SINGAPORE: Wealthy clients can expect faster private bank account opening times in Singapore by the end of 2026, the authorities said on Monday (May 25), as the country positions itself as a safe and trusted financial hub at a time of growing global uncertainty.
The Monetary Authority of Singapore (MAS) said that it is working with the Private Banking Industry Group (PBIG) to reduce private banking account opening times to within one month by the end of this year, down from the current duration of about six weeks or even longer for complex cases.
PBIG, which looks into the wealth development sector, comprises senior industry leaders and representatives from the private banking industry. It established an account opening workgroup last year, co-led by MAS and industry, to identify ways to make client onboarding more efficient while maintaining sound regulatory standards.
MAS’ managing director Chia Der Jiun said at the UBS Asian Investment Conference on Monday that more efficient account opening will improve the competitiveness of the wealth management industry while maintaining high standards.
“MAS also takes a risk-proportionate regulatory approach that provides protection and transparency to investors, but avoids undue regulatory burden on financial institutions,” he added. “Innovation has been core to building new capabilities in our financial centre.”
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