiss private banks and IAMs who find growth leverage on this new market. However, opening a foreign subsidiary is not risk-free for the organisation, espacially regarding the management and consolidation of internal data and the compliance management. Indeed, the regulation differs from a market to other, creating risks of non-compliant operations. There is a strong need to automate the activity management.
Designed and developed by KeeSystem®, KeeSense® prevents this risk by providing the automation tools to operate compliance controls to multi-location wealth management companies and private banks. Specific configurations can be set to answer each market’s legal requirements. It is therefore possible to remotely control the activity and the compliance of foreign entities and detached team members.