Top Banks in Singapore
Singapore, officially the Republic of Singapore, is a sovereign island country and city-state located in Southeast Asia.
Singapore, officially the Republic of Singapore, is a sovereign island country and city-state located in Southeast Asia. Check out the banking scene and the Singapore dollar article below to understand more about Singapore.
As a financial hub and a prime location in Asia for investments and operations, many banks have chosen to set up local offices here, in addition to homegrown banks. We will get to know more about them in the list below.
The "top" bank in Singapore is the Monetary Authority of Singapore (MAS). Still, we will not include it in the list, for it is the central bank of Singapore, which regulates and supervises the financial institutions in Singapore and fiscal and monetary policies.
The counterpart to the MAS in the United States would thus be the Federal Reserve.
In this list, one would come across the three local banks prevalent all across the island: DBS, OCBC, and UOB, as well as many other banks that operate locally, albeit on a smaller scale.
This can largely be attributed to the protectionist measures the Singapore government took back in the 1990s, which allowed Singapore's local banks to flourish and strengthen before they allowed competition from foreign banks such as Standard Chartered.
*List order is not ranked in any significance.
1. Development Bank Of Singapore (DBS)
Formed in the year 1968, it is one of Singapore's local homegrown banks; it has grown rapidly to become one of the world's top banks, as well as the largest bank in Southeast Asia by assets, market cap, and profits, with more than 300 branches in operation across 17 different countries.
With the acquisition of POSB, another notable household name in Singapore, DBS had access to their Automated Teller Machine (ATM) network, making it the most extensive amongst local banks with ~700 ATMs.
For the fourth year in a row, DBS Bank has been named the "world's best bank" by Euromoney, a leading industry publication. It also clinched the "world's best digital bank" accolade, marking the first time the same institution holds the two titles.
With a significant emphasis on digital transformation and the business acumen to execute it, DBS' massive focus on providing a seamless digital experience paid off and is truly living up to its slogan, "Live more, Bank less."
Click here to find out more.
2. Overseas-Chinese Banking Corporation (OCBC)
Second on our list comes another local bank, OCBC, the oldest established bank in Singapore, with an extensive history tracing back to 1912 (Chinese Commercial Bank).
OCBC has also garnered various accolades, such as the ASEAN SME Bank of the Year, for more than a decade. Not left behind in digitization, it has won numerous awards for digital excellence and ease of use in recent years.
It has the 2nd highest assets under management (AUM) and profits after DBS Bank and is first within Southeast Asia in terms of sales.
Bank of Singapore is also one of OCBC's key subsidiaries and is a powerhouse in its own right. The private bank mainly caters to High Net Worth Individuals (HNWIs) in key global markets, with an AUM of US$119 billion as of end-March 2022.
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3. United Overseas Bank (UOB)
UOB first came about in 1935, after Malaysian businessman Wee Kheng Chiang and six other friends raised SG$1 million to establish a local bank in Singapore. The name also emphasized the relationships it had with Singapore's Chinese population.
Through a series of strategic acquisitions after getting publicly listed in 1970, it expanded its domestic presence in key overseas markets such as Brunei, Malaysia, Indonesia, Myanmar, Philippines, Thailand, and Vietnam.
These days, it has 68 branches in Singapore and a network of more than 500 offices in 19 countries and territories in the Asia Pacific (APAC), Western Europe, and North America.
It is also the 3rd largest bank in Southeast Asia regarding assets and profits (after DBS and OCBC) and has garnered widespread acclamation and awards by reputable organizations in the industry.
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4. Standard Chartered Bank (SCB)
Standard Chartered Bank in Singapore is a subsidiary of the international financial group headquartered in London, with a presence in 59 countries worldwide for more than 160 years.
Within Singapore, SCB has over 63 years of history since opening its first branch in 1859. In October 1999, they were among the first four international banks to receive a Qualifying Full Bank (QFB) license, allowing them to establish more service locations and expand operations.
In Singapore, SCB offers the whole suite of Consumer Banking, Corporate and Institutional Banking, and Global Markets services and hosts its global business leadership, technology operations, and innovation center, SC Ventures.
Over the years, the bank's network has expanded to over 13 branches, including 4 Priority Banking centers, 1 International Banking and Priority Private Center, and 23 ATMs.
SCB has also been awarded many accolades over the years. For example, in 2020, they were the first and only bank to be awarded the Significantly Rooted Foreign Bank ("SRFB") status by MAS (Singapore central bank), as well as the enhanced privileges that came with it.
It also shares an ATM5 network with five other banks, namely Citibank, Maybank, HSBC, SBI, SCB, and BOC (all included in this list), allowing customers to access over 200 ATMs all over Singapore.
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5. Citibank
A division of the American major financial group, Citi, Citibank Singapore Limited, was incorporated in Singapore on 28 June 2004. But even before that, they began operations in 1902 and were amongst the first four banks to be awarded the qualifying full bank license in 1999.
Back in 2004, to further reaffirm its commitment to Singapore, Citibank would be incorporating Citibank Singapore Limited, a wholly-owned subsidiary of Citigroup, in Singapore with a paid-up capital of S$1.5 billion.
Since then, Citi Singapore has expanded its business operations. As a result, they are the most significant foreign banking employer locally. They are also home to vital strategic hubs such as the Innovation Labs and the APAC Citi Service Center (CSC).
