In remarks at the Global-Asia Family Office Summit, the Monetary Authority of Singapore outlined work to adapt its wealth management framework to families’ changing investment needs and improve private banking onboarding. MAS is reviewing the Designated Investment list for fund tax exemptions after single family offices sought greater flexibility to invest in assets including digital payment tokens and insurance policies. It will announce the updated list and implementation date in due course. MAS also reported progress toward the Private Banking Industry Group’s target of reducing member banks’ median account opening times to within one month by the end of 2026, while maintaining robust due diligence. Nearly half of new accounts opened by member banks over the past three months were completed within a month, and most members have shortened their median processing times since the end of 2025. The initiatives come as private banking client assets have grown about 50% over five years, including a 15% increase from 2024 to 2025.
Monetary Authority of Singapore plans fund tax incentive update and reports faster private bank onboarding
The Monetary Authority of Singapore is reviewing the Designated Investment list for fund tax exemptions, including requests for greater flexibility to invest in digital payment tokens and insurance policies. It also reported progress toward reducing private bank account opening times, with nearly half of new accounts at participating banks completed within one month over the past three months.