Though the list itself is yet to be published, speculation is mounting that HSBC, a big player in the dollar clearing market, could be on it.
Hong Kong may be less and less the low tax, free market, rule of law safe haven it once was for ultra-high net worth individuals to live and invest their assets.
The programme will last for at least six to eight months, and is fully integrated with on-the-job training with the industry, according to Chief Executive Foo Mee Har.
Morgan Stanley has completed a roadshow, introducing Ignition to a number of institutional investors, family offices and ultra-high net worth clients.
Although DBS does not break down absolute figures, its private banking business is part of its broader wealth management unit which saw AUMs rise 7 percent year-on-year to S$251 billion ($184 billion).
Effectively, markets now stand assured that Fed will hold off hikes even if inflation spikes beyond 2% temporarily and hence, rates will stay lower for longer (consensus is until 2023).