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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
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.[citation needed]
Local Banks
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.[citation needed]
Full banks
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 |
Digital full banks
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 |
Defunct banks
Foreign banks
There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks.
Full 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.
Foreign full Bank | EFA | Incorporated in | Local address | ACU | SGS | |
---|---|---|---|---|---|---|
English | Local language | |||||
Standard Chartered Singapore | 渣打新加坡有限公司 | Yes | Singapore[7] | 8 Marina Boulevard | Yes | No |
Bangkok Bank Public Company Limited | ธนาคารกรุงเทพ | No | Thailand | 180 Cecil Street | Yes | No |
Bank of America, National Association | 美国银行 | Yes | United States | 50 Collyer Quay | Yes | Pri |
Bank of China Limited | 中国银行股份有限公司 | Yes | People's Republic of China | 4 Battery Road | Yes | Sec |
Bank of East Asia Limited, The | 東亞銀行有限公司 | Yes | Hong Kong SAR | 137 Market Street | Yes | No |
Bank of India | 印度银行 | Yes | India | 138 Robinson Road | Yes | No |
Bank of Tokyo-Mitsubishi UFJ Limited, The | 三菱東京UFJ銀行 | Yes | Japan | 9 Raffles Place | Yes | Sec |
Calyon | 东方汇理银行 | Yes | France | 168 Robinson Road | Yes | Sec |
CIMB Bank | 联昌国际银行 | No | Malaysia | 39 Robinson Road | No | No |
Citibank Singapore | 新加坡花旗银行 | Yes | United States | 3 Temasek Avenue | Yes | Pri |
Hongkong and Shanghai Banking Corporation Limited | 香港上海滙豐銀行有限公司 | Yes | Hong Kong SAR | 21 Collyer Quay | Yes | No |
Maybank Singapore Limited | 马来亚银行 | Yes | Malaysia | 2 Battery Road | Yes | |
Hong Leong Bank Berhad | 丰隆银行 | Yes | Malaysia | 1 Wallich Street | ||
Indian Bank | இந்தியன் வங்கி | No | India | 3 Raffles Place | No | No |
Indian Overseas Bank | இந்தியன் ஓவர்ஸீஸ் வங்கி | No | India | 64 Cecil Street | No | No |
JPMorgan Chase Bank, National Association | 摩根大通银行 | Yes | United States | 168 Robinson Road | Yes | Sec |
Ping An Bank | 平安银行 | Yes | China | 80 Pasir Panjang Road | Yes | Pri |
PT Bank Mandiri (Persero) Tbk. | 曼迪里银行 | No | Indonesia | Asia Square Tower 2 | Yes | No |
PT Bank Negara Indonesia (Persero) Tbk. | 印度尼西亚国家银行 | No | Indonesia | 39 Robinson Road | Yes | No |
RHB Bank Berhad | 兴业银行 | Yes | Malaysia | 90 Cecil Street | Yes | Sec |
Sumitomo Mitsui Banking Corporation | 三井住友銀行 | Yes | Japan | 3 Temasek Avenue | Yes | No |
UCO Bank | 优科银行 | No | India | 3 Raffles Place | No | No |
Qualifying full banks
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 banks
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.