Raffles Family Office Obtains Hong Kong Licenses for Digital Asset Management

Raffles Family Office’s Revo secured Hong Kong licenses for portfolio management of digital assets alongside traditional investments, extending regulated digital asset services at a firm serving wealthy clients in six Asian cities.

RFO started Revo in 2022 as a digital asset-focused multi-family office. Revo received SFC approval in February to manage portfolios that include digital assets and traditional investments.

RFO serves high-net-worth individuals in Beijing, Shanghai, Singapore, Hong Kong, Taipei and Bangkok. Its founder and CEO, Chi-Man Kwan, described younger billionaires generally—not specifically RFO clients—as more likely to store wealth on the blockchain.

“Even if their assets are U.S.-denominated, it’s going to be in stablecoins,” Kwan said. He also said, “Ten years from now, people may transact mostly in stablecoins,” and asked whether wealth managers or family offices like RFO were ready.

Kwan described the challenge for financial institutions in serving digital asset holders: “What if somebody comes with $100 million of stablecoin? You can’t take them to a local bank.”