8 January 2025
A Year of Growth in South East Asia
Reflections on 2024 and What Lies Ahead
Key Contact
Yiow Chong Tan › Director – South East Asia
email › / profile ›
2024 has been a transformative year for Jersey Finance in South East Asia. From strengthening our ties within our key markets, Singapore and Malaysia, to positioning Jersey as a leading jurisdiction for private wealth, funds, capital markets, and UK real estate structures, our journey has been one of growth and collaboration. As I reflect on the past year, I look forward to building on this momentum in 2025, fostering partnerships and expanding our presence in the South East Asia market.
Interest in digital assets continues to grow, particularly among Singaporean and Malaysian fund managers, family offices, and ultra-high net worth (UHNW) individuals and families. A KPMG report highlights that more than 90% of family offices and high-net worth individuals in Hong Kong SAR and Singapore are showing interest in digital assets, with 58% already investing and 34% planning to do so. This topic has been a recurring theme at our events this year, among our network of finance professionals.
The appeal of UK real estate remains strong, especially among Singaporean and Malaysian investors. Jersey offers significant advantages for structuring these investments, providing a tax-neutral environment that simplifies structures and promotes transparency. Its robust yet flexible regulatory framework supports diverse fund types, including JPUTs and REITs.
Another notable development in the market is the shift in how UHNW individuals are structuring their family offices, particularly in Singapore, where the Variable Capital Company (VCC) structure is gaining traction. Many are integrating Jersey Private Funds (JPFs) into their strategies, leveraging Jersey’s stability and flexibility. Also, as part of Malaysia’s plan to grow its wealth management industry, the Securities Commission of Malaysia has recently introduced a new tax incentive scheme targeted at attracting single family offices to set up a presence in Malaysia. This scheme is expected to open up more private wealth opportunities for Jersey in Malaysia.
With more than 690 JPFs established as of June 2024 and US$109.63 billion in assets under management, Jersey’s offering has become integral to sophisticated asset-holding strategies. As the South East Asia market increasingly blends structures across multiple jurisdictions, including Singapore and Jersey, the latter is increasingly recognised for its efficiency and asset protection capabilities.
This year’s South East Asia events explored pivotal themes such as the tokenisation of real-world assets, digital asset funds, the evolution of family office structures, family office governance and regional wealth management trends in the context of international finance.
Our partnerships with Jersey firms and leading law and advisory firms based in the region added immense value, bringing technical expertise and creating meaningful networking opportunities for attendees. These collaborations highlight the strength of our relationships in South East Asia and our shared commitment to supporting the region’s finance industry.
Our events schedule for the region is now available on our website. Learn more about our upcoming events.
2025 eventsLooking ahead, the opportunities in Islamic finance in South East Asia are significant. The global Islamic finance industry is valued at more than US$3 trillion in 2024, with a large portion of the growth driven by demand for Shari’a-compliant products in South East Asia, particularly in Malaysia and Indonesia, with Malaysia continuing to remain the largest issuer of outstanding Sukuk in the world. Jersey’s ability to accommodate Shari’a-compliance structures, and its well-regulated environment positions the jurisdiction as a key player in this space.
Additionally, Jersey’s expertise in supporting UK real estate funds is set to continue growing, particularly in Malaysia and Singapore, as investors seek flexible and reliable solutions for these asset classes. Jersey’s strong regulatory framework and tax-neutral environment make it an ideal partner for investors navigating the complexities of Shari’a law and international finance.
The future of wealth management in South East Asia looks bright, with a growing demand for flexible, cross-jurisdictional solutions. Jersey’s role in this evolving market is crucial, offering tailored solutions that blend various wealth management structures, including Islamic finance, to meet clients in Malaysia and Singapore’s unique needs.
Closing Thoughts
2024 has been a year of achievements, partnerships, and strategic growth for Jersey Finance in South East Asia. As we look ahead to 2025, we remain committed to collaborating with our partners in Singapore and Malaysia, supporting intermediaries and clients across the region. Travel between Jersey, Singapore, and Malaysia will continue to play a vital role in nurturing these relationships and exploring new opportunities. With a shared vision for innovation and excellence, the future promises exciting opportunities for all.
