Half of new accounts at private banks in Singapore industry group opened in a month: ABS
This is done by deploying AI and digital tools in onboarding processes, removing excessive processes
Nearly half of all new accounts opened at Singapore's private banking industry group were established within a month, as the sector aims to reduce account-opening times, according to the Association of Banks in Singapore (ABS). The progress made in shortening account-opening times demonstrates the industry's dedication to clients' needs and Singapore's position as a trusted wealth management hub.
The Monetary Authority of Singapore (MAS) and the PBIG established an Account Opening Working Group in mid-2025 to address this issue, and most member banks have since improved their account-opening times. This has been achieved by utilizing AI and digital tools in onboarding processes, adopting risk-proportionate source-of-wealth due diligence, and eliminating unnecessary steps.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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