Women in Wealth: Asia Spotlight - Ning Chong

Many women inspire me for different reasons! I admire some for their creativity and talents, some for their entrepreneurial spirit, others for their resilience and strength in the face of adversity. There are so many possibilities but ultimately, I decided that it is my late mother who inspires me the most.  

My mother was someone who encapsulated all these characteristics. After she passed away, I still imagine having conversations with her when I face doubts or had questions about raising children. It was only then that I began to fully appreciate the complexity of being a woman, a mother, daughter, wife; the sacrifices she went through when I was young and the values she was trying to teach. In a way, since her passing and reflecting on how she lived her life, it is a constant reminder that I would try to uphold these important virtues and impart them to my children, to make an effort to invest in self-care and self-love because women are usually the main caregivers, to celebrate and own your success both big and small, and not letting fear of the future deter you from chasing your dreams.

In many ways, yes this is true, but I think that is starting to shift especially as younger folks are savvier and more exposed to a lot more things. Compared to my parent’s generation, women these days have relatively stronger earning potential and more women choose to continue working after they have children. Everything is relative, it depends on the person’s work environment or industry, family background and personal circumstances. Personally, my own family members are in the finance industry, so our dinner conversations are often peppered with news of the day or market talk. At the end of the day, the important message to share is that anyone, women or men, should feel comfortable to ask questions, and there is no such thing as a silly question especially if there is a knowledge gap.  

Growing up in Singapore, I do not remember financial education being taught in school. Most of our good habits came from home, when my mother would always expound on the virtues of being prudent, thrifty and saving money for a rainy day. The notion of investment did not really take root until I was well into my working years. 2018 was a significant year for me. I got married and in the subsequent few years, I started my own business and had three children in quick succession. On a day-to-day basis, I was constantly paying for expenses, from running a business to managing a household, sending kids to preschool. That was when I discussed with my husband that we have to start investing, start with baby steps, for ourselves and also for our children. We try our best to check in with each other on personal and family investment matters on a quarterly basis but sometimes we get caught up being too busy with work! Nonetheless I’m proud we have taken those steps, and I hope to continue this discipline for as long as possible.  

The biggest risk I have taken was to start my own company Family Office For Art (FOFA) in 2021. The impetus for creating this platform has been brewing unconsciously since I moved back from London in 2010. You can call it a labour of love. It is a culmination of all the work experiences, insights and network that I have built across London and Singapore over the last decade. It is a risky venture as FOFA is the first of its kind service provider in Singapore, operating in a relatively niche space and that is dedicated advisory services and support for private and corporate art collections to maintain and protect their art wealth. Being a first mover has its advantages, but it also meant that we had to create our own market, and we do that by educating clients and industry partners. Though we are based in Singapore, we are poised to also support clients in the region.  

This is a very interesting question, and my answer is "yes certainly". If you ask any entrepreneur, no matter what industry, which part of the world they are from and how much resources they initially had at the beginning, there will be good days and tough days, not only at the beginning days but anytime during their entrepreneurial or professional journey. Personally, I had to write my thoughts down to know what was causing me anxiety, what is the root of my problems and how can I address the issues. I also speak at lengths to my husband who is not only my cheerleader in life but also my sounding board in business. He is very helpful and acts as a life coach and business coach when I experienced bouts of imposter syndrome.  

I’m very proud that I have been running our private gallery, The Culture Story, for the last eight years. In these eight years, we have curated and presented at least 20 exhibitions, published four books and hosted numerous talks. In the art industry, people recognise us for the quality of our exhibitions and our ability to showcase works from private collectors. I enjoy meeting members of the public who discover our gallery programmes on social media. It is very rewarding to see their expressions, sense of curiosity sparked, and imagination stirred when they interact with other art lovers or enthusiasts.   

This year, FOFA turns three years old. Within this short time, we are very proud to work with corporate clients like the National Arts Council of Singapore and UOB Bank. We also work with HNW clients who sought our services to archive and catalogue their art collection and provide estate planning solutions.  

Climate change and sustainability would rank very highly on my list, along with accessibility to education for disadvantaged children. All of us have experienced the effects of global warming and read or seen news of how climate change has altered our natural environment permanently. I hope my children and future generations will be able to reverse some of these effects and bring our planet to a safer state. I know that any significant improvement can only take into effect with big policy changes, but I still do what I can on an individual level.  

Do not worry too much and do not rush things trying to gain financial success or commercial success. Life occasionally throws you a detour, just follow it and you will come around the bend eventually.

Finding a good mentor is not as easy as it sounds. If you are lucky, you meet the right person at the right time. There is no one-size-fits-all approach, and I also believe that one may have a few mentors at different stages of one's life. About a year ago, I said yes to some friends who were writing a book called “Why women don’t talk about money” and in that process, I had to open up and felt incredibly vulnerable because I dug into my personal relationship with money and financial matters. The book features 24 women, and I am thrilled to be part of community of incredibly diverse, multi-talented and creative women. Each of them inspires me greatly with their stories of success, failures, childhood experiences and determination to do more and do better. We all come from different backgrounds and industries, but there are a few women in this group whom I now turn to for advice and guidance. 

I am looking forward to  finalising some of the projects we have been working on for our private clients. There is one legacy art project in particular which we have been working on, heavily invested for the past 18 months. A Singaporean private art collector plans to showcase over 80 artworks from his personal collection, to coincide and celebrate Singapore’s 60th year of independence. FOFA has been engaged to provide strategic counsel on curatorial research, exhibition design, publishing, public programmes and PR. This is one of the largest projects I have ever done. The stakes are incredibly high as it is a deeply personal initiative for the client. I am excited to announce more details in July 2025 and look forward to seeing how the public responds to it.