Telephone Numbers
Telephone Numbers
Best Banks in Singapore
For detailed information +90 542 381 3868 'Call.
One of the key factors that makes Singapore an attractive jurisdiction is its strong economy and political stability. The country has a low level of corruption and strong legal protections, creating a favorable environment for international investors and entrepreneurs. In addition to this conducive environment, setting up a company in Singapore offers numerous advantages, such as efficient administrative processes, a robust legal framework, and attractive tax incentives.
Furthermore, the state has a well-developed infrastructure and strong connections with other financial centers around the world, providing it with access to international markets and opportunities to enhance its operations.
Moreover, Singapore's commitment to fostering innovation and embracing emerging technologies is evident in its support for EMI license applications. This regulatory framework enables businesses to issue electronic money and offer payment services, facilitating seamless financial transactions in the digital age.
Additionally, Singapore's progressive approach extends to the realm of cryptocurrencies, as the country offers a comprehensive regulatory framework for obtaining a Singapore crypto license. This allows businesses to operate in a secure and regulated environment, fostering trust and attracting global investors looking to participate in the burgeoning cryptocurrency market.
Finally, Singapore is actively working to enhance its reputation as a banking jurisdiction by regularly updating and improving its policies and regulations. Taken together, these factors make it one of the most attractive financial destinations in the world.
This country is home to many financial institutions, each with its own unique features and advantages.
It is also worth noting that banks in Singapore are in very high demand. This is because Singapore is a very interesting jurisdiction, primarily for business, due to its simpler administration, well-developed infrastructure, laws, and favorable tax environment.
When choosing a financial institution for your business, there are several key criteria to consider:
Overall, the choice of a bank for your business should be based on your unique needs and priorities, as well as comprehensive market analysis and a review of the services and conditions offered.
There are nine types of licenses in Singapore. These include:
There are 4 firms under the local category. These are DBS, OCBC, and UOB.
There are more than 150 foreign banks.
ABN Amro, BNP Paribas, HSBC
In general, these types of entities are very similar but are used for different purposes. As Full Banks, predominantly foreign ones are registered and licensed. They also established a local subsidiary that received a Qualifying Full Bank license. This helps the institution work better and more flexibly with local retail customers.
For example, Citibank Singapore Limited is registered as a Qualifying Full Bank. Citibank N.A. is registered as a Full Bank.
A distinctive feature is that this type of institution does not conduct retail banking activities in the local currency, the SG dollar.
In this case, it is not a separate company, but only a representative office of a legal entity registered in another country. Conducting banking activities in this manner is not permitted. Only market research and establishing contacts for further work are allowed.
The first six types cover almost the entire banking market in the country.
We will also show you some good options for domestic and foreign banks whose services are worth using.
It is one of the top 3 in Singapore. It has been operating in the country for over 50 years, and in the past period, its revenue exceeded $10 trillion. For this reason, DBS is growing, attracting new customers, and actively providing financial and banking services.
It is important to note that DBS is one of the largest in Singapore. This means it has more authority and capability in relationships with individual and corporate customers in the country. This is thanks to local regulations. As a result, it offers its customers easier and more profitable banking services.
At the same time, DBS is also popular among foreigners who want to save or invest their money.
Oversea-Chinese Banking Corporation Limited is a multinational institution based in Singapore that serves both local customers and the whole of Southeast Asia. OCBC has assets of over S$521.3 billion. This makes it the second-largest bank in Singapore. This means resilience and security of resources, especially in difficult times.
Furthermore, OCBC is already over 90 years old. It is currently represented in 18 countries with more than 600 branches. This makes it suitable for local companies as well as for companies operating or established in the region where it operates.
It is one of the largest banks in Singapore, but it is also the third-largest bank in Southeast Asia in terms of total assets. At the end of March 2017, its net profit was S$807 million. It was founded in 1935. It operates in more than 19 countries and has a total of 500 branches worldwide.
As with the previous options, it offers different types of services for both individuals and companies.
Since these local banks are very similar in terms of both the services provided and their capacity to operate, the competition between them is a plus for the customer. As each wants to acquire more customers, they have to use different tools to attract them. One of these is pricing policy.
Among the well-known foreign banks operating in Singapore are:
There are several digital banks in the country that offer their customers new and innovative ways to manage their finances. Some of the well-known digital and neo-banks in Singapore include, for example:
Digital institutions in Singapore offer the following advantages:
Convenience: All financial management operations can be done through a mobile application, which provides great convenience for customers.
Innovation: Digital institutions and neo-banks use the latest technology to offer their customers more convenient and efficient services.
Fast and easy: The processes of opening an account and transacting at digital and neobanks are often faster and easier than at traditional ones. Furthermore, the customer can easily set up their business account online.
However, there are some disadvantages to using digital banks and neobanks:
Limited: Some digital and neobanks may be limited in providing certain services, such as loans.
No physical presence: Digital and neo-banks often do not have physical offices, which can be inconvenient for some customers.
MAS - Monetary Authority of Singapore
The MAS is the sole banking regulator in Singapore. It is also the central bank. The MAS is a statutory body established under the MAS Act. Its board of directors is responsible for MAS policy and general administration and informs the government about its regulatory, supervisory, and monetary policies.
The MAS aims to regulate banks reliably in line with international standards and best practices, while allowing for well-managed risk and innovation. To achieve its regulatory objectives, it uses a range of tools, including:
The MAS Act stipulates that the main objectives of the MAS are:
In general, a customer of a Singaporean bank is not restricted in the services provided compared to other global or regional banks.
Therefore, a customer can use the following services of Singaporean Banks:
In general, this country is a very safe and reputable jurisdiction. Strict compliance standards are applied to these institutions in their licensing and renewal processes. Therefore, most reputable local and foreign banks that hold a license in Singapore are reliable enough to use their services.
The best bank is the one that offers you the most suitable and convenient options. Some of these are DBS, OCBC, UOB – Local institutions, and Citibank SGP, Maybank, HSBC SGP, Bank of China, etc., for foreign ones.
DBS, OCBC, UOB – The largest local institutions.
Yes, foreigners can also open a bank account in Singapore. This can be done in person or remotely.
Therefore, Singapore is an authoritative and advantageous jurisdiction for opening an account both for yourself and on behalf of a company. This is facilitated by government policies, a favorable domestic tax regime, and a variety of financial institutions that enhance competition. Together, these factors make Singaporean banks highly sought after by customers worldwide. The fact that it is also very profitable to start and maintain a business in the country also contributes to this.
Since local banks in Singapore are very similar in terms of both the services they offer and their operating capacity, competition between them is a plus for customers. As each bank wants to attract more customers, they have to use different tools to do so. One of these tools is pricing policy.
+90 542 381 3868
+971 58 5204103