Singapore is a global financial hub with a business-friendly government. As a result of its favourable regulations and advantageous location, Singapore has become a major financial centre in Southeast Asia. Singapore is home to more than 200 banks, with a total asset value of almost US$2 trillion as of 2019.
Singapore’s Banking Sector Structure
There are more than 200 Top financial institutions to choose from. We may organise the financial system into two types if we wish to:
- Local Banks
- Foreign Banks
Top Banks in Singapore
The government of Singapore established the Development Bank of Singapore (DBS) in 1968. DBS has over a hundred locations across the nation. DBS is the largest bank in Southeast Asia, with branches and offices in China, the United Arab Emirates, Hong Kong, India, Japan, Indonesia, Myanmar, South Korea, Malaysia, the Philippines, Taiwan, Thailand, Vietnam, the United Kingdom, and the United States.
The bank provides a comprehensive variety of business and personal banking products and services, including consumer banking, treasury and capital markets, asset management, brokerage services, and equity and debt financing. Aa1 (High Quality) is DBS’s long-term credit grade from Moody’s.
In Singapore, the United Chinese Bank was formed in 1935. After Singapore gained its independence in 1965, the United Overseas Bank was renamed to reflect this (UOB). UOB is Southeast Asia’s third-largest bank, with more than 500 branches in 19 countries.
In terms of business and personal banking, the bank provides a wide range of options. Private banking, asset management, and insurance services are all offered by the company. Moody’s has UOB’s long-term credit rating at Aa1 (High Quality).
OCBC is the second-largest bank in Singapore by total assets. By the end of June 2017, the bank has accumulated S$ 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.
The Standard Chartered Bank, a British financial organisation founded in 1858, is one of the largest in the world. 90 per cent of the company’s earnings come from operations in Asia, where it has more than 1,200 locations across 70 countries.
Founded in Singapore in 1859, Standard Chartered Bank was granted a Qualifying Full Bank (QFB) licence 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.