Singapore has warned wealth managers to refrain from aggressively targeting clients in Hong Kong as the jurisdiction in caught in a political turmoil, Reuters reports.
The Monetary Authority of Singapore (MAS) reached out to wealth managers last month, including DBS and a unit of Oversea-Chinese Banking Corp, to ensure that they did not exploit the sensitive situation Hong Kong is facing. The regulator also wanted to ensure that design campaigns specifically targeting business from Hong Kong would not be launched.
"The message was that we shouldn't be taking undue advantage of what's going on in Hong Kong," a senior banking source said on condition of anonymity.
The message was that we shouldn’t be taking undue advantage of what’s going on in Hong Kong"
"We have to act responsibly and not launch campaigns to convince clients that this is a good time for them to move their assets," he said, adding he was not aware of any banks making a big push to get business from Hong Kong in the current climate.