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Singapore's MAS Aims to Cut Wealthy Account Opening to One Month by May 25

GateNews

2026-05-25 03:21:35

According to Bloomberg, on May 25, Singapore's Monetary Authority (MAS) is working with private banks to shorten account opening times for high-net-worth individuals by adopting a risk-calibrated approach. MAS Managing Director Chia Der Jiun said the regulator aims to reduce opening times to within one month, down from a current median of six weeks, while maintaining robust due diligence standards.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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