The Monetary Authority of Singapore (MAS), in response to a parliamentary query, stated that major banks have not observed a significant impact from China's offshore trust tax rules on Singapore's wealth management and related professional services sectors. MAS noted that clients are assessing the impact of China's new measures and taking steps to fulfill their tax obligations. Singapore's assets under management grew by 10.1% year-on-year to S$6.7 trillion in 2025, and MAS has enhanced its fund tax schemes to support the family office ecosystem. Additionally, the Common Reporting Standard (CRS) applies to financial account information and does not include real estate and immovable property holdings.