A list of banks in Singapore includes all Islamic banks, commercial banks, private banks, local banks, domestic banks, foreign banks, and financial institutions.
Singapore is a developing country that offers one of the freest economies in the world. The country is also known as one of the strongest economies because of electronics, services, chemicals, and low corruption.
Here are all the banks in Singapore mentioned below with brief descriptions.
Table of Contents
About banks in Singapore
Banks play a crucial role in the economy of Singapore, a small island nation in Southeast Asia known for its high levels of economic development and financial stability. Singapore is home to a diverse range of local and international banks, which provide a wide range of financial services to individuals, businesses, and investors.
The banking sector in Singapore is regulated by the Monetary Authority of Singapore (MAS), which oversees the industry and ensures that banks comply with relevant laws and regulations. The MAS also promotes financial stability and works to develop the financial sector in Singapore.
Local Banks: The three largest local banks in Singapore are DBS Bank, United Overseas Bank (UOB), and OCBC Bank. These banks offer a range of financial services, including deposit-taking, lending, wealth management, and investment banking. DBS Bank, in particular, is known for its focus on digital banking and innovation, and was named the “World’s Best Digital Bank” by Euromoney magazine in 2020.
International Banks: In addition to local banks, many international banks also have a presence in Singapore. These include global banks such as Citibank, HSBC, Standard Chartered, and Bank of America, among others. These banks provide services to both local and international customers, and often specialize in areas such as corporate banking, investment banking, and private banking.
Private Banking: Singapore is also a hub for private banking, which caters to high-net-worth individuals and families. Private banks in Singapore offer personalized wealth management services, including investment advice, portfolio management, and estate planning. Some of the leading private banks in Singapore include UBS, Credit Suisse, and Julius Baer.
Overall, the banking sector in Singapore is known for its stability, transparency, and innovation. Singaporean banks are well-regulated, with a strong focus on risk management and compliance. With its strategic location, well-developed infrastructure, and business-friendly environment, Singapore is an attractive destination for banks and financial institutions looking to expand their presence in the Asia-Pacific region.
Central Bank Of Singapore
Monetary Authority of Singapore – Monetary Authority of Singapore is the central bank of Singapore that is founded in 1971. The bank is owned by the government of Singapore and the currency is the Singapore dollar. The banks have services in Singapore such as:
- acting as the banker for all financial institution
- administrating that financial services & sectors
- working as the financial regulatory authority of Singapore
- performing as a financial agent of the govt of Singapore
Top Banks In Singapore
The top banks in Singapore providing banking services are given below.
Banks of Singapore is a leading private bank that is a part of OCBC Bank which was established in 2010. It has banking services such as wealth management, financial analysis, investment, etc.
DBS Bank Limited is a multinational bank that is considered one of the big three banks of Singapore. The bank has financial services globally including China, Hong Kong, Taiwan, and more.
POSB is one of the oldest banking services in Singapore that started its work in 1877. It provides consumer banking services and is under the control of DBS bank.
OCBC Bank is one of the largest banks in Singapore that has been awarded as one of the best banks by Global Finance Magazine. It offers customers corporate banking, investment banking, private banking, retail banking, etc.
United Overseas Bank Limited is one of the third largest banks in South East Asia and started in 1935. It has international branches in countries like commercial and corporate banking services, personal financial services, private banking, etc.
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Foreign Banks In Singapore
There are many foreign banks in Singapore to serve the whole nation with banking services.
- Standard Chartered Singapore – Standard Chartered Singapore is a subsidiary bank of British-owned financial bank, Standard Chartered which is also one of the oldest continuous banks in the country.
- Bangkok Bank – Bangkok Bank is one of the largest commercial banks in Thailand that was established in 1944 & has a branch in also Singapore.
- Bank of America – Bank of America is a multinational investment bank that is considered one of the big four banks in the United States.
- Bank of China – Bank of China is one of the oldest banks in China that is also one of the largest banks in the world.
