The Private Banking Industry Group (PBIG) has reported that nearly 50% of new accounts at its member banks were opened within a month between June and August 2026. This improvement reflects the group’s ongoing efforts to streamline account opening times, aiming to reduce the median time to under a month by the end of 2026.
PBIG’s progress is attributed to enhanced customer onboarding processes, including the use of artificial intelligence and digital tools, as well as adopting risk-proportionate approaches to Source of Wealth due diligence. These initiatives were part of a broader strategy developed by an Account Opening Working Group, co-chaired by the Monetary Authority of Singapore (MAS) and PBIG, established in mid-2025.
In May 2026, PBIG issued a set of Process Enhancement Tips to address common challenges in client onboarding. The group also engaged with MAS and private banks to promote efficient account opening practices that align with regulatory standards. Industry masterclasses on risk-proportionate approaches were conducted in September 2026.
Gillian Tan, Assistant Managing Director of MAS and co-chair of PBIG, stated, “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.”
Shee Tse Koon, Group Executive at DBS and co-chair of PBIG, emphasised the importance of balancing risk management with client experience, noting that the progress is a result of policy optimisation and technological advancements.
Lee Lung-Nien, Citi Country Officer and co-chair of the Account Opening Working Group, highlighted the industry’s shared commitment to excellence, which has resulted in a faster and more seamless onboarding experience for clients. This achievement reinforces Singapore’s reputation as a global hub for wealth management.
