Kwan hopes the Singapore office will support a 'Raffles ecosystem'. Among other goals, he hopes to incubate outfits including single-family offices needing expertise and tools to set up in the city-state.
Founder and CEO Kwan Chi Man told The Business Times that Raffles Family Office is "... not just talking about the US and Israel, you're talking about Malaysia, Singapore and Indonesia."
"Authorities need to take the initiative to make Hong Kong attractive," said Chiman Kwan, chief executive of Raffles Family Office, which manages $2 billion.
The similarities between Hong Kong and Singapore are striking. Both are gateways to much larger Asian markets, have ambitions in the wealth management space and are positioning themselves as international fintech hubs.
Family offices have gained a share of 5.5 percent in the Asia external asset management market, while the percentage is more than 30 percent in Europe and America, says the chief executive of Raffles Family Office, Kwan Chi-man.