- Bank of East Asia – Bank of East Asia is one of the largest independent banks in Hong Kong with consumer banking, corporate banking, etc.
- Bank of Tokyo-Mitsubishi UFJ – Bank of Tokyo-Mitsubishi UFJ is one of the largest megabanks in Japan that has branches in Singapore.
- CIMB Bank – CIMB Bank is a multinational universal bank that is based in Malaysia and founded in 2006 with numerous retail branches.
- Citibank Singapore – Citibank Singapore is a subsidiary bank of Citibank N.A. that has banking services for customers.
- Hongkong and Shanghai Banking Corporation – Hongkong and Shanghai Banking Corporation or HSBC is the largest bank in Hong Kong that operates many regional branches.
- Maybank Singapore – Maybank is one of the top valuable brand banks in Malaysia that has a branch in Singapore in ASEAN countries.
- Hong Leong Bank Berhad – Hong Leong Bank Berhad is a leading bank in Malaysia that global markets, priority banking, and Islamic banking.
- JPMorgan Chase Bank – JPMorgan Chase Bank is not only one of the largest banks in the United States but also in the world.
- Bank Mandiri – Bank Mandiri is one of the largest banks in Indonesia that was founded by the government of Indonesia.
- Bank Negara Indonesia – Bank Negara Indonesia is a state-owned bank among Indonesian banks that has around 1000 branches.
- RHB Bank – RHB Bank is one of the largest banks in Malaysia that also offers Islamic banking services in the country.
- Industrial and Commercial Bank of China – Industrial and Commercial Bank of China is a state-owned bank in China that is one of the biggest banks globally.
- Barclays Bank – Barclays Bank is a London-based multinational bank that was established in 1630 serving nationally and internationally.
- Commerzbank – Commerzbank is one of the largest banks in German that has many subsidiary branches globally.
- Credit Suisse – Credit Suisse is a Switzerland-based global bank that delivers investment banking, private banking, asset management, etc.
- EFG Bank – EFG Bank is a global private bank that is located in Switzerland with multiple branches in Europe, Asia Pacific, the Americas, Middle East.
- Habib Bank – Habib Bank is one of the largest Pakistani multinational banks that was established in 1939.
- ING Bank – ING Bank is a Dutch multinational bank that delivers retail banking, direct banking
private banking, etc.
- KBC Bank – KBC Bank is a universal bank that is based in Belgium that offers private banking, for small and medium enterprises.
- Korea Exchange Bank – Korea Exchange Bank is a South Korea based that provides a range of foreign exchange products.
- Mizuho Bank – Mizuho Bank is one of the largest retail banking and corporate banking services that is located in Japan.
- National Australia Bank – National Australia Bank is one of the largest banking services that is originated in Australia.
- National Bank of Kuwait – National Bank of Kuwait is one of the largest financial services in Kuwait that started in 1952.
- Royal Bank of Scotland – Royal Bank of Scotland is a major bank that offers consumer banking, corporate banking, finance, and insurance.
- Société Générale – Societe Generale is a French-based multinational bank that delivers retail, private, investment, and corporate banking.
- UBS AG – UBS AG is a Switzerland-based investment bank that serves customers around the world.
- UFJ Bank Limited – UFJ Bank Limited is one of the largest banks in Japan that is a different range of financial services.
- Absa Group – Absa Group is a South African bank that offers personal and business banking, credit cards, and corporate and investment banking.
- Agricultural Bank of China – Agricultural Bank of China is one of the big four banks that has branches in Asia, Europe, and Australia.
- Arab Bank – Arab Bank is one of the largest financial institutions in the Middle East that has had services since 1930.
- Bank of Communications – Bank of Communications is the fifth largest multinational bank in China that started in 1908.
- Bank of Taiwan – Bank of Taiwan is a Taiwan-based multinational bank that is owned by the government of Taiwan.
- BNY Mellon – BNY Mellon is one of the oldest investment banks that is offering banking and financial services in New York.
