Melvin Teo

Singapore family offices continue to attract attention, and one key reason is the fund tax incentive framework commonly referenced as Sections 13O and 13U, administered via MAS application processes. A few practical points that are commonly relevant for families and advisors when evaluating Singapore as a wealth structuring base. 1. Economic substance has become more explicit Recent updates emphasise local substance through requirements such as minimum investment professional headcount, minimum levels of assets under management measured against designated investments, and tiered local business spending. 2. Spending requirement is tiered and linked to scale Market guidance notes that local business spending is tiered, with minimum levels that increase with AUM bands, reinforcing the policy direction that incentives are linked to real economic participation in Singapore. 3. Philanthropy is also part of the ecosystem design MAS has also introduced a philanthropy tax incentive scheme direction for family offices, reflecting Singapore’s intent to anchor wealth with purposeful giving and structured philanthropy activity. From a private wealth perspective, the key workstreams usually sit across structuring, governance, investment operations, and documentation readiness, with the incentive framework acting as one component of an overall long term plan. At FOZL Private Client Services, we track these Singapore policy developments closely as part of our broader work supporting families on structuring, governance. #FamilyOffice #Singapore #Governance #TaxPolicy #Philanthropy #FOZL

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Singapore's capital is not for everyone Family Offices are deploying selectively But only through: -> Access -> Alignment -> Credibility No public links No cold decks I’m curating a private Singapore FO list Serious builders only Comment “Singapore” + connect — if relevant, I’ll share access. Grateful to Sunny Ahlawat (Jack of all Trades) for consistently supporting founders and working closely with investors.

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The new fund follows the full deployment of Veloce’s maiden fund, which backed growth-stage MSMEs and startups across sectors such as manufacturing, technology, and healthcare. “With this second fund, we are continuing to build a structured capital platform that supports businesses with predictable growth and disciplined execution,” said Nirav Jogani, Founder of Veloce Fintech. Read the full story. 👇 https://lnkd.in/enjePjZU #Fund #AIF #VeloceFintech #LemonGroup #Startups

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'The divergence indicated a potentially more selective stance from GIC and Temasek, even as regional economies such as Malaysia sought to reposition themselves to attract long-term state-linked capital.' https://lnkd.in/gREGCgZu

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Secure, transparent, and digital—this is not just the future of lending; it is the imperative for sustainable growth. Traditional lending models often lack transparency and agility, creating barriers for both entrepreneurs and investors. As digital technologies evolve, they enable secure, transparent lending platforms that build trust and effectiveness. At Mandalore Partners, we see fintech advances reshaping lending through blockchain verification, real-time data access, and automated compliance. These advances reduce risk and speed decision-making, empowering founders to access capital faster and with confidence. For founders and investors alike, the shift towards digital lending means greater alignment, clearer governance, and long-term partnership opportunities. This evolution supports not only financial growth but also the creation of resilient, scalable businesses. How do you envision digital lending transforming your venture or investment strategy? #VentureCapital #VentureCapitalAsAService #VCaaS

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Asset quality - Pressures to remain as CRE concerns lingers. CRE remains a key pain point for UOB, with the bulk of elevated NPA formation in 4Q25 (S$599m) still stemming from CRE exposures in Greater China and the US. On the US front, this pressure is further reflected in the sharp increase in GP coverage for the US book to 4.7% from 2.2% in 3Q25, even after the earlier heavy provisions taken in 3Q. Management attributed this to a more conservative, pre‑emptive stance on a handful of legacy CRE exposures. That said, management expressed cautious optimism that a portion of these provisions could be repurposed over time as the underlying assets are worked through. Beyond CRE, there were other pockets stress with Singapore seeing a rise in special provisions to S$124m in 1H24 from S$45m in 2H24, with pressures largely confined to SME cases, which management characterised as non‑systemic. Thailand provisions also remained elevated, reflective of the weaker macro environment. Taken together, this does not yet constitute a clean quarter from an asset quality perspective. Looking ahead, CRE likely to remain a concern still in HK and, while our HK real estate analyst expects some stabilisation to small rises in CRE prices and rents this year, we believe the risk profile remains uneven. UOB has noted HK CRE is not out of the woods and peer banks in HK continue to highlight residual asset quality risk from HK CRE exposures on their balance sheet. We therefore remain watchful on this front.

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