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StanChart to double number of Singapore bankers serving wealthy Chinese

Financial Times Asia
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Standard Chartered will double its Singapore-based private bankers serving wealthy Chinese clients by 2026, responding to surging demand for offshore wealth management amid China’s economic slowdown and regulatory crackdowns. The expansion targets ultra-high-net-worth individuals relocating assets abroad, leveraging Singapore’s stable financial hub status and favorable tax policies for foreign capital. This move aligns with broader industry trends, as rival banks like UBS and HSBC also bolster Asia-based teams to capture China’s $12 trillion in private wealth seeking diversification. Singapore’s private banking sector has seen a 20% annual growth in Chinese client inflows since 2023, driven by geopolitical uncertainties and stricter capital controls in mainland China. The strategy underscores shifting wealth flows in Asia, with Singapore emerging as the top destination for Chinese capital flight, overtaking traditional hubs like Hong Kong.
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Source: Financial Times Asia

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