'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 [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.

'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 [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. Industry participants have welcomed this initiative as one that will strengthen Sin...