Raffles Family Office is betting on Asia's stablecoin billionaires

Asia’s new rich do not look much like the old guard. They are younger, more likely to have made money in tech or crypto, and more comfortable holding wealth on the blockchain. Chi-Man Kwan, who runs Singapore and Hong Kong-based Raffles Family Office, says some of these clients show up with stablecoins, which are not exactly something a traditional branch bank is built to swallow with a smile.

That gap is the bet behind Revo, RFO’s digital-assets-focused multi-family office, launched in 2022. In February, Revo got licences from Hong Kong’s Securities and Futures Commission, letting it offer portfolio management for digital assets as well as traditional investments. Kwan is not talking about a niche side business. He sees a future where even assets priced in U.S. dollars may be held in stablecoins, while many wealth firms still treat that as a headache rather than a service line.

The timing helps explain the pitch. A 2026 Ocorian survey found that 86% of family-office principals and senior executives are including crypto in their investment strategies. But Wealth Briefing Asia says regulatory and reporting problems still keep many family offices from going all in. Kwan’s view is blunt: if people are going to transact mostly in stablecoins in 10 years, wealth managers need to be ready now.

RFO is also chasing where the money is moving. Kwan says Greater China has been minting billionaires at a pace that turned Hong Kong’s wealth management business “upside down.” The 2026 Hurun Global Rich List puts China at 1,110 billionaires, ahead of the U.S. at 1,000. RFO now serves clients across Beijing, Shanghai, Singapore, Hong Kong, Taipei, and Bangkok, and it has also pushed into Kigali, where it co-hosted a Rwanda Family Office Symposium, hired former minister Jean de Dieu Uwihanganye, and signed a capital mobilization agreement with the Rwanda Development Board on Oct. 22.