Kensington Trust Group (KTG), the Asian associate of private and institutional client service provider JTC, has been granted a licence by the Monetary Authority of Singapore to conduct trust business in the jurisdiction.
KTG already had a strong presence in Singapore prior to issuance of its new trust licence, undertaking corporate services, implementing cross-border structures and meeting its fiduciary responsibilities by having locally resident directors for Singapore-incorporated companies. This latest development, however, means it can now offer clients specialist jurisdiction-specific fiduciary solutions.
JTC established a strategic association with KTG in 2013, giving it a broad platform for providing corporate, trust and cross-border structuring services to clients across the Asia region through its well-established teams of professionals in Singapore, Hong Kong, Labuan, Malaysia and New Zealand.
Linda Wong, Managing Director and co-founder of KTG, and Chairperson of STEP Singapore, commented: “This is a crucial and exciting step forward for JTC Kensington and we are all extremely pleased. Singapore is justifiably perceived as the leading trust jurisdiction in Asia and one of the most popular and credible international financial centres in the world. Given JTC Kensington’s continued dedication to expansion in Asia, we are confident that obtaining this licence will prove to be a pivotal moment in our long-term growth.”
Iain Johns, Head of Private Client Services for JTC, went on to add: “JTC and Kensington are well-matched partners, thanks to their fundamental focus on finding the ideal services and solutions for clients. This new capability to offer Singapore-specific trust services is another significant step forward in that regard and I’m sure that many of our clients will directly see the benefits for themselves.”
Singapore is ranked as the third international finance centre globally and the top in Asia, according to the latest Global Financial Centres Index.