Singapore Private Banks Seek Cash From Wealthy Chinese Scions

Over five days in Hong Kong, children of top-tier clients of Singapore’s United Overseas Bank (UOB) networked with prominent businesses in the Chinese-ruled city, including Porsche distributor Jebsen Motors, Dylan Loh reported for Nikkei News.

The efforts come even as regulators ramp up scrutiny following a massive money laundering scandal in the Southeast Asian financial hub. I Photo: UOB Group

This trip, which first took place in 2023, was part of a broader initiative targeting affluent next-generation clients, as Singaporean private banks intensify efforts to attract wealthy individuals from China.

These efforts come even as regulators ramp up scrutiny following a massive money laundering scandal in the Southeast Asian financial hub.

At the same time, China is reportedly considering tighter oversight of family offices, which can sometimes serve as vehicles for both legitimate and illicit corporate wealth.

One such Singapore-based family office linked to Chinese nationals was recently embroiled in a $55-million fraud case.

Several Chinese citizens have been arrested in Singapore for laundering illicit funds through high-value assets, including luxury homes, condominiums, Rolls-Royces, Bentleys, Rolex watches, and stock investments.

The illicit money was reportedly sourced from scams known as "pig-butchering" schemes, fraudulent investments, and illegal gambling.