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This is a list of banks with operations in Singapore. Location of incorporation is provided in brackets for foreign banks. There are, at present over 150 banks and deposit-taking institutions, and 45 banks with representative offices in Singapore. (EFA=Exempt Financial Adviser; ACU=Asian Currency Unit; SGS=Singapore Government Securities Market)
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act. Since 18 July 2001, banks were no longer permitted to engage in non-financial activities.
In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates better able to regionalise and compete with foreign banks, the government liberalised the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001. Since then, the number of local full banks has shrunk by more than half to four today.
There are presently five locally incorporated full banks in Singapore, owned by three banking groups. These full banks have the liberty to provide any financial service as permitted by the Banking Act. [1]
Local Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Other languages | |||||
Bank of Singapore (part of OCBC Bank) | 新加坡银行 | Yes | Singapore | 63 Market Street | Yes | No |
DBS Bank Limited | 星展银行有限公司 | Yes | Singapore | 12 Marina Boulevard | Yes | Pri |
POSB (part of DBS Bank) | 新加坡邮政储蓄银行 | Yes | Singapore | 12 Marina Boulevard | Yes | Pri |
OCBC Bank | 华侨银行有限公司 | Yes | Singapore | 65 Chulia Street | Yes | Pri |
United Overseas Bank Limited (UOB) | 大华银行有限公司 | Yes | Singapore | 80 Raffles Place | Yes | Pri |
There are currently three local digital banks with full bank licence in Singapore. Trust Bank was jointly launched by FairPrice Group and Standard Chartered Bank on 1 September 2022. [2] GXS Bank is owned by Grab and Singtel. MariBank is owned by Sea Ltd.
Local Digital Full Bank | Ownership | Incorporated in | Local address | |
---|---|---|---|---|
English | Other languages | |||
Trust Bank | 优信银行 | FairPrice Group, Standard Chartered Bank | Singapore | 77 Robinson Rd, #25-00, Robinson 77, 068896 |
GXS Bank | GXS数码银行 | Grab, Singtel | Singapore | 3 Media Close, #09-03, 138498 |
MariBank | 马里银行 | Sea Ltd | Singapore | 1 Fusionopolis Walk, #15-01, South Tower Solaris, 138628 |
There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks.
Although foreign banks with full bank licences can also offer most commercial banking services to clients compared to local banks, they are restricted in terms of number of branches and automated teller machines.
Liberalisation of the banking sector saw the government creating a new category under the foreign banks category, called the Qualifying Full Bank (QFB). The first four licences were awarded on 20 October 1999 to ABN AMRO, Banque Nationale De Paris (now BNP Paribas), Citibank (transferred to newly locally incorporated Citibank Singapore on 28 June 2004) and Standard Chartered Bank. Two new licences were issued in December 2001 as part of the second phase of bank liberalisation, namely to the Hongkong and Shanghai Banking Corporation and Maybank Singapore. These QFBs are permitted to operate up to 15 service locations.
In June 2004, the QFB licence was further liberalised. QFBs are permitted to establish up to 25 service locations of which up to 10 can be branches from 1 January 2005. These banks were permitted to share their ATM networks (this was achieved with five of the QFBs through atm5), and provide services via the EFTPOS network from 1 July 2002. On the same day, they are also permitted to provide the Central Provident Fund's Supplementary Retirement Scheme and Investment Scheme accounts and to accept CPF fixed deposits. In 2012, MAS announced new changes to the QFB scheme, requiring QFBs who are "important to the domestic market to locally incorporate their retail operations". Further, such QFBs, whose home countries have Free Trade Agreements with Singapore, will be able to operate up to 50 places of business.
Qualifying Full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Local language | |||||
Australia and New Zealand Banking Group Limited | Yes | Australia | 1 Raffles Place | Yes | Pri | |
BNP Paribas | Yes | France | 20 Collyer Quay | Yes | No | |
Citibank International Personal Bank Singapore (Citibank Singapore Limited) | 新加坡花旗銀行國際個人銀行 | Yes | Singapore | 23 Church Street | Yes | Yes |
Citibank Singapore Limited | 美国花旗银行新加坡分行 | Yes | Singapore | 3 Temasek Avenue | Yes | No |
HSBC | 香港上海滙豐銀行有限公司 | Yes | Hong Kong SAR | 21 Collyer Quay | Yes | Pri |
Maybank Singapore Limited | Yes | Malaysia | 2 Battery Road | Yes | Sec | |
Standard Chartered Bank | 渣打银行 | Yes | United Kingdom | 6 Battery Road | Yes | Pri |
State Bank of India | ஸ்டேட் பேங்க் ஆப் இந்தியா | Yes | India | 135 Cecil Street | Yes | No |
ICICI Bank Limited | Yes | India | 9 Raffles Place | Yes | No | |
Bank of China | 中国银行 | Yes | China | 4 Battery Road | Yes | Sec |
Industrial and Commercial Bank of China | 中国工商银行 | Yes | China | 6 Raffles Quay | Yes | Sec |
Wholesale bank licences were first issued in December 2001 to replace the "Restricted Bank (RB)" licence as a reflexion of greater services which may be conducted by these banks. These banks may conduct the same range of services as full banks, except that they do not deal with banking activities in the Singapore Dollar, and can only have one main branch.
