Futu Trustee (Singapore), a subsidiary of Futu Holdings, has received a trust business licence from the Monetary Authority of Singapore (MAS), reports our sister publication, International Adviser.
The firm is now able to provide a range of trust services to global high net worth clients looking for estate planning and wealth preservation in Singapore. Futu Trustee also has an operation in Hong Kong, which has over 200 corporate and high net worth family clients from Asia.
Rachel Onn, executive director of Futu Trustee (Singapore), said: “Receiving the trust business licence from the MAS enables us to support our clients with professionalism backed by our team of industry veterans from independent trust companies, banking and finance, and legal and accounting background.
“Increasingly, we are seeing more high net worth clients and companies looking to set up trust structures in Singapore due to the strong rule of law, political stability and competitive business environment. There is definitely a huge potential in the market.”
