We are proud to share our founder David Chong’s recent address at the STA Conference 2024, themed “Honour the Past | Transform the Present | Inspire the Future.” In a thought-provoking speech, David reflected on the evolution of trust management, drawing parallels between the past and present while emphasizing the need for continued transformation in our industry.

David’s contributions to the trust sector are significant. Current STA president Edmund Leow SC described him as one of the pillars of the trust industry and a pioneer who began his journey when there was virtually no trust industry in Singapore. His efforts have paved the way for many in the trust industry today. What is particularly noteworthy is that David is the only trust practitioner who has served as president of both STA and STEP, highlighting his leadership and commitment to advancing the profession.

In his address, David combined personal anecdotes with insights from Professor Peter Willoughby’s work, underscoring the importance of adapting to changing regulations and maintaining ethical practices. His engaging discussion not only honoured our past but also set the stage for future innovations and inspiration within our company and the broader sector.

The full speech is provided below.

STA Guest of Honour Address on “Honour the Past | Transform the Present | Inspire the Future”

I am absolutely delighted that the STA Committee has finally scraped the bottom of the barrel; they couldn’t find anyone else to be the Guest of Honour, so they invited me. I, of course, jumped at the chance for my fifteen minutes of fame in my otherwise dull and uninspiring career.

I went to the Rod Stewart concert in March. I told my youngest daughter, “He can hardly sing now,” and she quipped, “It doesn’t matter, Dad, because his target audience can hardly hear.” I could have titled my talk “From Rod Stewart to Taylor Swift.” My 24-year-old daughter did not know who Rod Stewart was, just as I did not know who Taylor Swift was until my daughters asked for tickets.

How many of you have heard of Professor Peter Willoughby? In his article from 1999, “Misplaced Trust?” (see article here), he wrote:

“Over the last 30 years, there has been widespread and increasing use of trusts as a way of holding personal wealth. Unfortunately, in more recent times, trusts have all too frequently been marketed as ‘products’ by banks, accountancy firms, and even lawyers, without proper attention to the essential legal requirements of a valid trust. In many instances, aggressive marketing by people who have not understood the need to set up trusts correctly and then to administer them scrupulously has resulted in litigation that is often multi-jurisdictional and very expensive. The practical implications of matters such as heirship and creditors’ rights, together with the dangers of retaining direct or indirect control in the person creating the trust, have been underestimated. This has resulted in challenges by creditors, disinherited heirs, former spouses, and revenue authorities.”

So, what has changed? Last year, we had an excellent STA conference on precisely these matters. There is a French saying: “Plus ça change, plus c’est la même chose”—the more things change, the more they stay the same. But things have changed. It all changed on September 11. I won’t bore you with the history of the Patriot Act, FATCA, and CRS. On July 1, 2013, tax evasion became a money laundering offense in Singapore.

I have honoured the past; you are transforming the present; we shall hear later this afternoon how we can inspire the future. This is my swan song, so I shall sing for you:

Young Turks by Sir Rod Stewart

Young hearts be free tonight
Time is on your side
Don’t let ’em put you down,
Don’t let ’em push you around
Don’t let ’em ever change your point of view.