In return, Malaysia offered stakes in railway and pipeline projects as part of China’s Belt and Road Initiative.
Most of the former BNP bankers are based in Hong Kong, with the remainder in Singapore.
There are more than 250 companies in the IPO pipeline for next year, including many in the technology sector, according to Li.
Under Menon, MAS became one of the earliest adopters of “regulatory sandboxes” for fintech companies, a concept pioneered by the U.K.’s financial regulator.
Managers in Singapore handled S$3.3 trillion ($2.4 trillion) in 2017, with drivers coming from traditional assets as well as those from private equity, hedge funds and others, the Monetary Authority of Singapore said.
Some crypto firms have complained that there’s a regulatory vacuum that hampers their Singapore operations because they are unable to open local bank accounts.
The DBS CEO has long been a vocal advocate of the need for banks to meet the challenge posed by insurgent fintech companies
Competition to manage the money of Asia’s burgeoning army of millionaires has pushed pay hikes for wealth managers to the highest in more than a decade.
After Singapore and Hong Kong, the focus of wealth managers in Asia is shifting to cities such as Manila, Jakarta and Shanghai.
Few businesses offers such eye-watering opportunities for global banks right now as catering to Asia’s swelling millionaire class.