List of Banks in Singapore
Singapore has approximately 100 commercial banks, 29 merchant banks, and 40 international bank representative offices. Together, DBS Group, OCBC and United Overseas Bank have over US$1 trillion in assets and employ more than 80,000 people, making them the world’s three largest banks by assets. As a thriving financial centre of worldwide reputation, Singapore serves the Asia Pacific area and its economy. A significant participant in the country’s financial sector.
The banking industry is quickly becoming one of the strongest in the world. Singapore’s prominence as Asia’s third-largest international finance centre is due to several factors: a stable economic and political climate, favourable legal and tax laws, a reputation for honesty, and rigorous enforcement against crime and money laundering. Over 117 international banks and six domestic banks dominate the banking industry today.
List of Banks in Singapore
These are the most popular banks in Singapore. You can check more details about them below.
OCBC Bank: Singapore serves the whole Asia Pacific region and its economy as a thriving financial centre with a global reputation. The banking industry, a significant player in the country’s financial sector, is fast becoming one of the world’s most potent. In addition to a stable economic and political climate, favourable legal and tax regulations, and a reputation for honesty, Singapore is Asia’s third-largest international finance centre. Six local banks and over 100 overseas banks dominate the banking business today.
DBS Bank: Singapore, a thriving financial centre with a worldwide reputation, services Asia-Pacific and its economies. A part of the country’s financial sector, banking is quickly becoming one of the world’s most powerful industries. The international banking centre, with a stable economic and political climate, favourable legal and tax rules, and a reputation for honesty.
SBI Singapore: One of the world’s leading financial centres, Singapore, serves the Asia-Pacific region and its economy. Banking, a significant element of the country’s financial industry, is rapidly becoming one of the world’s most influential businesses. Singapore Asia’s third-largest international financial centre is the stable economic and political climate, favourable legal and tax laws, and a reputation for honesty. The banking industry is controlled by six local banks and more than 100 international institutions.
ICICI Bank Singapore: ICBC Singapore is a subsidiary of India’s largest bank, ICBC, in 19 countries worldwide. India’s trade with other nations in the Asia-Pacific area was supported by ICICI’s Singapore office and worldwide financial needs.
In Singapore, the banking business has prospered due to the following factors:
- Banking market liberalisation in the United States.
- M&A transactions allowed local banks to expand their regional reach.
- Some of these foreign banks gave Singapore a regional or perhaps global platform for essential banking services, which improved competitiveness for the city-state.
- In response to increased competition, create new goods and pricing strategies.
- In addition to typical lending and deposit-taking duties.
- Strict banking secrecy rules, tax-friendly regulations, and a range of wealth management services led to a growth in private banking in the United States and elsewhere.
- Credit Suisse Group and UBS AG have extended their private banking operations in Singapore to meet the growing demand from Asians and Europeans for financial services.
- Insight into the requirements of Small and Medium Enterprises (SMEs) in Singapore.
How to open a new account?
According to Singaporean law, opening a bank account in Singapore is restricted to Singaporeans, permanent residents, and those with employment passes.
- However, if you’re a non-resident of Singapore and live abroad, you may be able to open a bank account in Singapore under the following circumstances:
- The firm you own in Singapore is based in Singapore.
- Have a long-standing relationship with the bank as a corporate client.
- One of the bank’s existing clients introduced you to the bank.
- You already have a relationship with a bank in another country.