- China Construction Bank – China Construction Bank is one of the big four banks of China that has achieved international awards.
- Crédit Agricole – Credit Agricole is one of the largest financial banking in Europe that is based in France since 1894.
- Crédit Industriel et Commercial – Credit Industriel et Commercial is one of the top banks that is located in France & started in 1859.
- DNB Bank – DNB Bank is the largest financial group in Norway that is majorly owned by the government of Norway.
- DZ Bank – DZ Bank is a leading private banking sector based in Germany that has numerous branches in the world.
- Hang Seng Bank – Hang Seng Bank is a popular public bank in Hong Kong that serves people with financial services.
- HSH Nordbank – HSH Nordbank is known as one of the pioneers of project financing that is based in Germany.
- Korea Development Bank – Korea Development Bank is a state-owned developed bank that has a varieties banking services.
- Krung Thai Bank – Krung Thai Bank is a Bangkok-based state-owned bank that is controlled by the Ministry of Finance.
- Land Bank of Taiwan – Land Bank of Taiwan is a state-owned bank that mainly focused on real estate and agriculture.
- Lloyds Bank – Lloyds Bank is one of the big four banks in British that mainly serves retail banking services.
- Natixis – Natixis is an investment bank in French that has products like corporate banking and asset management.
- Nordea Bank Finland – Nordea Bank Finland is a Finland-based European largest financial institution that was established in 1820.
- Norinchukin Bank – Norinchukin Bank is a corporate bank that focuses on agricultural, fishing, and forestry banking.
- Philippine National Bank – Philippine National Bank is one of the largest banks in the Philippines that offers finance and insurance services.
- Royal Bank of Canada – Royal Bank of Canada is the largest financial services in Canada that deliver retail banking, corporate banking, etc.
- Shinhan Bank – Shinhan Bank is a South Korea-based financial service that has subsidiaries and branches nationally and internationally.
- Siam Commercial Bank – Siam Commercial Bank is a Thailand-based bank that has many financing services in Singapore.
- Svenska Handelsbanken – Svenska Handelsbanken is a major Swedish bank that has multiple service centers globally.
- Toronto Dominion Bank – Toronto Dominion Bank is a Canada-based multinational bank that was established in 1955.
Hence, banks in Singapore represent the economical situation, growth, and updates to the world.
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Q: What are the different types of banks in Singapore?
A: There are three main types of banks in Singapore: local banks, foreign banks, and regional banks.
Q: What services do banks in Singapore offer?
A: Banks in Singapore offer a wide range of services including deposit accounts, loans, credit cards, insurance, investment services, and foreign exchange services.
Q: What is the minimum age to open a bank account in Singapore?
A: The minimum age to open a bank account in Singapore is 16 years old.
Q: Can foreigners open bank accounts in Singapore?
A: Yes, foreigners can open bank accounts in Singapore, but they may need to provide additional documentation such as a work permit or proof of residency.
Q: Are Singaporean banks safe?
A: Yes, Singaporean banks are generally considered to be safe and well-regulated by the Monetary Authority of Singapore (MAS).
Q: What is the maximum amount of insurance coverage for deposits in Singaporean banks?
A: The maximum amount of insurance coverage for deposits in Singaporean banks is S$75,000 per depositor per bank.
Q: Are there any fees for opening a bank account in Singapore?
A: Some banks in Singapore may charge fees for opening a bank account, but many banks offer fee waivers for certain types of accounts or for customers who meet certain criteria.
Q: Can I use my foreign bank account in Singapore?
A: Yes, you can use your foreign bank account in Singapore, but you may be charged additional fees for foreign currency transactions and withdrawals.
Q: What is the best bank in Singapore?
A: The best bank in Singapore depends on your personal financial needs and preferences. It’s a good idea to compare the different services, fees, and interest rates offered by different banks before choosing one.
Q: Can I access my bank account online?
A: Yes, most banks in Singapore offer online banking services which allow you to access your account information, make transactions, and manage your finances from your computer or mobile device.