Bank of Singapore CEO to ramp up hiring and tech investments after a year of slowdown

Bank of Singapore is preparing a major expansion of its talent pool and technology capabilities as it pushes to become one of Asia’s top five private banks within the next five years, Chief Executive Jason Moo told Reuters.

The bank’s big goal comes after its assets under management (AUM) jumped nearly 20% in the third quarter, rising to more than $145 billion from about $120 billion when Moo became CEO in early 2023. This growth came even after the bank raised its minimum account size from $3 million to $5 million last year.

The bank is currently ranked seventh among Asia’s standalone private banks by Finews, highlighting the gap Moo wants to close.

CEO Moo is planning to increase hiring and tech investments in the coming year, the bank currently employs 500 relationship managers, up from roughly 400 last year. 

“We hired aggressively in 2024, moderately in 2025. We’ll probably switch back to aggressive mode in 2026,” he said, signalling a multi-year hiring runway.

The bank is also sharpening its focus on the region’s wealthiest clients. It plans to roll out more bespoke solutions for those with $100 million or more, a segment where ultra-high-net-worth assets grew nearly 20% during the first nine months of the year. Assets from financial intermediaries such as external asset managers rose even faster, over 30%.

It is investing in proprietary asset allocation tools designed to incorporate clients’ local currencies and insurance holdings. The technology aims to provide more customised and holistic portfolio planning, Moo said.

Outside Singapore, the bank has its biggest office in Hong Kong, which has already achieved its goal of expanding AUM by 50% between 2024 and 2026, more than a year early.

The bank currently ranks third among private banks in the emirate, behind Julius Baer and UBS, and is on track for the market to contribute 20% of total AUM by 2027. Moo said the bank may consider establishing a Dubai booking centre if client demand continues to rise. Currently, booking centres operate only in Singapore and Hong Kong.

Looking ahead, Moo said the bank plans to tap OCBC’s extensive regional presence to build an integrated onshore-offshore private banking network across key markets, including Greater China, Malaysia and Indonesia. OCBC is Southeast Asia’s second-largest bank by assets and owns an 88.2% stake in Great Eastern Holdings, providing additional avenues for cross-selling and insurance-linked growth.