The following is a list providing an overview of banks in Singapore. Banks in the country operate under the supervision of the Monetary Authority of Singapore (MAS), the country’s central bank and financial regulator. All banks are licensed under the Banking Act and are classified into, Full banks, Qualifying full banks (QFBs), Wholesale banks, Offshore banks and Digital banks

As of 2026, MAS records include, 20 full banks, 10 qualifying full banks, 95 wholesale banks, 37 offshore banks, 6 local banks and 3 digital full banks.

Recent developments

As of early 2026, Singapore's banking sector remains one of the most developed and well-capitalised financial systems in Asia, with total assets of major domestic banking groups exceeding S$1.9 trillion combined. The sector is dominated by the three major domestic banking groups—DBS Bank, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB)—which play a central role in regional and global financial markets.

The sector has also undergone significant digital transformation following the issuance of digital full bank licences, with entrants such as GXS Bank, MariBank, and Trust Bank reflecting increasing competition and innovation in retail banking services.

Singapore's regulatory framework is overseen by the Monetary Authority of Singapore (MAS), which conducts monetary policy primarily through the management of the Singapore dollar exchange rate, rather than interest rates.

Commercial banks

Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act. Since 18 July 2001, banks were no longer permitted to engage in non-financial activities.

Local banks

In the late 1990s and early 2000s, the Government of Singapore and the Monetary Authority of Singapore (MAS) implemented a series of banking liberalisation measures aimed at strengthening the competitiveness of domestic banks and encouraging consolidation within the local banking sector. These reforms included allowing selected foreign banks greater operational privileges in Singapore while maintaining regulatory safeguards for domestic financial stability.

As a result of these policy changes and subsequent industry consolidation, the number of major domestic banking groups has stabilised around a small number of large full-service banks, namely DBS Bank, Oversea-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB), which collectively dominate the domestic banking sector and have expanded significantly across the Asia-Pacific region.

Full banks

There are several locally incorporated full banks in Singapore, primarily consisting of three major banking groups. These full banks have the liberty to provide any financial service as permitted by the Banking Act.

As of MAS records, there are 6 local banks (including subsidiaries treated as separate institutions in MAS licensing data). The abbreviations used are EFA (Exempt Financial Adviser), ACU (Asian Currency Unit), and SGS (Singapore Government Securities market).

{|class="wikitable"

|-

!colspan="2"|Local Full Bank||rowspan="2"|EFA||rowspan="2"|Incorporated in||rowspan="2"|Local address||rowspan="2"|ACU||rowspan="2"|SGS

|-

!English||Other languages

|-

|Bank of Singapore (part of OCBC Bank)||新加坡银行|| rowspan="5" |Yes|| rowspan="6" |Singapore||63 Market Street|| rowspan="6" |Yes||No

|-

|DBS Bank Limited||星展银行有限公司||12 Marina Boulevard

There are currently three local digital banks with full bank licence in Singapore. Trust Bank was jointly launched by FairPrice Group and Standard Chartered Singapore on 1 September 2022. GXS Bank is owned by Grab and Singtel. MariBank is owned by Sea Ltd.

{| class="wikitable"

|+

! colspan="2" |Local Digital Full Bank

! rowspan="2" |Ownership

! rowspan="2" |Incorporated in

! rowspan="2" |Local address

|-

!English

!Other languages

|-

|Trust Bank

|优信银行

|FairPrice Group, Standard Chartered Singapore

| rowspan="3" |Singapore

|77 Robinson Rd, #25-00, Robinson 77, 068896

|-

|GXS Bank

|GXS数码银行

|Grab, Singtel

|3 Media Close, #09-03, 138498

|-

|MariBank

|马里银行

|Sea Ltd

|1 Fusionopolis Walk, #15-01, South Tower Solaris, 138628

|}

Defunct banks

{|class="wikitable"

|-

! English name

! Other language name

! Incorporated in

! Closed

! style="width: 50%;" | Fate

|-

|Bank of Singapore

|新加坡银行

| rowspan="11" |Singapore

| -

|Merged into Oversea-Chinese Banking Corporation and renamed Singapore Island Bank. Not to be confused with the current Bank of Singapore which is renamed from ING Asia Private Bank.

