Standard Chartered plans to increase its private banking workforce in Singapore to double the number of bankers serving wealthy Chinese clients, the Financial Times reported.
The decision follows increased scrutiny of Chinese financial flows following several cases of money laundering involving Chinese nationals.
Up to 50 new relationship managers are expected to be hired in Singapore this year, with the bank looking to attract customers from China.
In a statement to the FT, Stanchart Private Bank Global Director Raymond Ang said: “Singapore is a very important offshore banking hub for wealthy Chinese clients, particularly from northern and western China.”
While Singapore remains the preferred destination for Chinese individuals to transfer money abroad, a series of recent money-laundering investigations has prompted closer scrutiny of wealth sources and led to delays in opening accounts, the report highlighted.
In some cases, this has led to clients looking to Gulf countries, where setting up accounts and family offices may be less complicated.
Despite these challenges, Standard Chartered, which is headquartered in London but derives most of its revenue from Asia, reports steady demand for Singapore-based services due to the city-state’s established position in managing Chinese assets.
Attracting wealthy expatriates with diversified cross-border income from China and India remains key to Standard Chartered’s wealth management strategy, the news release added.
By 2024, the bank plans to double its investment in the sector with an allocation of $1.5 billion over five years as it explores sources of income outside of interest income.
The expansion includes new wealth management centers in several Asian cities.
Sources familiar with the Singapore bank’s operations say Standard Chartered is continuing with growth plans despite the recent controversy and has put additional safeguards in place.
The wealth management division has reported a 24% increase in revenue for 2025.
Last year, the bank acquired 275,000 wealthy clients and $52 billion in net new funds, nearly a third of which were Chinese clients with offshore assets.
Once the recruitment process is complete, Standard Chartered’s Singapore team serving Chinese clients is matched in scale with a Hong Kong counterpart.
“The appointments we are making in Singapore build on our plans to be one of the leading wealth managers in Asia,” noted Ang.
“Standard Charter for Expanding the Private Banking Team in Singapore – Report” was originally developed and published by Private Banker International, a brand owned by Global Data.