Citibank Singapore's revenue revolves around three key pillars, namely:
- Wealth management products and services,
- Unsecured products such as credit cards and personal lines of credit, and
- Secured products cover housing loans and share financing.
Like Standard Chartered, it is part of the ATM5 network shared amongst six banks that allow customers to access over 200 ATMs all over Singapore.
Click here to find out more.
6. Maybank
Maybank is the 3rd largest bank in South East Asia in terms of its sales and 4th most significant in terms of assets, with an international network of over 2,600 branches in 18 countries, including all 10 ASEAN countries.
Maybank Singapore is the Singapore branch of the largest Malaysian bank and has commenced operations locally since December 1960 with the opening of its first branch in South Bridge Road.
In 2001, it was awarded a qualifying full bank license by the MAS and joined five other banks to provide a more comprehensive range of services to clients.
Today, it provides highly personalized services using a locally-oriented approach through a distribution network of 22 branches and more than 35 native ATMs. Like SCB and Citibank, it is part of Singapore's only shared ATM5 network with access to 200+ ATMs.
Maybank offers an extensive range of products and services for individuals, businesses, and corporations, from consumer and corporate banking to Islamic banking, and was identified as one of Singapore's domestic systemically important banks (D-SIBs) in 2015.
Click here to find out more.
7. Hongkong and Shanghai Banking Corporation (HSBC)
HSBC Singapore (subsidiary bank of the Hongkong and Shanghai Banking Corporation Limited) is one of the oldest banks in Singapore, established in December 1877. Due to its entrenched history and operations, it received a qualifying full bank license in 2001.
Since then, it has grown into a prominent figure in the banking industry, catering to clients like multinational corporations (MNCs), homegrown businesses, private banking clients, and institutional and retail customers.
HSBC offers a complete selection of financial services such as retail banking and wealth management; commercial, investment, and private banking; insurance; forfaiting and trustee services; and capital markets services.
After more than 140 years at the original Collyer Quay site, where its first branch was set up, HSBC Singapore moved to its new headquarters at Marina Bay Financial Center in 2020. As a result, HSBC Singapore has a robust retail network in critical locations on the island.
With nine branches fully equipped with cash deposit facilities and self-service terminals, 21 native ATMs in addition to the 200+ from the shared ATM5 network, and 24/7 electronic mobile banking, HSBC caters to every banking need.
Click here to find out more.
8. Bank of China (BOC)
Bank of China, also known as BOC, established a Singapore branch in 1936 and is 1 of 10 total banks within the nation to hold a qualifying full bank license, with over 22 outpost branches and more than 200 ATMs through the ATM5 network spread over key locations locally.
Strategically located in Singapore, the local BOC branch operates on behalf of the Head Office, managing several regional and global business centers, with operations extending beyond the APAC region to the worldwide market.
Leveraging on the BOC Group's extensive global network and bringing together local experience and advantages, the Bank of China Singapore Branch provides clients with a full suite of banking services in an integrated business service platform.
BOC also actively supports the renminbi (RMB, the official currency of the People's Republic of China) internationalization and the development of Singapore's offshore RMB center by providing comprehensive RMB services and leading global RMB products.
With a commitment to innovation and development, BOC's efforts have been recognized in Singapore, being the first Chinese enterprise to be conferred the "Business China Enterprise Award" in 2016, and was given critical appointments in various associations over the years.
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9. State Bank of India (SBI)
BI Singapore is a subsidiary of the State Bank of India, the largest commercial bank in India regarding assets, deposits, profits, branches, customers, and employees.
It started operations in Singapore in 1977 with an offshore banking license. Today, it has a qualifying full bank license with a distribution network of 5 retail branches, 19 SBI ATMs, and over 200 ATMs via the shared island-wide ATM5 network.
With a suite of retail banking products that complement its existing corporate banking products, SBI can serve individual and corporate customers, from savings accounts and term deposits to mortgages consisting of compounded SORA-linked and fixed-rate products.
A viral feature is the instant transfer facility for Indian rupee (INR) remittances, where one can transfer money to more than 22,000 Branches of the State Bank group in India, allowing those residing in Singapore to send money to their families and friends.
They also offer a connection to another remittance service, where one can transfer INR to more than 80,000 RTGS-enabled branches of other banks in India.
SBI Singapore also caters to South East Asia and South Asia for commercial and wholesale banking. For syndication activities, it oversees the APAC region, and through being lead arrangers and participants, they have forged strong relationships with significant banks around them.
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10. Industrial and Commercial Bank of China (ICBC)
The Singapore branch of ICBC was the first overseas institution opened by the bank in 1993 and was awarded a qualifying Full Bank License by the MAS in 2012.
With a commitment to continuous innovation in RMB products and services, in 2013, ICBC Singapore Branch was appointed by The People's Bank of China as the first RMB Clearing Bank outside Great China and the sole RMB Clearing Bank in Singapore.
Today, the bank offers its customers a comprehensive suite of financial products and services, including retail banking, corporate banking, institutional banking, private banking, cross-border RMB business, RMB clearing services, etc., with superior RMB products available.
As the first Chinese bank to set up a Debt Capital Markets team in Singapore, they can tap into ICBC's various capabilities and China expertise to better cater to leading MNCs and Chinese and Singapore companies in expanding their trade and investment within and outside of China.
With access to ICBC's international network (the giant RMB Bank in the world), strong funding capability, advanced technological platform, and global institutional network, ICBC Singapore Branch has been established as the preferred RMB Bank in Singapore.
Click here to find out more.
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