OCBC said on July 29 that Bank of Singapore, its private banking arm, is rolling out HELIOS, its agentic AI platform, across Singapore, Hong Kong, and Dubai.

The platform is expected to speed customer due diligence and cut private-banking account-opening times to 15 business days from an industry median of about six weeks.

OCBC said HELIOS completes much of know-your-customer due diligence before relationship managers engage prospective clients.

The bank also said its compliance team will use it to surface leads.

The rollout is due to be completed in the third quarter of 2026.

Relationship managers and internal review teams will retain final accountability for reviews and decisions.

The rollout covers Bank of Singapore’s hubs. The private bank’s assets under management reached US$116 billion at the end of September 2023, and it serves clients from seven locations globally.

The move also aligns with an effort by the Monetary Authority of Singapore and the industry to reduce private-banking account-opening times to within one month by the end of 2026.

The initiative aims to shorten the process from about six weeks or longer while providing guidance to avoid unnecessary steps in source-of-wealth checks.

Research on 15 Singapore private banks has highlighted inefficiencies and uneven adoption of digital tools in onboarding.

🔗 Source: OCBC

Recent OCBC developments