In the previous article, I used Cape Verde to stress that the Sino-Lusophone platform should not be underestimated. Today, I speak of another mirror: Singapore.
On June 15, the Monetary Authority of Singapore (MAS) announced a major reform: it simplified the creation of family offices, replacing case-by-case approval with a “class exemption.” Once the requirements are met, it’s enough to notify MAS and open a bank account to operate. Approval time dropped from more than a year to under three months.
Why? Because Hong Kong (HK) is regaining ground.
Do you remember the “Prince of Dubai” controversy two years ago? Someone claiming to be royalty announced a family office in HK, but the press cast doubt on it, sparking a scandal that ultimately went nowhere. Many said HK had “ruined everything.”
Yet the data shows the opposite. According to Deloitte, by the end of last year, HK had 3,384 unique family offices, up 25% compared to 2023. They employ more than 10,000 professionals and generate HK$12.6 billion annually. A public relations disaster did not stop capital from flowing in.
What did HK get right? Clear thresholds, direct tax benefits, exemption from prior approval, and the backing of the mainland Chinese market. These are institutional advantages that cannot be replicated simply by organizing events.
Singapore noticed the trend and rolled out its new framework in 45 days. Its Economic Development Board doesn’t wait for companies; it acts proactively: studying clients, designing attraction plans and lobbying globally. It is institutionalized state action.
This is what distinguishes an “event-based response” from an “institutional response.” The former relies on forums, statements and visits. The latter revises laws, simplifies processes and creates lasting mechanisms. One is fireworks; the other, infrastructure. The duel between Singapore and HK is being played out in institutions.
And Macau? The free port, the absence of currency controls, and the city’s status as an independent customs territory are real institutional advantages. But faced with opportunities or fierce competition, will we have the capacity and speed to adjust our system?
It is a mirror. Singapore and HK prove that the system itself is a competitive advantage, but only if it is managed seriously.
