The Private Banking Industry Group (PBIG) has announced plans to enhance client onboarding processes, aiming to reduce account opening times to within one month by the end of 2026. Currently, the industry median stands at five to six weeks, with longer durations for complex cases. This initiative is part of Singapore’s ongoing efforts to bolster its status as a global wealth management centre.
PBIG has released a set of Process Enhancement Tips to address common challenges in client onboarding. These tips, along with future initiatives, are designed to improve the efficiency and effectiveness of account opening whilst maintaining regulatory standards. The Account Opening Working Group, established in mid-2025 and co-chaired by the Monetary Authority of Singapore (MAS), is spearheading these efforts.
Gillian Tan, Assistant Managing Director of MAS and co-chair of PBIG, emphasised the importance of efficient account opening in serving clients’ needs without compromising asset protection. “MAS will continue to encourage the industry to adopt risk-proportionate approaches,” she stated.
Shee Tse Koon, Group Executive at DBS and co-chair of PBIG, highlighted the commitment to enhancing Singapore’s competitiveness as a private banking hub. “By streamlining processes and embracing technology, we are improving client experience and reinforcing the sector’s efficiency,” he said.
Lee Lung Nien, co-chair of the Account Opening Working Group, noted the balance between faster onboarding and robust risk management. The group’s tips offer practical solutions to address bottlenecks and leverage technology, reinforcing Singapore’s position as a trusted wealth management hub.
