Private-bank onboarding time still a sticking point despite Singapore’s push for speed
Complex source-of-wealth checks can take months, but banks say straightforward cases take much less time
Even with Singapore's push for faster private-bank onboarding, the process still poses significant challenges for the ultra-wealthy, according to industry insiders. The Private Banking Industry Group, a partnership between the Monetary Authority of Singapore (MAS) and private banking institutions, aims to reduce account-opening times for most clients to under a month by the end of 2026.
However, many banks and relationship managers have revealed that the full onboarding process can still extend over three to 12 months, particularly for complex cases involving intricate wealth structures.
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