Banks in Singapore
Complete directory of banks operating in Singapore. Compare rates and products from local banks, foreign banks, and digital banking platforms.
Local Banks
Singapore's major local banks offering comprehensive banking services with extensive branch networks and deep local market knowledge.
DBS
Local Bank • Est. 1968
Singapore's largest bank offering comprehensive banking services
OCBC
Local Bank • Est. 1932
One of Southeast Asia's leading financial services groups
UOB
Local Bank • Est. 1935
A leading bank in Asia with a global network
Foreign Banks
International banks with significant presence in Singapore, offering global banking expertise and cross-border financial services.
HSBC
Foreign Bank • Est. 1865
Global banking and financial services organization
Standard Chartered
Foreign Bank • Est. 1859
International bank with extensive presence in Asia
Citibank
Foreign Bank • Est. 1902
Global financial services corporation
Maybank
Foreign Bank • Est. 1960
Malaysia's largest financial services group
RHB
Foreign Bank • Est. 1997
Malaysia-based financial services group
Bank of China
Foreign Bank • Est. 1912
State-owned commercial bank of China
ICBC
Foreign Bank • Est. 1984
World's largest bank by total assets
Digital Banks
Next-generation digital banking platforms offering innovative financial services through mobile-first experiences.
Trust Bank
Digital Bank • Est. 2022
Digital bank offering savings and lending products
MariBank
Digital Bank • Est. 2023
Digital bank by Singtel and Sea offering innovative banking
Complete Guide to Banking in Singapore
Local Banks
- • DBS, OCBC, and UOB are the three major local banks
- • Extensive branch and ATM networks across Singapore
- • Full suite of retail and commercial banking services
- • Strong local market presence and customer relationships
- • Deep understanding of Singapore's regulatory environment
- • Competitive home loan rates and local market expertise
Foreign Banks
- • International banks with significant Singapore operations
- • Specialized services for expatriates and multinationals
- • Cross-border banking and trade finance expertise
- • Private banking and wealth management services
- • Global network access and international banking
- • Premium credit cards with worldwide benefits
SDIC Protection: All retail deposits in Singapore banks are protected under the Singapore Deposit Insurance Corporation (SDIC) scheme up to S$75,000 per depositor per bank.
Singapore Banking System Overview
Regulatory Framework
Singapore's banking system is regulated by the Monetary Authority of Singapore (MAS), which ensures stability, transparency, and consumer protection. The regulatory framework includes comprehensive oversight of:
- Banking licenses and operations
- Capital adequacy requirements
- Risk management standards
- Consumer protection measures
- Anti-money laundering compliance
- Interest rate and fee transparency
This robust regulatory environment has earned Singapore recognition as one of the world's most stable and trusted financial centers.
Banking Innovation
Singapore leads the world in banking innovation, with initiatives including:
- Digital banking licenses for new entrants
- Open banking and API frameworks
- Central Bank Digital Currency (CBDC) research
- Blockchain and fintech integration
- AI-powered banking services
- Sustainable finance initiatives
These innovations benefit consumers through better services, competitive rates, and enhanced digital banking experiences.
Understanding Different Bank Types
Local Banks (Big 3)
DBS Bank
Founded: 1968
Market Position: Largest bank in Southeast Asia
Specialties:
- Digital banking innovation
- Trade and treasury services
- SME banking solutions
- Wealth management
Notable Products: DBS Multiplier, DBS Treasures, digibank
OCBC Bank
Founded: 1932
Market Position: Second largest local bank
Specialties:
- Private banking leadership
- Regional expansion
- Sustainable finance
- Insurance integration
Notable Products: OCBC 360, Premier Banking, Frank by OCBC
UOB Bank
Founded: 1935
Market Position: Third largest local bank
Specialties:
- Art and culture banking
- ASEAN market expertise
- Corporate banking
- Investment advisory
Notable Products: UOB One, Privilege Banking, TMRW
Major Foreign Banks
Premium International Banks
HSBC Singapore
Global banking leader with strong Asia Pacific presence. Offers comprehensive international banking, premier services, and cross-border solutions.
Standard Chartered
Asian-focused international bank with deep regional expertise. Strong in trade finance, corporate banking, and wealth management.
Citibank Singapore
US-based global bank offering premium banking services, international credit cards, and sophisticated investment products.
Regional Specialists
Maybank Singapore
Malaysia's largest bank with significant Singapore operations. Strong in Islamic banking and regional trade finance.
ANZ Singapore
Australian bank focusing on institutional and corporate banking. Offers specialized trade and commodity finance services.
Bank of China
Chinese state-owned bank providing comprehensive banking services and China trade financing expertise.
Digital Banking Revolution
Trust Bank
Partnership: FairPrice Group & Standard Chartered
Launch: September 2022
Key Features:
- Highest savings account rates (up to 2.5% p.a.)
- No minimum balance requirements
- FairPrice ecosystem integration
- Mobile-first banking experience
- Fee-free basic banking services
Target Customers: Mass market retail customers seeking high returns on savings
MariBank
Partnership: Sea Limited (Shopee/Grab) & GDIB
Launch: January 2023
Key Features:
- Competitive deposit rates (up to 2.8% p.a.)
- Integrated with Sea ecosystem
- Flexible savings and spending products
- Advanced mobile banking features
- Rewards integration with Shopee
Target Customers: Digital-native users active in e-commerce and digital payments
Digital Banking Advantages
- Higher interest rates on deposits
- Lower or no banking fees
- 24/7 digital customer service
- Faster account opening process
- Advanced mobile app features
- Integration with digital ecosystems
- Innovative financial products
- Enhanced user experience design
Banking Services Comparison
| Service | Local Banks | Foreign Banks | Digital Banks |
|---|---|---|---|
| Branch Network | Extensive (100+ branches) | Limited (10-30 branches) | Digital-only (no branches) |
| Savings Rates | Moderate (0.05-1.5%) | Competitive (0.1-2.0%) | High (2.0-2.8%) |
| Home Loans | Comprehensive options | Premium segment focus | Limited offerings |
| Credit Cards | Wide range available | Premium cards specialty | Basic options only |
| Investment Products | Full suite available | Sophisticated offerings | Limited selection |
| Digital Experience | Improving rapidly | Mixed quality | Best-in-class |
| Customer Service | Multi-channel support | Relationship-based | Digital-first support |
How to Choose the Right Bank
For Young Professionals
Priorities: High savings rates, low fees, digital experience
Recommended:
- Digital banks for daily banking
- Local banks for home loans
- Premium cards from foreign banks
Strategy: Multi-bank approach to maximize benefits across different products
For Families
Priorities: Comprehensive services, branch access, competitive rates
Recommended:
- Local banks for primary banking
- Package deals for multiple products
- Education savings plans
Strategy: Consolidate with one primary bank for relationship benefits
For Expatriates
Priorities: International services, home country access, premium support
Recommended:
- Foreign banks with global presence
- Multi-currency accounts
- International credit cards
Strategy: Focus on banks with strong international networks
The Future of Banking in Singapore
Emerging Trends
- • AI-powered personal financial assistants
- • Blockchain-based trade finance solutions
- • Central Bank Digital Currency (CBDC) implementation
- • Enhanced open banking and API integration
- • Sustainable finance and ESG-focused products
- • Embedded banking in non-financial platforms
Impact on Consumers
- • More personalized banking experiences
- • Increased competition leading to better rates
- • Seamless integration with daily digital activities
- • Enhanced security through biometric authentication
- • Greater financial inclusion and accessibility
- • Real-time financial insights and recommendations