Fund managers are facing lengthy delays in getting approval to operate in Singapore after a surge in applications, putting a dent in the city-state’s ambitions to be Asia’s leading wealth management hub.
Average wait times reached close to eight months last year, higher than the three-month wait typically expected by investment managers and above the Monetary Authority of Singapore’s target of six, according to people with knowledge of the regulator’s inner workings.
Singapore in recent years has made efforts to attract rich foreigners seeking a base to park their wealth. Assets under management hit $4.1tn in 2023, overtaking rival Hong Kong’s $4tn, as funds flocked to the city-state over concerns about Beijing’s rising influence in the Chinese territory.