New Delhi, July 9 -- Singapore's financial watchdog has decided to shorten the waiting time for wealthy people who are looking to manage their assets in the Asian wealth hub.

The move aims to solidify Singapore's wealth management industry even as the Monetary Authority of Singapore (MAS) vows to uphold tight regulatory standards, a senior official said on Wednesday.

In a significant change, wealthy individuals and families applying for tax incentives to set up their family offices in the city-state will now need less time than before, reported Reuters.

Previously, this process could take up to 12 months. However, after the change, the applicants can expect to wait up to a maximum of three months.

This expedited timeline was announced...