In this article, we’re exploring how many local banks are in Singapore. We’re going to share a list of the financial companies and Singapore banks that are categorized as local financial institutions and answer four common questions we’ve received from people exploring this specific topic.
This article is part of our free series on the list of banks in Singapore. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Singapore banking also discusses the largest banks in Singapore, Singapore’s opening requirements, the costs of banking in Singapore, and much more. Use the link above to start exploring all of your free Singapore banking content right now.
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Table of Contents
- How Many Local Banks Are There in Singapore?
- Frequently Asked Singapore Banking Questions
- Ready to Unlock the Benefits of Singaporean Banking?
How Many Local Banks Are There in Singapore?
Singapore has six local banks. Three are the country’s largest financial institutions, two are digital banking platforms, and one is a subsidiary of a larger Singaporean financial institution.Â
Below is the list of the six local banks currently operating in Singapore.
Local Singaporean Banks
- DBS Bank
- United Overseas Bank (UOB)
- Overseas Chinese Banking Corporation (OCBC)
- GXS Bank
- MariBank Singapore
- Bank of Singapore
Please note this list only includes local institutions that are currently licensed in Singapore. There are 150-plus banks, including foreign banks operating in Singapore. Additionally, the banks listed above are not suitable for every client profile. It’s important to carefully assess each bank’s preferences, banking risks, and requirements before choosing where to apply for an account.
how many foreign banks are there in Singapore
Want to learn more about banking in Singapore? Visit our comprehensive guide on banking in Singapore, available in the link above.
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Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring how many local banks are in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Are the Top 3 Local Banks in Singapore?
The top 3 banks in Singapore are DBS, Overseas Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB). According to the Central Bank of Singapore, the Monetary Authority of Singapore (MAS), the total assets of Singapore’s banking sector are approximately $2 trillion.
How Many Full Banks Are There in Singapore?
20 financial institutions are operating under the license type, Full Bank, in Singapore. These banks hold a license issued by the Monetary Authority of Singapore (MAS), allowing full banks and other licensed financial institutions in Singapore to offer a wide range of banking services in the country.
How Many Wholesale Banks Are There in Singapore?
There are 96 financial institutions in Singapore operating under the license type, Wholesale Bank. Like all financial institutions in Singapore, the Monetary Authority of Singapore (MAS) is responsible for issuing banking licenses.
What Are the Major International Banks in Singapore?
The major international banks in Singapore include Citibank, HSBC, and Bank of America. These banks offer a wide range of banking services and products. The banks available to you depend on your citizenship, residency, banking needs, and deposit level.
Ready to Unlock the Benefits of Singaporean Banking?
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