SINGAPORE — Bank of Singapore intends to ramp up hiring and invest in technology to raise assets under management above $145 billion and break into Asia’s top five private banks in three to five years, Chief Executive Jason Moo said, Nov. 27, 2025. OCBC’s private banking arm is wagering that a combination of aggressive hiring, AI-infused tools, and a greater presence in Hong Kong and Dubai will help it win more of the region’s rapidly expanding millionaire class.
Bank of Singapore doubles down on people-and-platform approach.
Bank of Singapore’s assets under management have increased by almost 20% since early 2023, with the total increasing to more than $145 billion in the third quarter from about $120 billion earlier, while even raising its minimum account size to $5 million from $3 million last year, Moo said in a recent Reuters interview. The push is part of a broader regional context in which the wealth of Asia-Pacific’s high-net-worth individuals has been growing faster than in most markets, broadening the potential client base for private banks.
To accommodate that expansion, Bank of Singapore has increased its number of relationship managers to about 500 from 400 in 2023 and will “switch back” to hiring more aggressively in 2026, following a relatively moderate intake this year. Ultra-high-net-worth clients — those with $100 million and up — have reported assets that have surged nearly 20 per cent year to date, while money managed for financial intermediaries, such as external asset managers , has risen more than 30 per cent, indicating a need for both specialist bankers and scalable technology.
On the technology front, Bank of Singapore is developing proprietary asset-allocation tools that size local-currency and insurance holdings alongside client portfolios to provide more granular, goals-based advice rather than straight-up model portfolios. It is also preparing to onboard the AI-driven wealth platform from AI provider Arta to offer advisers and external asset managers more intelligent analytics and tailored recommendations, particularly for family offices and sophisticated entrepreneurs.
That digital build-out follows last year’s release of a targeted alternatives portal for independent managers, developed in partnership with fintech provider iCapital. The digital alternatives platform with iCapital is intended to aid Bank of Singapore in growing its assets from financial intermediaries, family offices, and wealth advisory by 50% over the fiscal years 2024-26, underscoring the central role external managers have played in its growth strategy.
Geographically, Hong Kong — Bank of Singapore’s biggest office after its home market — has met the target to expand assets at 50 per cent between 2024 and 2026, more than a year ahead of schedule, Moo said. In Dubai, it is now the third-largest private bank and aims to have the Middle East account for about one-fifth of its assets by 2027, potentially through a local booking centre if client demand continues to grow.
The latest expansion push continues a decade-long effort by the Bank of Singapore to expand with its wealthy clients worldwide. It won regulatory approval in 2016 to open a branch in Dubai and, over the subsequent three years, doubled its assets in the Middle East while positioning itself as an early player in the Gulf’s growing wealth hub. Two years later, it doubled down on its European bet by announcing plans to open an office in Luxembourg, where it would become the first Singaporean bank to establish a wealth subsidiary, with a view to capturing post-Brexit money flows.
Now, as Bank of Singapore sets its sights on a top-tier regional ranking – Finews currently lists it at number seven among Asian private banks – Moo is suggesting that the prize will be won by marrying that global footprint with offshore capabilities and an onshore–offshore play in OCBC’s primary markets in Greater China, Malaysia and Indonesia. But the success of such moves, as well as a vow to spend more on technology in Asia at a time when rivals from Zurich to Wall Street are gambling heavily on the region too, will depend on whether HSBC can deliver on its claims and build out what today amounts to a $145 billion business into something that really is one Europe’s top five lenders can boast about operating in Asia.
