Please treat the wealthy graciously

[syed putra]

‘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

Summarise


Add BT as a preferred source

Jean Low​

Published Mon, Jun 1, 2026 · 07:00 AM
阅读简体中文版 (beta)

• 
  
  

• 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.

 

[True Believer]

I am sure that the SG govt has advised MAS to keep both eyes closed

 

[syed putra]

Dubai already eliminated by Iran.

 

[True Believer]

Based on a report by Criminals' Digest, S'pore was described as a poor choice for a money laundering destination in Asia, after over $2.8 billion of assets were seized. The SG govt is increasingly tightening security measures around finances after this embarrassing incident. Money launderers no longer see S'pore as a choice destination for financial crime because criminals claim that the PAP is now "unnecessarily aggressive" even though they have been closing one eye to previous money launderers who "invest" in S'pore. A high ranking Chinese triad member even claimed: "If this unchecked aggression (the SG govt's supposed crackdown on money laundering) continues, we will have no choice but to take our business to Malaysia. And we don't wanna do that."

 

[Leongsam]

How and where people earn their money should not be the business of any government least of all a foreign one.

 

[syed putra]

we will have no choice but to take our business to Malaysia. And we don't wanna do that

Foreigners will find bit difficult to open a normal bank account in Malaysia without work Permit

 

[A Singaporean]

I agree. The rich deserves more respect. Low ses Sinkies please fuck off and wait for cdc vouchers.

 

[True Believer]

I agree. The rich deserves more respect. Low ses Sinkies please fuck off and wait for cdc vouchers.

Young Singaporeans entering the workforce must be made aware of who contributed to their subsidised primary and secondary education, and enabled them to benefit from student loans in university. Apart from their parents, it is wealthy taxpayers who contribute to govt coffers to help make this possible.

 

[syed putra]

Young Singaporeans entering the workforce must be made aware of who contributed to their subsidised primary and secondary education, and enabled them to benefit from student loans in university. Apart from their parents, it is wealthy taxpayers who contribute to govt coffers to help make this possible.

Education is free in most countries. It's basically a citizens rights.

 

[True Believer]

Education is free in most countries. It's basically a citizens rights.

There is no free lunch in S'pore. Everything the hoi polloi receive is from wealthy taxpayers, so please respect instead of envying the rich.