Singapore boasts one of the most sophisticated financial infrastructures in the world with banks, both local and international, that offer all aspects of financial activities in Singapore. All banks and other financial institutions including insurance are regulated by the Monetary Authority of Singapore.
The Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) was established under the MAS Act of 1976. It began operations on January 1, 1971, and has since served as the central bank of Singapore oversees the policies governing the financial industry including banks and other financial institutions, securities and insurance. It also administers the issuance of currency and manages the foreign reserves of Singapore.
Types of Bank in Singapore
Singapore Banks
Below are three of the major banks in Singapore:
- Development Bank of Singapore (DBS)
- Oversea Chinese Banking Corporation (OCBC)
- United Overseas Bank (UOB)
Foreign Banks
Foreign banks in Singapore are categorized as full banks, wholesale banks, merchant banks and offshore banks. The following are foreign banks available in Singapore:
- RBS Singapore
- BNP Paribas
- Citibank
- HSBC
- Maybank
- Standard Chartered
- Bank of China
- Bank of America
- Bank of India
- Hong Leong Bank
- JP Morgan Chase
- PT Bank Negara Indonesia
- Sumitomo Mitsui Banking Corporation
Related Topics
How to Open a Bank AccountComparison Chart of Bank Account Opening