The Private Banking Industry Group (PBIG) has committed to reducing private banking client onboarding times in Singapore to under one month by the end of 2026.
The move aims to streamline an account opening process that currently takes a median of five to six weeks.
To support this target, the PBIG released a set of process enhancement tips. The tips are designed to help banks address common onboarding bottlenecks.
The initiative is part of a broader effort to use technology to accelerate client approvals without weakening regulatory safeguards.
The PBIG established the Account Opening Working Group in mid-2025 to improve efficiency in Singapore’s growing wealth management sector.
The group developed the new guidelines to help streamline onboarding processes.
It also plans to roll out case studies and training for relationship managers and compliance professionals in the coming months.
These upcoming initiatives will focus on implementing risk-proportionate assessments and deploying new technology effectively.
“Singapore’s strong legal and regulatory frameworks provide investors with confidence that their assets are well protected,”
said Gillian Tan, Assistant Managing Director at the Monetary Authority of Singapore (MAS) and co-chair of the PBIG.
She added that efficient account opening allows financial institutions to promptly serve client needs while encouraging the industry to adopt practical, risk-proportionate approaches.
“Delivering faster and more seamless client onboarding is a key objective across the private banking industry,”
said Lee Lung Nien, Country Officer and Banking Head for Singapore at Citi and co-chair of the Account Opening Working Group.
He said the new tips provide banks with practical, experience-based solutions to address bottlenecks without compromising robust risk management.
Featured image credit: Edited by Fintech News Singapore, based on image by smartmalik6384 via Magnific
