Key Takeaways
- • Raffles Family Office (RFO), a Singapore and Hong Kong multi-family office, is courting ultra-high-net-worth clients holding large stablecoin and digital asset positions that traditional private banks have struggled to serve.
- • RFO's dedicated digital asset platform, Revo Digital Family Office, launched in February 2026 and received Type 4 and Type 9 licenses from the Hong Kong Securities and Futures Commission that same month, allowing management of digital asset portfolios alongside conventional investments.
- • Founder and CEO Chi-Man Kwan cited inquiries about managing holdings as large as $100 million in stablecoins or 10,000 Bitcoins, according to Fortune.
- • 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 for Asia's newly wealthy clients whose assets are held onchain. According to Fortune, founder and CEO Chi-Man Kwan said that a client arriving with $100 million in stablecoins has nowhere obvious to go in a local bank, a gap RFO aims to fill.
The strategy rests on a demographic shift. Asia's self-made billionaires are roughly a decade younger than their counterparts in the US and Europe, according to Fortune's reporting, and many built their fortunes in technology and crypto. They also tend to have 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 Securities and Futures Commission (SFC), approvals that allow it to manage digital asset portfolios alongside conventional 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. Asia's self-made billionaires are roughly a decade younger than their counterparts in the US and Europe, according to Fortune's reporting, and many built their fortunes in technology and crypto. They also tend to have 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 Securities and Futures Commission (SFC), approvals that allow it to manage digital asset portfolios alongside conventional 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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