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Private banks in Singapore, for instance, hire more than 15,000 professionals, of which about 85% are locals. They also generate business for other firms such as fund management companies when their clients invest in funds managed by those companies. Similarly, family offices create demand for external service providers such as legal, custody, fund administration, and tax firms. MAS has been providing tax incentives to the SFO sector to help create jobs, generate demand for domestic service providers, and channel capital to enterprises in Singapore. 11/16  BIS - Central bankers' speeches  Our incentive schemes exempt from tax qualifying SFOs' income derived from investments managed in Singapore. In return, the SFOs commit to manage assets, hire employees here and incur business spending. Specifically, SFOs applying for our tax incentives are required to: employ a minimum of 2 to 3 investment professionals; incur business spending of $ to $ million, depending on the size of the SFO's funds; and invest at least $ million or 10% of their AUM, whichever is lower, in Singapore equities, bonds, funds, or Singapore operating companies. As outlined by MAS Chairman Tharman Shanmugaratnam two weeks ago, MAS will be adjusting the tax incentives for SFOs to encourage them to: deploy their capital more purposefully to benefit Singapore and the region; and increase contributions towards environmental and social causes. We will make enhancements in five areas. First, we will encourage SFOs to participate in blended finance structures, including those which support the region's transition to net zero. We will introduce three new features.