{
  "id": 1882652,
  "title": "Singapore rolls out new foreign work pass track, tax exemptions for asset management industry",
  "url": "https://urgent.news/2026/08/19/singapore-rolls-out-new-foreign-work-pass-track-tax-exemptions-for",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-19T06:51:56.000Z",
  "source": {
    "name": "CNA - Singapore",
    "slug": "cna-singapore",
    "url": "https://www.channelnewsasia.com/singapore/asset-management-industry-foreign-work-pass-track-tax-exemption-mas-6328001"
  },
  "original_language": "en",
  "account": "Singapore's Monetary Authority (MAS) announced a series of measures on August 19 to bolster the city-state's position as a leading asset management hub. The centerpiece of the announcement is the new Overseas Networks and Expertise (ONE) Pass, specifically the Investment Management Track. This track aims to attract senior investment professionals and global leaders with a proven track record in the asset management industry. The industry's contribution to Singapore's financial sector output stands at approximately 15%, and its employment accounts for 13% of the total.\n\nMinister for National Development and Deputy Chairman of MAS, Chee Hong Tat, emphasized the government's commitment to Singapore's value proposition as a trusted, vibrant, and globally competitive financial hub. The asset management industry has experienced an average annual growth rate of 7.5% over the past five years, reaching nearly S$7 trillion in assets under management. It currently provides employment for 25,000 individuals, with 80% of those positions held by locals.\n\nTo further strengthen the industry, MAS and the Ministry of Finance (MOF) plan to introduce tax exemptions for profit-related returns from qualified fund management services. This tax exemption will be applicable only to a portion of investment profits earned by fund managers and professionals when they generate strong returns for investors in qualifying funds. It is crucial to note that this exemption does not extend to regular salaries, bonuses, or other forms of employee compensation.\n\nAdditionally, MAS will launch a new hedge fund investment programme, which aims to foster the growth of Singapore's hedge fund ecosystem. This initiative will support the establishment and expansion of hedge fund managers and investment talent, benefiting both global and regional players. The programme will also support ancillary service providers and prime brokerages, reinforcing Singapore's attractiveness as a financial hub in the face of increasing international competition.\n\nMAS stresses that these measures are not in response to competition from Hong Kong but rather part of a broader review and adjustment of policies to maintain Singapore's competitiveness in the global financial landscape. By fostering the growth of the asset management industry, Singapore aims to generate economic gains that can be distributed across a larger portion of its population, ultimately benefiting the country's economy and society as a whole.",
  "summary": "The central bank will also introduce a new hedge fund investment programme to anchor global and regional players in Singapore.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "CNA - Business",
        "title": "Singapore rolls out new foreign work pass track, tax exemptions for asset management industry",
        "url": "https://urgent.news/2026/08/19/singapore-rolls-out-new-foreign-work-pass-track-tax-exemptions-for-1882671",
        "published": "2026-08-19T06:51:56.000Z"
      },
      {
        "outlet": "Hedgeweek",
        "title": "Singapore moves to cut asset management taxes as HK talent war intensifies",
        "url": "https://urgent.news/2026/08/19/singapore-moves-to-cut-asset-management-taxes-as-hk-talent-war",
        "published": "2026-08-19T08:34:20.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}