Raffles Family Office is building a wealth manager for Asia’s stablecoin billionaires
Source: Fortune ·
Younger billionaires are more likely to store their wealth on the blockchain.
From the source
Asia’s young, self-made billionaires are a decade younger than their American and European peers. Having made their fortunes in tech and crypto—and with larger risk appetites than the “old money” rich—Asia’s nouveau riche manage their wealth very differently. “What if somebody comes with $100 million of stablecoin? You can’t take them to a local bank,” Chi-Man Kwan, founder and CEO of Singapore and Hong Kong-headquartered Raffles Family Office (RFO), tells Fortune. Younger billionaires are also more likely to store their wealth on the blockchain, via “newer currencies” like Bitcoin and Ethereum. “Even if their assets are U.S.-denominated, it’s going to be in stablecoins,” he says. Yet Kwan adds that most traditional-finance institutions don’t accommodate these digital currencies. In 2022, RFO started Revo, Asia’s first digital assets-focused multi-family office. In February, Revo secured licenses from Hong Kong’s Securities and Futures Commission that allow it to offer professional…