{
  "id": 12145573,
  "title": "Half of new accounts at private banks in Singapore industry group opened in a month: ABS",
  "url": "https://urgent.news/2026/10/05/half-of-new-accounts-at-private-banks-in-singapore-industry-group",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-05T11:55:54.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/half-new-accounts-private-banks-singapore-industry-group-opened-month-abs"
  },
  "original_language": "en",
  "account": "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.",
  "summary": "This is done by deploying AI and digital tools in onboarding processes, removing excessive processes",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "The Business Times - Singapore",
        "title": "Singapore 9-month investment banking fees reach 5-year high of US$693.8 million",
        "url": "https://urgent.news/2026/10/05/singapore-9-month-investment-banking-fees-reach-5-year-high-of-us-693",
        "published": "2026-10-05T08:11:36.000Z"
      },
      {
        "outlet": "Straits Times Business",
        "title": "Half of new accounts at private banks in Singapore industry group opened in a month: ABS",
        "url": "https://urgent.news/2026/10/05/half-of-new-accounts-at-private-banks-in-singapore-industry-group-12161745",
        "published": "2026-10-05T13:35:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}