Jakarta. State lender Bank Negara Indonesia (BNI) has launched BNI Emerald Singapore to expand its wealth management services and attract high-net-worth clients, including the Indonesian diaspora in Singapore. The initiative strengthens BNI’s global presence and offers tailored financial solutions for accredited investors.

Singapore was named the world's fourth wealthiest city, overtaking London, according to Henley & Partners' 2024 World’s Wealthiest Cities Report. It is on track to surpass Tokyo, which ranked third.

In 2023, the city-state attracted 3,400 high-net-worth individuals (HNWIs). Known for its business-friendly environment, Singapore is home to 244,800 resident millionaires with at least US$1 million in liquid investable wealth, along with 336 centi-millionaires (US$100 million or more) and 30 billionaires (US$1 billion or more).

BNI President Director Royke Tumilaar emphasized the strategic significance of Singapore as a financial hub, stating that the expansion aligns with the bank’s commitment to competing with leading global and regional players in the wealth management sector.

“Singapore, as a major financial hub in Asia, is a strategic location for this expansion. The service is specifically designed for high-net-worth individuals and the Indonesian diaspora residing in Singapore who qualify as accredited investors,” Royke said.

Through partnerships with Schroders and Fullerton Fund Management, BNI Emerald Singapore offers exclusive investment products for accredited investors—defined as those with at least SGD 2 million in assets or an annual income of SGD 300,000. In addition to investment services, the platform provides attractive time deposit rates, enabling greater financial flexibility for clients.

“As a state-owned bank with a global vision, we are committed to delivering world-class financial solutions tailored to our priority clients. This service not only strengthens our presence in Singapore but also reinforces our role as a trusted partner for Indonesians seeking sophisticated wealth management services abroad,” Royke added.

BNI Emerald Singapore offers exclusive privileges to its clients. Those who open an account with a minimum deposit of USD 300,000 (or its equivalent) receive complimentary airport limousine services to and from Changi Airport. Clients depositing over USD 1 million gain access to additional high-value benefits.

Fullerton Fund Management’s Chief Business Development Officer Mark Yuen welcomed the collaboration. “We are excited to work with BNI on this initiative. As an award-winning Asia-based investment specialist, we bring deep expertise in different asset classes and markets. This partnership aligns with BNI’s global growth strategy and will help clients achieve long-term financial success.”

Lily Choh, Head of South Asia and CEO of Schroders Singapore, also highlighted the significance of the collaboration:

“We congratulate BNI on launching BNI Emerald Singapore. With over 200 years of investment expertise, Schroders is well-positioned to support high-net-worth investors in today’s complex financial landscape. This partnership underscores our commitment to offering top-tier investment solutions across global, Asia, and U.S. equities, semi-liquid global private equity, and fixed income.”

The launch of BNI Emerald Singapore marks a significant milestone in BNI’s “Go Global” strategy, reinforcing its international presence and commitment to innovation in wealth management.

For more information, clients can contact BNI Singapore’s office.