Standard Chartered is planning to increase its private banking workforce in Singapore to double the number of bankers serving wealthy Chinese clients, reported Financial Times.
This decision follows increased scrutiny on Chinese financial flows after several money-laundering cases involving Chinese nationals, the report noted.
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Up to 50 new relationship managers are expected to be hired in Singapore this year, with the bank seeking to attract clients from China.
In a statement to FT, StanChart private bank global head Raymond Ang said: “Singapore continues to be a very important offshore banking centre for wealthy Chinese clients, especially from northern and western China.”
While Singapore remains a favoured location for Chinese individuals to move funds offshore, the string of recent money-laundering investigations has prompted closer inspection of sources of wealth and led to delays in account openings, highlighted the report.
In some cases, this has led clients to consider Gulf states, where setting up accounts and family offices can be less complex.
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By GlobalDataDespite these challenges, Standard Chartered, whose headquarters are in London but which earns most income from Asia, reports steady demand for Singapore-based services due to the city-state’s established position in managing Chinese wealth.
Drawing in affluent expatriates from China and India with varied cross-border income remains key to Standard Chartered’s wealth management strategy, the news publication added.
In 2024, the bank outlined plans to double its investment in this sector with $1.5bn allocated over five years as it seeks revenue sources beyond interest income.
The expansion includes new wealth management centres across multiple Asian cities.
Sources familiar with the bank’s Singapore operations say Standard Chartered is continuing with its growth plans despite recent scandals and has put additional safeguards in place.
The wealth management division reported a 24% rise in income for 2025.
Last year, the bank gained 275,000 affluent customers and $52bn in net new funds, with about one third being Chinese customers with offshore assets.
Once the hiring process concludes, Standard Chartered’s Singapore team serving Chinese clients will match its Hong Kong counterpart in scale.
“The hires we are making in Singapore build on our plans to be one of the leading wealth managers in Asia,” noted Ang.
