Singapore’s family office speed pushes JS-SEZ to step up

THE race to attract the world’s ultra-wealthy in the region is intensifying, with Singapore’s move to slash family office application times from 12 months to just three piling pressure on Malaysia’s Johor-Singapore Special Economic Zone (JS-SEZ) initiative, which is still in early stages of execution.

Singapore’s initiative, announced mid-week, aims to enhance the country’s wealth management sector while maintaining strict regulatory standards.

To support this, the Monetary Authority of Singapore will be working with private banks to help their clients open accounts faster.

Singapore is currently a key destination for wealth, with around 60% of Asia’s family offices based there.

Among them is India’s Ambani family, which set up operations there in 2022.

Meanwhile, Hong Kong remains the benchmark, completing setups in mere weeks, according to reports.

Beyond Asia, the United Arab Emirates, particularly Dubai and Abu Dhabi, has also emerged as a major magnet for global wealth, thanks to its flexible structures and investor-friendly environment.

As for JS-SEZ, it includes the Forest City Special Financial Zone, which offers tax incentives to attract financial technology firms, family offices, and offshore financial service providers.

The aim is to develop a financial ecosystem that complements Singapore’s.

According to a news report in April, the zone has already welcomed its first two family offices, with reported interest from around 30 other companies.

Momentum appears to be building, with Johor having secured RM30.1bil in approved investments in the first quarter of 2025 – accounting for about one-third of Malaysia’s total – positioning Johor as the country’s top investment destination.

Still, Malaysia must move beyond big investment numbers.

Regulatory agility, faster execution, and clarity on incentives – especially in attracting high-value players like family offices – will be key differentiators.