Singapore banks can be the rock for wealth clients

Singapore banks took analysts by surprise with their strong second quarter performance in wealth management.SINGAPORE banks took analysts by surprise with their strong second quarter performance in wealth management.

Will there be more room for Singapore banks to play in this space? Based on what they are doing, the answer is yes.Part of that growth in wealth management will come in tandem with the Singapore banks' regional expansion, as they ride along with Asian entrepreneurs building their regional empires.

It has to be said that amid volatile times, Singapore is likely viewed as a safer location for regional and global investors to nest some of their assets. While the local banks and regulators have said there has been no noticeable surge in inbound capital in recent weeks amid geopolitical tensions, there is a quiet acknowledgement of some impact in terms of inflows into Singapore.

But the rise of Asia overall should endure as a structural trend. The appeal of Asia, as a region bubbling with growth, should build up Singapore as a wealth magnet for global investors who are seeking entrepreneurial opportunities, but that also need a safe place to park and preserve their assets in this part of the world.

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