Bank of Singapore Expands Hiring and Technology to Reach Asia’s Top Tier

Bank of Singapore is increasing its investment in hiring and technology as it works toward entering Asia’s top five private banks within the next few years.

Strong Wealth Growth Supports Expansion Plans

The Bank of Singapore reported that its assets under management rose nearly 20 percent to more than US$145 billion in the third quarter. Executives said this momentum reflects steady growth in Asia’s high-net-worth population and rising demand for tailored wealth solutions. Recent global studies show that high-net-worth wealth grew more than 4 percent last year, with the Asia-Pacific region achieving some of the fastest gains.

Market analysts note that these trends are creating opportunities for private banks to scale their offerings. With more individuals crossing the million-dollar investable-asset threshold, banks are widening their services to capture clients seeking advisory support during periods of shifting market conditions.

Bank of Singapore leadership said the expansion strategy builds on this long-term demand, as the region’s high-net-worth population grew more than 2 percent last year. This aligns with expectations that wealth formation in Asia will continue to outpace many global regions.

Hiring Strategy Reaches New Milestones

The Bank of Singapore increased its number of relationship managers to 500, up from about 400 a year earlier. Executives said the hiring pace will accelerate again in 2026 after a measured approach this year. The bank used 2024 to build teams quickly and plans to return to that rhythm as it targets deeper coverage across Asia and the Middle East.

Leadership said they expect sustained demand for bankers who can serve both emerging and established wealth segments. The bank is also developing specialist roles focused on portfolio construction, succession planning and alternative investments.

The rise in AUM occurred even after the Bank of Singapore raised its minimum account size from US$3 million to US$5 million last year. Executives said this change reflects a shift toward higher-value relationships and a strategy to align resources with clients requiring more complex advisory work.

Focus on Ultra-High-Net-Worth Clients and New Technology

The Bank of Singapore plans to introduce more bespoke products for clients holding US$100 million or more in assets. These offerings will support individuals who require greater portfolio customization, cross-border structuring and access to diversified investment strategies.

Ultra-high-net-worth assets grew nearly 20 percent in the first three quarters of the year. Assets originating from financial intermediaries, including external asset managers, rose more than 30 percent, showing that partnership channels remain a key growth driver.

Executives said the Bank of Singapore is investing in proprietary asset allocation technology. The system will incorporate local currencies and insurance holdings into portfolio models, creating a more comprehensive overview of client wealth. The goal is to offer a planning framework that adapts to different regulatory environments and regional financial systems.

Regional Offices Deliver Above-Target Growth

Hong Kong, the bank’s largest office outside Singapore, already met its goal of expanding AUM by 50 percent from 2024 to 2026. This achievement came more than a year earlier than planned. Leadership said the team will continue strengthening its role as a hub for North Asia clients.

Dubai remains another priority market. The bank currently ranks third among private banks there and expects Dubai to contribute about 20 percent of total AUM by 2027. A booking centre in the city is under review and may be added if client demand continues to rise.

Executives said they are also evaluating how to link onshore and offshore services across OCBC’s regional presence. The objective is to build a more integrated network that supports clients who manage assets across multiple Asian markets.