The Monetary Authority of Singapore (MAS) has initiated an investigation into DW Capital Holdings, a local family office associated with the 'Taizi Group.' Founded in 2018 by Chen Zhi, the firm manages assets exceeding 60 million Singapore dollars and claims adherence to MAS's 13X program for tax exemptions. The probe comes amid a significant increase in the number of single family offices in Singapore benefiting from MAS tax incentives, which rose from 1,400 at the end of 2023 to over 2,000 by the end of 2024, marking a 42.9% increase.