Harneys Fiduciary, an Ascentium company, has taken a bold step by expanding its trust services into Singapore. This move, enabled by a Trust Business License from the Monetary Authority of Singapore, positions Harneys among a select group of firms authorized to tap into one of Asia’s most promising and regulated wealth management markets. For customer experience (CX) and employee experience (EX) professionals, this expansion offers a masterclass in navigating real-world service challenges, global market complexity, and evolving client needs.
The CX Challenge: Trust Services in Motion
Singapore’s trust services sector is not for the faint of heart. It is a market where high-net-worth families and global businesses expect seamless asset protection, multi-generational legacy planning, and the highest levels of regulatory compliance. CX leaders must grapple with intricate client demands, rapid technological advances, and the constant need to build trust in an environment where financial stakes and reputational risks are high.
A case in point: Harneys’ newly launched Singapore Trust Services team aims to guide clients through cross-border asset protection while safeguarding their legacies. Families with global interests are looking for more than just legal structures—they want clarity, transparency, and genuine alignment with their values. They expect expert stewardship not only over assets, but also over the experience itself, from onboarding to advisory communications and ongoing support.
Why Singapore? The World’s Wealth Magnet
Singapore has emerged as Asia’s private wealth hub, boasting assets under management (AUM) of over S$5.4 trillion (US$4.1 trillion) as of 2023—a 10% year-on-year growth that outpaces most regional markets. More than 59% of the region’s family fortunes flow through Singapore, thanks to its pro-business policies, advanced digital infrastructure, and rigorous regulatory environment. The Monetary Authority of Singapore (MAS) enforces high standards for trust service providers, requiring regular upgrades to cybersecurity, operational resilience, and anti-money laundering protocols. These rules do increase costs, but they also bolster market confidence—a critical element for both customer experience and business reputation.
There are rising wealth levels across Asia. This is expanding financial markets. And also the growing complexity of cross-border investments. As a result, trust providers in Singapore need to continuously innovate and personalize their services. As Ross Munro, CEO of Harneys Fiduciary, observes, “Singapore is a pivotal hub for private wealth in Asia, and we are really pleased to expand our trust capabilities there. Our presence underscores our long-term vision to support clients in key financial centers globally.”
CX/EX in Practice: Building Trust in a Regulated World
Harneys’ approach underscores several CX best practices:
- Proximity and Cultural Alignment: By establishing a local team led by industry veteran Keith Ng, Harneys offers not just technical expertise, but also an understanding of family dynamics and cultural nuances. This approach is pivotal for Asian clients, who value both global perspective and local empathy.
- Tailored Solutions: Whether the client is an ultra-high-net-worth entrepreneur or a family office managing multi-generational assets, Harneys’ team provides bespoke solutions that account for legal jurisdiction, tax implications, and succession complexities.
- Enduring Relationships: In a business where trust is the currency, longevity in client relationships becomes essential. Harneys aims to build strong bonds not just with families, but also with advisors and local partners—fostering a network effect that enhances CX across the ecosystem.
Regional Expansion: Data-Driven Market Dynamics
The Singapore custody and trust services market reached a valuation of USD 40 billion in 2024 and is forecast to hit USD 70 billion by 2033, growing at a robust CAGR of 6.5%. This growth is fueled by three factors:
- Rising wealth accumulation in countries like China, India, and Indonesia
- Increasing sophistication in compliance requirements and digital asset custody
- The need for scalable, trust-centric platforms that can confidently handle complex, cross-border environments
But barriers exist. Regulatory fragmentation across Asian markets, diverse digital maturity, and geopolitical risks. This means that service providers must work harder to localize offerings, form strategic alliances, and invest in compliance infrastructure. Case studies show that firms embracing digital transformation and local partnership strategies penetrate the region faster. And with fewer compliance headaches.
Technology’s Role: From Blockchain to AI
Singapore’s trust service providers increasingly leverage technological innovations like blockchain and AI to enhance transparency, security, and speed. Blockchain offers immutable transaction records, reducing fraud risk and simplifying multi-party asset transfers. AI enables smart onboarding, real-time client monitoring, and automated regulatory compliance. Singapore is championing its Smart Nation initiative. Firms that prioritize innovation enjoy a first-mover advantage. By delivering higher service quality and winning greater client trust.
Leading players are investing in cloud-based, modular platforms that facilitate cross-border asset management and compliance. The World Economic Forum notes that these investments support better client experiences. And stronger regulatory adherence. All these are essential for sustaining growth amid rapid digitalization.
Lessons for CX/EX Professionals
Harneys’ expansion highlights critical lessons for CX and EX professionals:
Master Regulatory Change
CX leaders must design flexible client journeys that embed regulatory compliance without creating friction. This involves regular staff training, expert compliance units, and proactive partnerships with regulators.
Localize with Global Standards
Balancing global service excellence with local relevance takes skill. Employ local talent, nurture cultural intelligence, and adapt global standards to fit diverse client preferences.
Harness Technology for Trust
Implement secure, scalable technology platforms to improve transparency, speed, and personalization. Prioritize digital onboarding, secure communications, and proactive risk monitoring.
Foster Enduring Relationships
Provide consistent, multi-channel support for clients and partners. Invest in long-term relationship strategies—client education, regular feedback loops, and advisory forums.
Innovate Continuously
Remain agile by adopting new tools, exploring strategic partnerships, and investing in R&D. Digital innovation is not “nice to have”—it’s essential.
Conclusion: Practical Takeaways for CX/EX Teams
Harneys Fiduciary’s expansion into Singapore is a blueprint for modern trust service delivery:
- Stay ahead of compliance: Build robust, scalable compliance infrastructure and keep pace with regulatory shifts.
- Invest in talent and localization: Local experts who understand client culture and industry dynamics add outsized value.
- Leverage partnerships: Collaborate with fintechs and other market leaders to create integrated, client-centric service experiences.
- Embrace technology: From blockchain to cloud-based CX platforms, technology must remain a core pillar of strategy.
- Focus on legacy and relationships: Make succession planning and lasting client relationships a key element of the CX vision.
As Singapore continues to attract global wealth and investment, trust service providers must think—and act—with the future in mind. Harneys Fiduciary’s strategic move is much more than market expansion; it’s a call for CX/EX professionals to elevate their craft, sharpen their competitive edge, and set new standards of trust, value, and excellence for the next generation of clients.
