Half of private bank accounts opened in under a month

Most PBIG members have cut opening times since end-2025.

Nearly half of all new accounts opened at member banks of the Private Banking Industry Group (PBIG) from June to August 2026 took less than a month to open, the Association of Banks in Singapore said in a statement.

Most PBIG member banks have reduced their account opening times since end-2025, as the group works towards reducing the median account opening time to within one month by end-2026.

The improvement reflects efforts by member banks to enhance customer onboarding processes, including deploying artificial intelligence and digital tools, adopting more risk-proportionate approaches to Source of Wealth due diligence, and removing excessive processes.

The Monetary Authority of Singapore (MAS) and PBIG established the Account Opening Working Group in mid-2025 to improve account opening processes.

PBIG developed and issued a set of Process Enhancement Tips in May 2026 to address common client onboarding challenges faced by banks.

Lee Lung-Nien, Citi Country Officer, Singapore and co-chair of the Account Opening Working Group, said the progress came from a framework focused on technology and risk-proportionate standards.

“That framework is now delivering a faster, more seamless onboarding experience for clients,” Lee said.

The group also engaged MAS and private banks on more efficient, risk-proportionate account opening practices aligned with regulatory standards, and conducted industry masterclasses on risk-proportionate approaches in September 2026.

“The progress made in shortening account opening times is a strong signal of the industry’s commitment to meet clients’ needs and strengthen Singapore’s competitiveness as a trusted and efficient wealth management centre,” said Gillian Tan, Assistant Managing Director (Development and International) of MAS and co-chair of PBIG.