SMU Associate Professor of Quantitative Finance (Practice) and former Director of MAS Academy, Pei Sai Fan shared the developmental experience of how the Monetary Authority of Singapore (MAS), Institute of Banking and Finance (IBF) and the industry came together to collectively addressed the acute shortage of manpower in supporting the fast growing wealth management and private banking activities in Singapore in the early 2000s. SMU’s Master of Wealth Management Programme was cited as one of the key initiatives. The article also shared the best practices in the professional conduct of wealth managers and private bankers and the various controls of private banking activities which are much needed in China in bringing up the professional standard of services among its wealth managers and private bankers.