Number of Variable Capital Companies in Singapore

40 Mr Chua Kheng Wee Louis asked the Prime Minister and Minister for Finance since the last review of Variable Capital Companies (VCCs) and their managers conducted by the MAS (a) what is the current number of VCCs in Singapore; (b) how many VCCs currently do not (i) hold any assets and (ii) have any investors; and (c) what is the number of VCCs that have had supervisory interventions or regulatory actions directed.

Mr Gan Kim Yong (for the Prime Minister): As at 1 April 2026, there were 1,338 Variable Capital Companies (VCCs) managed by licensed fund managers and banks. The use of VCCs, alongside our growing asset management industry, is part of Singapore's value proposition as a trusted asset management and funds centre.

The Monetary Authority of Singapore (MAS) carries out regular monitoring and review of fund managers as part of its supervision of the fund management industry. This involves reviewing the activities of fund managers, including their regulatory compliance when using the VCC fund structure. Fund managers are required to remediate any observed control weaknesses following such reviews. From time to time, MAS may also publish good practices for wider adoption across the industry.

Last year, 25 VCCs were found to have held no assets without a valid reason. The fund managers of these VCCs have been directed to de-register them.