Indonesian Startup Billionaires Set Up Family Offices in Singapore

By Editorial Team 01/09/2022
startup business
Summary

The number of family offices in Singapore set up by startup billionaires from Indonesia is increasing. Apparently, they aim for new investment opportunities. The Monetary Authority of Singapore (MAS) projected that the figure had surged from 400 units at the end of 2020 to around 700 units at the end of last year. “Many of these new family offices were set up by new tech billionaires in Indonesia,” says Stacy Choong, Private Client and Tax partner at Withers KhattarWong, cited by The Business Times. According to her, they prefer Singapore for its stability, talent pool, strong financial infrastructure, tax system, and friendly regulations.

Meanwhile, Ho Kah Chuan, the Chief Executive Officer (CEO) of Go Global Gem, a private client-focused accounting firm, told The Business Times that his company has seen the number of Indonesian clients increase significantly post-COVID-19.

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