SINGAPORE, May 25 -- Singapore is moving to speed up how quickly wealthy clients can open private banking accounts as it seeks to strengthen its position as a global wealth hub.

The Monetary Authority of Singapore (MAS) is working with industry players to streamline onboarding processes for private banking clients, The Straits Times reported today.

MAS managing director Chia Der Jiun said the aim is to improve competitiveness while maintaining regulatory standards.

"More efficient account opening will improve the competitiveness of the wealth management industry while maintaining high standards," he was quoted as saying.

The changes will introduce a "risk-proportionate" approach, where simpler cases are processed faster.

More complex...