In this article, we’re exploring the list of regulated banks in Singapore. We’re going to share details on who regulates financial organizations and Singapore banks and whether non-residents can open accounts with them. We’re also going to answer three 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.
Alternatively, use the table of contents to continue exploring more information on the list of regulated banks in Singapore.
Table of Contents
- List of Regulated Banks in Singapore
- Frequently Asked Singapore Banking Questions
- Do You Want to Open a Singapore Bank Account?
List of Regulated Banks in Singapore
Regulated banks in Singapore include local banks, international banks, and other banking groups authorized to operate in Singapore. The Monetary Authority of Singapore manages all regulated banks in Singapore.
Regulated banks in Singapore are required to comply with strict guidelines, including adhering to risk management protocols, security measures, and financial regulations.
Here is a list of eight of the 150-plus financial institutions that are regulated by the Monetary Authority of Singapore.
List of Regulated Financial Institutions in Singapore
- Bank of America
- Citibank
- DBS Bank
- HSBC
- JP Morgan Chase Bank
- Oversea-Chinese Banking Corporation (OCBC)
- Royal Bank of Canada
- United Overseas Bank (UOB)
This list of regulated banks includes three of the largest banks in Singapore, such as DBS Bank, UOB, and OCBC. The top bank is DBS Bank with USD 509.1 billion in total assets.
Please note this list only includes ten of the 150-plus financial institutions operating in Singapore. Additionally, as mentioned above, the banks listed are presented in alphabetical order. The order does not reflect any rating or suggestion of suitability for account opening.
The banks available to you, including the list of international banks in Singapore, depend on your client profile, banking needs, and deposit level. There are, of course, other financial institutions not listed here that are more suitable for certain client types.
Can Non-Residents Open Bank Accounts in Singapore?
Yes, non-residents can open bank accounts in Singapore as long as they choose the right bank, meet the opening requirements, and have a suitable client profile. Bank selection is an important factor to consider since not all banks in Singapore accept foreign non-residents.
Want to learn more about banking in Singapore? Visit our comprehensive guide on banking in Singapore, available in the link above.
Alternatively, if you want to explore all of your offshore banking options, download our free guide and compare Singapore to some of the top banking jurisdictions available.
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Frequently Asked Singapore Banking Questions
Below are a few of the most common questions we receive from people exploring the list of regulated banks in Singapore. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Are Banks in Singapore Regulated?
Yes, banks in Singapore are regulated. The Monetary Authority of Singapore (MAS) is the financial regulator authority of Singapore. Its mission is to oversee and regulate Singapore’s financial sector including all financial institutions and other banking groups authorized to operate in Singapore.
What International Banks Are in Singapore?
The international banks that are 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.
How Many Banks Are Registered in Singapore?
There are 150-plus banks in Singapore, spanning several license categories, including local banks, foreign banks, full banks, offshore banks, merchant banks, and wholesale banks. Banks in Singapore cater to a wide range of clientele including residents and non-residents.
Do You Want to Open a Singapore Bank Account?
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And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
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To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
