Singapore’s private banking industry is making progress towards faster account opening as banks simplify onboarding and tailor checks to client risk.

Nearly half of new accounts at Private Banking Industry Group (PBIG) member banks were opened within a month between June and August 2026, according to the group.

Most member banks have reduced their account opening times since the end of 2025.

PBIG aims to bring the median account opening time to within one month by the end of 2026.

It will continue working with the industry to achieve the target and improve customers’ experience of Singapore’s wealth management services.

Banks’ efforts include using AI and digital tools, adopting risk-proportionate approaches to Source of Wealth due diligence and removing excessive processes.

Gillian Tan, Assistant Managing Director (Development and International) of the Monetary Authority of Singapore (MAS) and co-chair of PBIG, said,

“The progress made in shortening account opening times is a strong signal of the industry’s commitment to meet clients’ needs and strengthen Singapore’s competitiveness as a trusted and efficient wealth management centre.

MAS will continue to encourage the industry to adopt risk-proportionate approaches that deliver a smoother banking experience while maintaining robust due diligence standards.”

The changes follow the establishment of an Account Opening Working Group jointly chaired by MAS and PBIG in mid-2025.

PBIG issued Process Enhancement Tips in May 2026 to address common onboarding challenges.

It also engaged MAS and private banks on more efficient, risk-proportionate account opening practices that meet regulatory standards and held industry masterclasses on these approaches in September 2026.

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