|-

| Chung Khiaw Bank Limited

| 崇僑銀行有限公司

| 1999

| Merged into United Overseas Bank

|-

| Far Eastern Bank Limited

| 远东银行有限公司

| 2017

| Merged into United Overseas Bank

|-

|Industrial and Commercial Bank Singapore Limited

|工商银行有限公司

|2002

|Merged into United Overseas Bank

|-

|International Bank of Singapore

|新加坡国际银行有限公司

|1984

|Merged into Overseas Union Bank

|-

| Keppel Bank Limited

| 吉宝银行有限公司

| 1998

| Merged with Keppel TatLee Bank

|-

| Keppel TatLee Bank Limited

| 吉宝达利银行有限公司

| 2001

| Merged into Oversea-Chinese Banking Corporation

|-

|Kwong Yik Bank

|新嘉坡廣益銀行

|1913

|Voluntary liquidation after a bank run

|-

| Overseas Union Bank Limited

| 华联银行有限公司

| 2002

| Merged into United Overseas Bank

|-

| Tat Lee Bank Limited

| 达利银行有限公司

| 1998

| Merged with Keppel TatLee Bank

|-

| The Islamic Bank of Asia

| 亚洲伊斯兰银行

| 2015

| Merged into DBS Bank

|}

Foreign banks

Foreign banks operate under MAS licences and are classified as Full, Wholesale, or Offshore banks. There are presently 119 foreign commercial banks in Singapore, of which 28 are Full banks, 54 are Wholesale banks, and 37 are Offshore banks.

Full banks

Although foreign banks with full bank licences can also offer most commercial banking services to clients compared to local banks, they are subject to restrictions on the number of branches and automated teller machines they may operate under MAS regulations.

Based on MAS Financial Institutions Directory listing, the table lists the foreign full banks that are operating in Singapore.

{|class="wikitable"

|-

!colspan="2"|Foreign full Bank||rowspan="2"|EFA||rowspan="2"|Incorporated in||rowspan="2"|Local address||rowspan="2"|ACU||rowspan="2"|SGS

|-

!English||Local language

|-

|Standard Chartered Singapore||渣打新加坡有限公司||Yes||Singapore||8 Marina Boulevard|| rowspan="8" |Yes|| rowspan="2" |No

|-

|Bangkok Bank Public Company Limited||ธนาคารกรุงเทพ||No||Thailand||180 Cecil Street

|-

|Bank of America, National Association||美国银行|| rowspan="6" |Yes||United States||50 Collyer Quay||Pri

|-

|Bank of China Limited||中国银行股份有限公司||People's Republic of China||4 Battery Road||Sec

|-

|Bank of East Asia Limited, The||東亞銀行有限公司||Hong Kong SAR||137 Market Street|| rowspan="2" |No

|-

|Bank of India||印度银行||India||138 Robinson Road

|-

|Bank of Tokyo-Mitsubishi UFJ Limited, The||三菱東京UFJ銀行||Japan||9 Raffles Place|| rowspan="2" |Sec

|-

|Calyon||东方汇理银行||France||168 Robinson Road

|-

|CIMB Bank||联昌国际银行||No||Malaysia||39 Robinson Road||No||No

|-

|Citibank Singapore||新加坡花旗银行|| rowspan="4" |Yes||Singapore||3 Temasek Avenue|| rowspan="3" |Yes||Pri

|-

|Hongkong and Shanghai Banking Corporation Limited||香港上海滙豐銀行有限公司||Hong Kong SAR||21 Collyer Quay||No

|-

|Maybank Singapore Limited||马来亚银行|| rowspan="2" |Malaysia||2 Battery Road||

|-

|Hong Leong Bank Berhad||丰隆银行||1 Wallich Street|| ||

|-

|Indian Bank||இந்தியன் வங்கி||No|| rowspan="2" |India||3 Raffles Place|| rowspan="2" |No|| rowspan="2" |No

