Xing accelerates wealthy people's account opening, competing in wealth management business

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May 26, 2026

Star accelerates wealthy people's account opening, competing for wealth management business

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Singapore hopes to shorten the waiting time for affluent individuals to open accounts locally to enhance its competitiveness in the wealth management industry. Singapore's Monetary Authority (MAS) Chief Tharman Shanmugaratnam stated at the UBS Asia Investment Forum in Singapore that they aim to reduce private banking account opening times to within one month. Currently, the average account opening time is about six weeks, and complex cases may take longer. Hoping to complete within one month Tharman Shanmugaratnam mentioned that the Monetary Authority of Singapore is jointly leading with the industry in a "...

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