Half of new accounts at private banks in Singapore industry group opened in a month: ABS

Nearly half of all new accounts opened at Singapore's private bank members of the Private Banking Industry Group (PBIG) were opened within a month, according to the Association of Banks in Singapore (ABS). This occurred from June to August 2026 as part of PBIG's push to reduce median account-opening times to one month by the end of the year.

The Monetary Authority of Singapore (MAS) Assistant Managing Director and PBIG Co-chair, Gillian Tan, stated that the progress made in shortening account-opening times signals the industry's commitment to meeting clients' needs and enhancing Singapore's reputation as a trusted wealth management hub. Observers had previously noted that private bank onboarding times were a major hurdle, typically taking three to 12 months, especially for complex cases.

MAS and PBIG established an Account Opening Working Group in mid-2025 to address this issue, and most member banks have managed to reduce their onboarding times since the end of 2025. They credited the use of artificial intelligence, digital tools, risk proportionate due diligence, and elimination of excessive processes in achieving these reductions.

DBS Group's Shee Tse Koon, co-chair of PBIG, emphasized that while the group continues to strive for the target, it remains committed to maintaining stringent risk management standards alongside client-centric experience, reinforcing Singapore's standing as a stable and innovative wealth management hub.