Bank of Singapore Targets Asia’s Top Five with Tech & Talent Push
Bank of Singapore (BoS), the private banking arm of Oversea-Chinese Banking Corp (OCBC), is dramatically escalating its investment in human capital and proprietary technology.
The strategic push, revealed by Chief Executive Jason Moo, is aimed at propelling the bank into the top five private banking institutions in Asia within the next three to five years, capitalizing on the region’s burgeoning ultra-high-net-worth (UHNW) wealth segment.
Bank of Singapore: Surging Assets Validate Ambition
The ambitious target is anchored by robust recent performance.
BoS’s assets under management (AUM) surged by nearly 20% since Jason took the helm in early 2023, climbing from approximately $120 billion to exceed $145 billion in the third quarter of 2025.
This growth is particularly notable given the bank raised its minimum account size last year, increasing the threshold from $3 million to $5 million, a move that typically filters out smaller clients but has clearly accelerated the acquisition of wealthier individuals.
The Ultra-High-Net-Worth (UHNW) segment—clients with $30 million or more in investable assets—heavily supports the growth.
Assets in this segment grew close to 20% in the first three quarters of the year.
Assets from financial intermediaries, such as external asset managers, also saw a spike of over 30%.
The Hiring Offensive: RMs and Regional Focus
A cornerstone of the strategy is aggressive recruitment.
The number of relationship managers (RMs) has already increased substantially, growing from roughly 400 in 2023 to 500 currently.
After a planned moderate pace of hiring in 2025, CEO Jason stated that the bank will switch back to an “aggressive mode” in 2026, signaling a sustained drive to expand its advisory workforce over the next few years.
The company strategically targets key regional wealth hubs with this expansion.
Hong Kong serves as the bank’s largest office outside Singapore.
It has already surpassed its AUM growth target of 50% for the 2024–2026 period, achieving the milestone more than a year ahead of schedule.
Furthermore, Dubai remains a priority, projected to account for 20% of the bank’s total AUM by 2027.
BoS currently ranks third among private banks in Dubai. As client demand rises, the company is considering the possibility of establishing a third booking center there.
Investment in Bespoke Technology
The second major pillar of the strategy involves significant investment in proprietary technology to offer more bespoke and sophisticated services.
BoS is developing advanced asset allocation technology. This system offers wealth management highly tailored to the complex needs of Asian UHNW clients.
This new technology will integrate local currencies and insurance holdings into comprehensive portfolio planning.
This integration serves as a crucial feature for families whose wealth is often distributed across multiple jurisdictions and asset classes within Asia.
This digital upgrade serves not just for convenience, but as a key competitive differentiator.
It will enhance the bank’s ability to provide integrated onshore-offshore private banking solutions across OCBC’s broader regional presence.
Key markets benefiting from this include Greater China, Malaysia, and Indonesia.
The bank is also developing more bespoke products specifically for clients with $100 million or more in assets.
Note: We are also on WhatsApp, LinkedIn, and YouTube to get the latest news updates. Subscribe to our Channels. WhatsApp– Click Here, YouTube – Click Here, and LinkedIn– Click Here.