According to the Central Bank of Singapore (Monetary Authority of Singapore), there are now four local banks and more than 140 foreign banks in Singapore's banking industry. Of these, at least 34 are full-service banks offering various solutions for individuals and businesses.
In addition, there are about 100 investment banks in Singapore that manage the capital of legal entities. Thousands of international companies open accounts in Singapore and hold funds in Singapore currency. What are the reasons for such popularity of Singapore?
The largest local banks are:
According to Forbes' 2021 ranking, these 3 banks are the largest in the South Asian region in terms of total assets, and occupy the top 3 spots. Each of these banks has high credit ratings from S&P and Moody's, offices in more than 20 countries and more than 25,000 employees.
DBS BANK was founded in 1968 by the Government of Singapore and is the largest bank in Singapore. Its main activity is to support the population and the development of small and medium-sized businesses. DBS BANK offers a wide range of advanced banking services, repeatedly awarded as "The Best Bank in the World". DBS BANK is the first bank in Singapore to develop the digital asset market, launching the DBS Digital Exchange in 2020.
OCBC and UOB are both banks with more than 80 years of history and also lead the banking market. UOB and OCBC are ranked 10th and 11th in Asia, respectively, according to The Banker's annual ranking, and are also recognized as the best Asian banks for business. The strength of UOB and OCBC banks is their high level of digitalization. These banks offer online account opening procedures and have extremely advanced and functional online banking systems for individuals and businesses.
In addition to local banks, there are many international banks operating in the Singapore market. Some of the largest international banks include: HSBC, Citibank, Srandard Chartered, MayBank. Also in Singapore are banks from around the world, including the Bank of China, State Bank of India, Japan's largest banks MUFG Bank and Sumitomo Mitsui Banking Corporation. Most of these banks offer a full range of services for local and foreign legal entities.
In addition, there are about 100 investment banks in Singapore that manage the capital of legal entities. Thousands of international companies open accounts in Singapore and hold funds in Singapore currency. What are the reasons for such popularity of Singapore?
The largest local banks are:
- DBS BANK
- OCBC
- UOB
According to Forbes' 2021 ranking, these 3 banks are the largest in the South Asian region in terms of total assets, and occupy the top 3 spots. Each of these banks has high credit ratings from S&P and Moody's, offices in more than 20 countries and more than 25,000 employees.
DBS BANK was founded in 1968 by the Government of Singapore and is the largest bank in Singapore. Its main activity is to support the population and the development of small and medium-sized businesses. DBS BANK offers a wide range of advanced banking services, repeatedly awarded as "The Best Bank in the World". DBS BANK is the first bank in Singapore to develop the digital asset market, launching the DBS Digital Exchange in 2020.
OCBC and UOB are both banks with more than 80 years of history and also lead the banking market. UOB and OCBC are ranked 10th and 11th in Asia, respectively, according to The Banker's annual ranking, and are also recognized as the best Asian banks for business. The strength of UOB and OCBC banks is their high level of digitalization. These banks offer online account opening procedures and have extremely advanced and functional online banking systems for individuals and businesses.
In addition to local banks, there are many international banks operating in the Singapore market. Some of the largest international banks include: HSBC, Citibank, Srandard Chartered, MayBank. Also in Singapore are banks from around the world, including the Bank of China, State Bank of India, Japan's largest banks MUFG Bank and Sumitomo Mitsui Banking Corporation. Most of these banks offer a full range of services for local and foreign legal entities.