Parliamentary Bill on Digital Assets

The Parliament of Singapore had passed the Financial Services and Markets (FSM) Bill (the “Bill”) which will expand the powers of the Monetary Authority of Singapore (MAS) and address regulatory weaknesses in the digital asset space. This marks the latest development in Singapore’s measures to become a global crypto hub while setting out stringent regulations to address previous legislative gaps. Key components of the Bill include an enhancement of powers allowing MAS to regulate crypto firms …

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MAS Updates to S130 and S13U Applications for Family Offices

The Monetary Authority of Singapore (“MAS”) has introduced stricter criteria for funds to be eligible for the tax incentives available under S13O and S13U (formerly known as S13R and 13X) of the Income Tax Act 1947 (“ITA”). This would undoubtedly affect fund vehicles being managed by Single Family offices (“SFOs”). The changes came into force on 18 April 2022. However, SFOs already awarded the schemes  or those with applications already underway will not be subject …

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KYC and AML Tools

The Benefit of Artificial Intelligence Enabled KYC (Know Your Customer) and Anti-Money Laundering Tools

Artificial intelligence (“AI”) is a powerful tool that has been widely deployed in various industries. Due to its great potential for a positive impact on the company that deploys it, the industry players have since been looking forward to acquiring AI-enabled tools to address the difficulties faced with KYC and AML compliance. Why the AI; or what benefits does the employment of AI entail?  With its automated nature, AI is able to solve a myriad …

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The Financial Advisers Act: Exemption from the Requirement to Hold a FA License

Written by Jason Kang Almost twenty years ago, the Financial Advisers Bill was tabled in the Parliament of Singapore, the primary intention of which is to: – “… govern all financial advisory activities in respect of investment products and the marketing of specific investment products, namely, life insurance policies and collective investment schemes across all financial institutions, from banks, life insurance companies and insurance brokers, to independent advisers”.[1] Against that backdrop, the Bill in turn …

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Why Do Hedge Funds Fail?

This Article Was Published By Empaxis Data Management, A Firm Specialising in Investment Operations That Has Presence in the United States, India and the United Kingdom. It Has Been Re-Published Verbatim In Credence Consulting Pte Ltd’s Website, The Exception Being That References to the company’s contact details and advertisements have been removed. Operational issues are the number one reason why hedge funds fail. In April 2021, assets managed under hedge funds hit an all-time high, driven by record …

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Operations & Investment Support Services

Credence Consulting Pte. Ltd. has a team of qualified professionals to assist with your day-to-day risk management and operational needs. Our services are bespoke and can be tailored to meet the requirements of your business, allowing your investment professionals to focus on your core capabilities. Our services include: Outsourced trade operations support Coordination with all service providers Client liaison through email correspondences, providing updates, monitoring processes to ensure minimal delays (where applicable) Maintenance of the …

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Benefits Of Independent Directors And Why They Are Ubiquitous In Businesses

Written by Ian Tan The interests of various stakeholders are represented within a Company’s Board of Directors – the CEO, the founders, other senior executives, venture capitalists and/or other big investors, and shareholders with large holdings. The common law edicts on directors’ duties places the company’s interest as the paramount consideration for directors. Nonetheless, with the spotlights being shone on how corporate veils can be abused, there has been a call for measures to be …

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What is a VCC?

Written by Lim Wee Tek The Variable Capital Company (“VCC”) is a corporate entity structure under which several collective investment schemes (whether open-end or closed-end) may be gathered under the umbrella of a single corporate entity and yet remain ring-fenced from each other. It is similar to the open-ended investment company structure in the UK and protected cell company or segregated portfolio company structures in jurisdictions like Guernsey or the Cayman Islands. The corporate entity …

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Tax incentives currently available to Single Family Offices

Written by Dave Lim Chia Chern Singapore has various tax incentive schemes under the Income Tax Act (Cap 134) (“ITA”) in addition to other tax incentives for funds managed by single family offices. These incentives and schemes allow for offshore and onshore investment vehicles to be exempted from income tax on certain designated investments. Onshore Fund Tax Incentive Scheme (Section 13R) Enhanced-Tier Fund Tax Incentive Scheme (Section 13X) Goods and Services Tax (“GST”) remission for …

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Upcoming Investment Trends for Single Family Offices

Written by Claudia Ting Recent times have entailed multiple changes that Family Offices in Asia Pacific will have to face and adapt to in order to continue thriving. The recent Covid-19 pandemic has accelerated the shifts in investment focuses of the rising millennial generation, heightened focus on sustainable investing and technology, as well as a focus on philanthropic and social responsibility. The family office space evolves so rapidly that new trends evolve before “older” trends …

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