Singapore’s Monetary Authority (MAS) is working with private banks to reduce the median time to open private bank accounts for wealthy clients from about six weeks or longer in complex cases to within one month by the end of 2026 [1, 2, 3, 4, 5, 6]. MAS managing director Chia Der Jiun announced this effort at the UBS Asian Investment Conference on May 25, 2026 [1, 2, 3, 4, 5, 7, 6].
The target aims to boost the wealth management sector’s competitiveness while maintaining high regulatory standards. Chia said, “More efficient account opening will improve the competitiveness of the wealth management industry while maintaining high standards” [1]. He also underscored the use of a risk-proportionate regulatory approach that balances investor protection and transparency with reducing unnecessary burdens on financial institutions [3]. This approach avoids excessive or outdated checks, such as requesting irrelevant or repetitive documents, allowing onboarding to be more targeted and efficient [2, 3, 6].
The Private Banking Industry Group (PBIG) and MAS jointly lead an account opening workgroup formed in 2025 to identify process improvements and guide financial institutions in adopting the new standards [2, 3]. On May 25, MAS issued a circular to banks providing guidance on implementing the risk-proportionate approach to streamline client onboarding [1, 3, 4, 5, 6].
Following the circular, the financial industry will roll out case studies and training programs for bankers and compliance officers to improve efficiency and embed the new protocols [1, 3, 4, 5, 7]. The changes come against Singapore’s backdrop as a safe, stable financial hub attracting wealthy clients amid geopolitical uncertainty [1, 3, 5, 7, 6]. Banks in Singapore have been competing for high-net-worth clients by generating fees from wealth management services [1, 5, 6].
MAS emphasized that the new measures do not mean lower regulatory standards. After recent scandals leading to SGD 27.45 million in penalties to nine financial institutions for money laundering violations, MAS is focusing compliance resources more precisely on high-risk cases rather than reducing safeguards [6]. As evidence of growing wealth management demand, family offices in Singapore increased from 1,650 reported in 2024 to about 2,000 in 2026 [6].
The goal is to complete the transition to one-month account opening times by the end of 2026, with ongoing industry training and case studies to support implementation after May 2026 [1, 3, 4, 5, 7, 6].
