Singapore is seeking to shorten the time required for wealthy individuals to open a bank account to one month.

May 25 — The Monetary Authority of Singapore (MAS) is teaming up with private banks to speed up account openings via a "risk-based approach," according to Bloomberg. The move comes as Singapore’s standing as a top global wealth management hub continues to rise, drawing heightened attention to the initiative. Chia Der Jiun, MAS’s managing director, shared the update during Monday’s UBS Asian Investment Conference in Singapore. The regulator aims to cut the typical account opening timeline to within one month, down from the current median of roughly six weeks — a window that stretches even longer for complex cases now. Chia explained the initiative balances keeping banks to strict due diligence standards while cutting out unnecessary or overzealous checks on customers’ wealth sources. This approach avoids overly burdensome scrutiny while still upholding compliance requirements, aligning with Singapore’s goal of strengthening its wealth management ecosystem without slowing service access.