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‘Singapore cannot afford to keep losing clients to Dubai and Hong Kong’: Industry says faster onboarding vital for wealth hub edge​

The city-state is racing to remove procedural friction as the battle for the ultra-rich intensifies

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Jean Low​

Published Mon, Jun 1, 2026 · 07:00 AM
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• Source of wealth establishment processes are typically the most time-intensive elements in onboarding ultra-high-net-worth clients. PHOTO: BT FILE

[SINGAPORE] As the battle for Asia’s ultra-rich gets more heated, Singapore is moving to sharpen its edge as a leading wealth hub by tackling a growing pain point among wealthy clients and family offices: lengthy onboarding processes.

The Monetary Authority of Singapore (MAS) is moving to slash private bank account opening times for ultra-high-net-worth clients to under a month.

The push comes as rival financial centres such as Hong Kong are stepping up efforts for a bigger slice of the wealth pie amid rising global uncertainty.