The first half of 2023 witnessed a significant rise in client demand for trust structures at Bank of Singapore, the private banking division of OCBC. In just six months, the bank set up more trust structures in Singapore than the entirety of 2022. By year-end, this number is projected to double compared to the previous year. Paul Chua, the global head of wealth planning at Bank of Singapore, attributes this surge to the maturing wealthy families in Asia who are increasingly recognising the benefits of wealth transfer planning. The COVID-19 pandemic's stark reminder of mortality has also led many to expedite their succession plans. Chua emphasises Singapore's growing reputation as a trusted jurisdiction, backed by a robust legal system, stability, and a flourishing financial services sector.
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