Dubai:Bank of Singapore CEO Jason Moo emphasized the complementary roles of Dubai and Singapore as major wealth hubs during a fireside chat titled "A New Era for Global Wealth Capital, Technology and the Rise of Asia" at the Dubai FinTech Summit. The summit, held at Madinat Jumeirah, was pivotal for the bank's Middle East operations.
According to Emirates News Agency, Moo discussed the synergies between Dubai and Singapore in wealth management, noting the growing investment links between Asia and the Middle East and the impact of AI on private banking. He highlighted Asia's role as a significant source of capital and investment, with international clients increasingly seeking opportunities in the region.
Moo explained that as clients diversify their asset management locations, both Singapore and Dubai have significant growth potential over the next decade. He emphasized that there is enough global wealth to be managed across different locations without competition between the hubs. Dubai's strategic location, technological advancements, and growth prospects in the GCC and Indian subcontinent enhance its attractiveness as a wealth hub.
Dubai is one of the Bank of Singapore's three strategic hubs, alongside Hong Kong and Singapore. The bank's DIFC branch in Dubai serves clients in the Middle East and Europe, and there is rising interest from Chinese conglomerates and investors seeking wealth and investment opportunities in the city. The bank has facilitated visits for investors and executives from China and offers dedicated Chinese coverage through its DIFC branch.
Middle Eastern clients are also showing interest in Asia for custody and investment opportunities, particularly in the ASEAN markets. Moo suggested that the Asia-Middle East corridor could foster new alliances, leveraging the OCBC Group's network across Greater China and ASEAN to support clients exploring these markets.
Family offices are increasingly adopting institutional approaches to investment allocation and diversification, placing greater demands on private banks. Moo noted that clients are interested in private market opportunities in AI and its infrastructure, such as data centers, cooling, and energy.
AI technology is streamlining the bank's operations, particularly in the client onboarding process. The Bank of Singapore has developed AI agents to facilitate know-your-customer checks, collect data, generate reports, and expedite due diligence, allowing accounts to be opened in 15 business days, significantly faster than the industry median.