Singapore is seeking to shorten the time required for wealthy individuals to open a bank account to one month.

BlockBeats News, May 25th - According to Bloomberg, the Monetary Authority of Singapore (MAS) is collaborating with private banks to shorten the account opening time through a "risk-based approach." As Singapore's importance as a wealth management center continues to grow, this move has attracted more attention.

Chia Der Jiun, Managing Director of the Monetary Authority of Singapore, stated at the UBS Asian Investment Conference held in Singapore that the regulatory authority aims to shorten the account opening time to within one month, compared to the current median of about six weeks, with complex cases taking even longer.

Chia stated on Monday that this initiative is designed to ensure that banks can maintain high standards of due diligence while avoiding unnecessary or excessive scrutiny of the sources of customer wealth.