Key Takeaways
- • Raffles Family Office (RFO), a Singapore and Hong Kong multi-family office, is targeting ultra-high-net-worth clients holding large stablecoin and digital asset positions, a segment traditional private banks have often struggled to serve, according to Fortune.
- • RFO's dedicated digital asset platform, Revo, received Type 4 and Type 9 licenses from the Hong Kong Securities and Futures Commission in February 2026, allowing it to manage digital asset portfolios alongside conventional investments.
- • Founder and CEO Chi-Man Kwan cites demand including inquiries about managing holdings as large as 10,000 Bitcoins or $100 million in stablecoins.
- • RFO reported top-line revenue growth of more than 50% in 2025, driven mainly by private equity and stronger investment capabilities.
- • On October 22, 2026, RFO signed an agreement with the Rwanda Development Board targeting investment opportunities worth hundreds of millions, including the Bugesera airport and tourism projects.
Summary
Raffles Family Office (RFO), a multi-family office headquartered in Singapore and Hong Kong, is building infrastructure to serve Asia's newer wealthy clients whose holdings are largely in digital assets. According to Fortune, founder and CEO Chi-Man Kwan argues that traditional private banks often cannot accommodate such clients. In his words, "What if somebody comes with $100 million of stablecoin? You can't take them to a local bank."
The strategy rests on a demographic shift. Fortune's reporting indicates Asia's self-made billionaires are roughly a decade younger than their counterparts in the US and Europe. Many built their fortunes in technology and crypto, and they tend to carry a greater appetite for risk than inherited wealth.
The centerpiece is Revo, RFO's dedicated digital asset platform, which launched as Revo Digital Family Office in February 2026. The same month, Revo received Type 4 and Type 9 licenses from the Hong Kong SFC, approvals that permit it to offer management services for digital asset portfolios alongside traditional investments. Kwan has described stablecoins as the "missing link" between private wealth and crypto markets, a comment made in June 2026, and has pointed to inquiries about managing holdings as large as 10,000 Bitcoins or $100 million in stablecoins.
Kwan has more than 12 years of experience in the sector, including co-founding what is described as Asia's first public Bitcoin exchange in 2014. RFO reported top-line revenue growth of more than 50% in 2025, driven mainly by private equity and stronger investment capabilities.
On October 22, 2026, RFO signed an agreement with the Rwanda Development Board aimed at investment opportunities targeting hundreds of millions of dollars, with projects in scope including the Bugesera airport and tourism.
The strategy rests on a demographic shift. Fortune's reporting indicates Asia's self-made billionaires are roughly a decade younger than their counterparts in the US and Europe. Many built their fortunes in technology and crypto, and they tend to carry a greater appetite for risk than inherited wealth.
The centerpiece is Revo, RFO's dedicated digital asset platform, which launched as Revo Digital Family Office in February 2026. The same month, Revo received Type 4 and Type 9 licenses from the Hong Kong SFC, approvals that permit it to offer management services for digital asset portfolios alongside traditional investments. Kwan has described stablecoins as the "missing link" between private wealth and crypto markets, a comment made in June 2026, and has pointed to inquiries about managing holdings as large as 10,000 Bitcoins or $100 million in stablecoins.
Kwan has more than 12 years of experience in the sector, including co-founding what is described as Asia's first public Bitcoin exchange in 2014. RFO reported top-line revenue growth of more than 50% in 2025, driven mainly by private equity and stronger investment capabilities.
On October 22, 2026, RFO signed an agreement with the Rwanda Development Board aimed at investment opportunities targeting hundreds of millions of dollars, with projects in scope including the Bugesera airport and tourism.
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