The typical activities of merchant banks include corporate finance, underwriting of share and bond issues, mergers and acquisitions, portfolio investment management, management consultancy, personal banking and other fee-based activities. Merchant banks may not accept sight or savings deposits or borrow from the public. However, they may accept deposits or borrow from banks, finance companies, shareholders and companies controlled by their shareholders.
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: CS1 maint: archived copy as title (link)The economy of Singapore is a highly developed free-market economy with dirigiste characteristics. Singapore's economy has been consistently ranked as the most open in the world, the joint 4th-least corrupt, and the most pro-business. Singapore has low tax-rates and the highest per-capita GDP in the world in terms of purchasing power parity (PPP). The Asia-Pacific Economic Cooperation (APEC) is headquartered in Singapore.
In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words such as bank, insurance, national, etc, unless it holds an appropriate licence. Depending on banking regulations, jurisdictions may offer different types of banking licences, such as:
DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" banks in Singapore, along with OCBC Bank and the United Overseas Bank (UOB).
The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance. It was established in 1971 to act as the banker to and as a financial agent of the Government of Singapore. The Board is duly accountable to the Parliament of Singapore through the Minister-in-charge, who is also the Incumbent Chairman of the central bank.
PT Bank Mandiri (Persero) Tbk or Bank Mandiri, headquartered in Jakarta, is the largest bank in Indonesia in terms of assets, loans and deposits. Total assets as of 2022, were 1.992 Trillion rupiah. As of 2022, Bank Mandiri is the largest bank in Indonesia by total assets.
The Hongkong and Shanghai Banking Corporation Limited, commonly known as HSBC, is the Hong Kong-based Asia-Pacific subsidiary of the HSBC banking group, for which it was the parent entity until 1991. The largest bank in Hong Kong, HSBC operates branches and offices throughout the Indo-Pacific region and in other countries around the world. It is also one of the three commercial banks licensed by the Hong Kong Monetary Authority to issue banknotes for the Hong Kong dollar.
Oversea-Chinese Banking Corporation, Limited, often known as OCBC Bank, is a Singapore multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression through the consolidation of three banks in 1932 — the Chinese Commercial Bank Limited, the Ho Hong Bank Limited and the Oversea-Chinese Bank Limited.
The following lists events that happened during 1999 in the Republic of Singapore.
Citibank Singapore Limited is a division of Citibank N.A. of the United States and incorporated in Singapore on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. The bank has a shared automated teller machine (ATM) network with HSBC, State Bank of India, Maybank, The Royal Bank of Scotland, Bank of China, and Standard Chartered Singapore called atm5.
atm⁵ is an interbank network in Singapore, connecting the ATMs of six of Singapore's eight qualifying full banks, QFB. As of 2016, there are 230+ atm⁵ ATMs island-wide. The network was established in April 2005.
CIMB Group Holdings Berhad is a Malaysian universal bank headquartered in Kuala Lumpur and operating in high growth economies in ASEAN. CIMB Group is an indigenous ASEAN investment bank. CIMB has a wide retail branch network with 1,080 branches across the region.
Citibank Berhad is a licensed commercial bank operating in Malaysia with its headquarters in Jalan Ampang, Kuala Lumpur. Citibank Berhad operates as a subsidiary of Citigroup Holding (Singapore) Private Limited, commencing its banking operations in Malaysia since 1959. Citibank Berhad was locally incorporated in 1994. Citibank Berhad has 11 branches spread across Kuala Lumpur, Selangor, Penang, Kuantan, Malacca and Johor, offering a wide range of banking and financial services including retail banking, institutional banking, and investment products and services.
Citibank Thailand is the Thai section of the Citigroup financial services group, established in 1985.
Citibank Indonesia is a universal bank that offers a wide range of retail and commercial banking services. Citi has been present in Indonesia since 1968 and is one of the largest foreign banks in the country by asset size. Citibank Indonesia operates 11 branches and 70+ ATMs; it has a customer payment network with more than 50,000 payment points and a corporate distribution network with 4,800 locations across 34 provinces. Citibank Indonesia is a fully owned subsidiary of Citibank NA.
United Overseas Bank Limited, often known as UOB, is a Singaporean multinational banking corporation headquartered in Raffles Place, Singapore, with branches mostly found in most Southeast Asia and East Asia countries. It is one of the three "big local banks" in the country, the other two being DBS Bank and OCBC Bank.
Small finance banks (SFB) are a type of niche banks in India. Banks with a SFB license can provide basic banking service of acceptance of deposits and lending. The aim behind these is to provide financial inclusion to sections of the economy not being served by other banks, such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
Citibank International Personal Bank (IPB) Singapore is a business unit of Citibank Singapore that specializes in offshore investment and wealth management products and services to high-net-worth individuals residing outside of Singapore. It has 5 booking centers around the world in London, Jersey, Singapore, Hong Kong and the United States. As of 2018, IPB global had a base of about 260,000 clients and managed assets of more than US$60 billion.
Standard Chartered Singapore is the Singapore based subsidiary of British banking and financial services company, Standard Chartered. Opening its first branch in 1859, the bank is the one of the oldest in continuous operation in Singapore. The bank received its Qualifying Full Bank (QFB) licence in October, 1999, being one of the first foreign bank to qualify for the licence.