Private bank targets regional top-five position with aggressive hiring and expanding technology capabilities

Bank of Singapore is stepping up hiring and upgrading its technology infrastructure as it pursues an ambitious plan to become one of Asia’s top five private banks within the next five years.

Rising Wealth Drives Expansion

Asia’s fast-growing population of high-net-worth individuals continues to reshape the regional financial landscape. Capgemini’s 2024 world wealth report showed global high-net-worth wealth rising 4.2%, while Asia Pacific recorded 4.8% growth. The region also saw a 2.7% increase in high-net-worth individuals, forming a wider client base for private banks.

Bank of Singapore, the private banking arm of OCBC, is positioning itself at the center of this momentum. Its assets under management climbed nearly 20% to exceed USD 145 billion in the third quarter of 2025, up from USD 120 billion when CEO Jason Moo took over in early 2023. Despite raising the minimum account size from USD 3 million to USD 5 million, the bank maintains strong inflows from wealthy clients.

Aggressive Hiring to Fuel Growth

The bank currently employs 500 relationship managers, an increase from about 400 in 2023. Moo shared that hiring surged in 2024, tapered in 2025, and will return to aggressive levels in 2026. The goal is to build the manpower needed to compete with larger regional rivals and provide more dedicated client service.

Beyond talent acquisition, the bank is developing bespoke services for ultra-high-net-worth clients with USD 100 million or more in assets. This segment grew nearly 20% in the first three quarters of 2025, reflecting stronger demand for personalized portfolios and global market access.

Technology Investments for Personalization

To improve service precision, Bank of Singapore is investing in proprietary asset allocation technology. The system will allow portfolios to incorporate local currency exposure and insurance holdings, offering a more holistic view of client wealth across markets.

This tech-driven approach complements the bank’s ongoing efforts to differentiate itself with tailored solutions instead of standardized wealth products. It also strengthens its competitiveness in markets where digital-first private banking is quickly becoming the norm.

Regional Growth Centers: Hong Kong and Dubai

Hong Kong, the bank’s largest office outside Singapore, has already surpassed its goal of growing assets under management by 50% between 2024 and 2026, achieving the target more than a year early. This rapid progress underscores strong inflows from Greater China’s expanding wealth segment.

Dubai remains another strategic focus. Bank of Singapore is currently ranked third among private banks in the city, behind Julius Baer and UBS. Moo expects Dubai to contribute up to 20% of total assets under management by 2027. A potential new booking center in Dubai is being considered if client volumes continue to rise, complementing existing booking centers in Singapore and Hong Kong.

Leveraging OCBC’s Regional Strength

Looking ahead, the bank aims to connect onshore and offshore wealth services using OCBC’s regional footprint. OCBC is Southeast Asia’s second-largest bank by assets and has a strong presence in Malaysia, Indonesia, and Greater China. Its 88.2% stake in Great Eastern Holdings also provides opportunities to integrate insurance-linked wealth planning into private banking services.

This broader network positions Bank of Singapore to build an integrated ecosystem for affluent clients who require cross-border financial services, an increasingly important capability in Asia’s interconnected markets.

Bank of Singapore’s expansion strategy reflects the accelerating competition among private banks in Asia, where wealth continues to grow faster than in most global regions. Its push into hiring, technology, and regional market development signals broader shifts affecting both Indonesian and Singaporean financial landscapes, especially as more Asian clients seek sophisticated, cross-border wealth solutions.

Sources: Malay Mail (2025) , The Business Times (2025)

Keywords: Bank of Singapore, Asia Private Banking, Wealth Growth Asia, Jason Moo, High Net Worth Clients, OCBC Expansion