What is family governance? Everything about setting up a family office in Singapore.

In 2019, the Monetary Authority of Singapore (MAS) and the Singapore Economic Development Board (EDB) jointly established a Family Office Development Team (FODT) to enhance Singapore’s competitiveness as a global wealth management and family office hub.

Last month, the Monetary Authority of Singapore (MAS) and IBFSG – The Institute of Banking & Finance Singapore launched a Family Office Advisor Skills Map that sets out the skills and competencies that professionals advising family offices should possess.

The family office industry is definitely booming. Why is there a need for one, why Singapore, is COVID-19 a bane or boon to this family office space?