A senior Singaporean official said on Wednesday that Singapore's financial regulators are seeking to shorten the waiting time for wealthy people to manage assets in this Asian wealth center, while also seeking to maintain strict standards. Xu Fangda, vice chairman of the Monetary Authority of Singapore, told reporters that the family office now has to wait three months to apply for tax benefits in Singapore, compared to 12 months before. The HKMA is also partnering with private banks to help their customers open accounts faster. Xu Fangda said that it is also working closely with private banking groups to study how to further shorten the time it takes for customers to open an account.

A senior Singaporean official said on Wednesday that Singapore's financial regulators are seeking to shorten the waiting time for wealthy people to manage assets in this Asian wealth center, while also seeking to maintain strict standards. Xu Fangda, vice chairman of the Monetary Authority of Singapore, told reporters that the family office now has to wait three months to apply for tax benefits in Singapore, compared to 12 months before. The HKMA is also partnering with private banks to help their customers open accounts faster. Xu Fangda said that it is also working closely with private banking groups to study how to further shorten the time it takes for customers to open an account.