MAS backs Singapore's finance edge as global risks deepen

MAS’ new circular aims to reduce private bank account opening to just one month.

Singapore’s finance chief expressed confidence in the country’s banking, wealth and asset management, payments, and insurance industries amidst ongoing geopolitical risks globally.

Chia Der Jiun, managing director of the Monetary Authority of Singapore (MAS), said that Singapore provides a “trusted base” for businesses and investors to invest in confidence and reach opportunities in the wider region.

“We have strength in wealth and asset management, FX, and banking. But we are also a major insurance and reinsurance hub, as well as a payment services hub,” Chia said, speaking at a conference on 25 May 2026.

“We also have a growing base of innovative FinTechs. And our financial centre is among the leaders in [artificial intelligence] (AI) adoption,” he added.

MAS has published a circular to ease account opening in the wealth management industry by guiding FIs to “establish a client’s source of wealth in a risk proportionate way,” Chia said.

Chia expects the initiatives to reduce private banking account opening time to within a month from the usual 6 weeks or longer.

In the months ahead, the industry will roll out case studies and training for relationship managers and compliance professionals, he added.

Singapore’s priorities include accelerating the equipping of its financial workforce with AI skills.

“Amidst more regular shocks and persistent uncertainty, Singapore’s financial centre and the safety, stability, trust and dynamism that it stands for offers significant value,” Chia concluded.