Best banks in Singapore

Singapore is well-known as an international financial center and an important Asian hub for wealth management and insurance. More than 150 deposit-taking organizations, including full banks, qualifying full banks, wholesale and merchant banks, and financing businesses, make up Singapore’s banking system. Singapore’s central bank, the Monetary Authority of Singapore (MAS), was created in 1971. DBS, OCBC, and United Overseas Bank are Singapore’s three major banks. The following is a list of Singapore’s largest and best banks.

Best banks in Singapore

These are the best banks in Singapore

  • Developmental Bank of Singapore (DBS)
  • United Overseas Bank
  • OCBC Bank
  • Standard Chartered Bank

Developmental Bank of Singapore (DBS)

The government of Singapore established the Development Bank of Singapore (DBS) in 1968. DBS has over a hundred locations across the nation. DBS is the largest bank in Southeast Asia, with branches and offices in China, the United Arab Emirates, Hong Kong, India, Japan, Indonesia, Myanmar, South Korea, Malaysia, the Philippines, Taiwan, Thailand, Vietnam, the United Kingdom, and the United States.

The bank provides a comprehensive variety of business and personal banking products and services, including consumer banking, treasury and capital markets, asset management, brokerage services, and equity and debt financing. Aa1 (High Quality) is DBS’s long-term credit grade from Moody’s.

Headquarters: Singapore

Founded: 1968

United Overseas Bank

By assets and deposits, United Overseas Bank (UOB) is Singapore’s third-largest bank. It has 58 branches and 766 ATMs in Singapore, as well as 467 branches and 1,668 ATMs globally, including Australia, Hong Kong, Brunei, Malaysia, the United Kingdom, Canada, the United States, China, France, Thailand, India, Japan, Myanmar, Philippines, South Korea, and Taiwan. The company’s headquarters are located at 80 Raffles Place in Singapore.

In terms of business and personal banking, the bank provides a wide range of options. Private banking, asset management, and insurance services are all offered by the company. Moody has UOB’s long-term credit rating at Aa1 (High Quality).

Headquarters: Singapore

Founded: 1935

OCBC Bank

OCBC is the second-largest bank in Singapore by total assets. By the end of June 2017, the bank has accumulated S$ 429.601 billion in assets. Customers owed a total of S$221.5 billion as of the end of March 2017. It was started in 1932. It operates in over 18 countries and has a global branch network of over 600 offices. In all, there are about 30,000 individuals that are employed here. This bank’s headquarters are located on Chulia Street.

Headquarters: Singapore

Founded: 1932

Standard Chartered Bank

Standard Chartered Singapore is the country’s largest international bank. It was one of the first multinational banks in Singapore to be granted a Qualifying Full Bank license. Current and savings accounts, Singapore dollar time deposits, credit cards, personal and vehicle loans, mortgages, investments, industrial property loans, insurance, cash management, FX solutions, internet banking, and more are all available. It has about 9,000 employees and maintains 16 locations and 30 ATMs.

Founded in Singapore in 1859, Standard Chartered Bank was granted a Qualifying Full Bank (QFB) license by the Singapore government in 1999. It has 17 locations around the city-state.

The bank provides a wide range of services to corporations and institutions, including trade finance, cash management, lending, securities services, foreign exchange, and corporate financing. It also has a private banking section that offers these services.

Headquarters: Singapore

Founded: 1859 

Structure of the banks in Singapore

Many banks consider Singapore’s market to be one of the greatest areas to establish themselves and broaden their horizons. The following are some of the factors that contributed to their success:

  • Many international banks have set up shops in Singapore because of the government’s assistance and policies.
  • It’s a fantastic strategic position, allowing banks to readily interact with customers all around the world.
  • Singapore’s high level of living has created a lucrative market for financial institutions.

This is the main reason why Singapore is known as a “financial center” for this reason. Singapore’s banking industry has total assets of roughly $2 trillion in 2013.

Which bank is the biggest in Singapore?

DBS (Development Bank of Singapore), which was founded in 1968, is Singapore’s and Southeast Asia’s largest bank by assets. In Singapore and Hong Kong, it is a leading consumer bank, with over 4 million and 1 million retail customers, respectively.

Singapore’s Banking Sector Structure

There are more than 200 Top financial institutions to choose from. We may organize the financial system into two types if we wish to:

  • Local Banks – Local Banks are the ones which are having their headquarters in Singapore and operate in the country.
  • Foreign Banks –  Banks originated from the other country and have branches in Singapore.

The cover image is somewhere in Singapore. Photo by Muhamad Iqbal Akbar on Unsplash