In the realm of global finance, Singapore has recently made headlines with its 2024 Budget announcement, which is particularly significant in light of the current geopolitical tensions and economic uncertainties. The budget, unveiled by Deputy Prime Minister and Minister for Finance Lawrence Wong, introduces measures aimed at supporting Singaporeans and businesses. Key highlights include a 50% corporate tax rebate, capped at SGD 40,000, and the introduction of the Refundable Investment Credit scheme to bolster Singapore’s appeal for substantial investments in key economic sectors and new growth areas.

Moreover, Singapore continues to strengthen its position as a hub for financial innovation, with the government’s commitment to fostering a more efficient and inclusive financial ecosystem. This includes investments in workforce development and skills training, as well as initiatives promoting sustainability. These strategic moves are expected to provide a stable foundation for long-term growth, ensuring that Singapore remains at the forefront of the global financial landscape amid evolving challenges.

The Monetary Authority of Singapore launched Cosmic, a digital platform allowing banks to voluntarily exchange information on red flag raising individuals to prevent AML with 6 banks on 1st April. At AIWM, our members are expected to adhere to the code of ethics and conduct their business in an ethically responsible manner. We’d like to remind all our members to ensure proper due diligence on the parties that they work with and to uphold the highest standards of integrity and professionalism for the industry, so we can collectively support Singapore’s stature as a financial centre to handle and attract wealth.

Our Q2 calendar is as lively as the first quarter, if not more, kicking off with a business apero at My Awesome Café on April 18th, created for AiWm-esome people for an awesome chill-out. Next, check out the seminar aimed at advancing Singapore’s vision of becoming a regional philanthropic hub, as well as the signature event of the quarter, the 1st instalment of the AIWM Professional Excellence, that is scheduled to happen on May 23rd. Keep a close tab in your inbox for the invites and save the dates in your calendar!


David Doerig, Treasurer