|-

|Indian Overseas Bank||இந்தியன் ஓவர்‌ஸீஸ் வங்கி||No||64 Cecil Street

|-

|JPMorgan Chase Bank, National Association||摩根大通银行||Yes||United States||168 Robinson Road|| rowspan="6" |Yes||Sec

|-

|Ping An Bank

|平安银行

|Yes

|China

|80 Pasir Panjang Road

|Pri

|-

|PT Bank Mandiri (Persero) Tbk.||曼迪里银行||No|| rowspan="2" |Indonesia||Asia Square Tower 2|| rowspan="2" |No

|-

|PT Bank Negara Indonesia (Persero) Tbk.||印度尼西亚国家银行||No||39 Robinson Road

|-

|RHB Bank Berhad||兴业银行||Yes||Malaysia||90 Cecil Street||Sec

|-

|Sumitomo Mitsui Banking Corporation||三井住友銀行||Yes||Japan||3 Temasek Avenue|| rowspan="2" |No

|-

|UCO Bank||优科银行||No||India||3 Raffles Place||No

|}

Qualifying full banks

Qualifying Full Banks (QFBs) are foreign banks granted enhanced retail privileges under MAS liberalisation starting in 1999.

The first four licences were awarded on 20 October 1999 to ABN AMRO, Banque Nationale De Paris (now BNP Paribas), Citibank (transferred to newly locally incorporated Citibank Singapore on 28 June 2004) and Standard Chartered Bank (transferred to locally incorporated Standard Chartered Singapore in 2018). Two new licences were issued in December 2001 as part of the second phase of bank liberalisation, namely to the Hongkong and Shanghai Banking Corporation and Maybank Singapore. These QFBs were initially permitted to operate up to 15 service locations under the banking liberalisation framework introduced by MAS.

In June 2004, the QFB licence was further liberalised. QFBs are permitted to establish up to 25 service locations of which up to 10 can be branches from 1 January 2005. These banks were permitted to share their ATM networks (this was achieved with five of the QFBs through atm<sup>5</sup>), and provide services via the EFTPOS network from 1 July 2002. On the same day, they are also permitted to provide the Central Provident Fund's Supplementary Retirement Scheme and Investment Scheme accounts and to accept CPF fixed deposits. In 2012, MAS announced new changes to the QFB scheme, requiring QFBs who are "important to the domestic market to locally incorporate their retail operations". Further, MAS announced in 2012 that QFBs deemed significantly rooted in Singapore and whose home jurisdictions had free trade agreements with Singapore could operate up to 50 places of business.

{|class="wikitable"

|-

!colspan="2"|Qualifying Full Bank||rowspan="2"|EFA||rowspan="2"|Incorporated in||rowspan="2"|Local address||rowspan="2"|ACU||rowspan="2"|SGS

|-

!English||Local language

|-

|Australia and New Zealand Banking Group Limited||&nbsp;|| rowspan="11" |Yes||Australia||1 Raffles Place|| rowspan="11" |Yes||Pri

|-

|BNP Paribas||&nbsp;||France||20 Collyer Quay||No

|-

|Citibank International Personal Bank Singapore (Citibank Singapore Limited)||新加坡花旗銀行國際個人銀行|| rowspan="2" |Singapore||23 Church Street||Yes

|-

|Citibank Singapore Limited||美国花旗银行新加坡分行||3 Temasek Avenue||No

|-

|HSBC||香港上海滙豐銀行有限公司|| Hong Kong SAR||21 Collyer Quay||Pri

|-

|Maybank Singapore Limited||马来亚银行||Malaysia||2 Battery Road||Sec

|-

|Standard Chartered Singapore||渣打新加坡有限公司||Singapore||Marina Boulevard, Marina Bay Financial Centre||Pri

|-

|State Bank of India |||ஸ்டேட் பேங்க் ஆப் இந்தியா||India||135 Cecil Street|| rowspan="2" |No

|-

|ICICI Bank Limited||&nbsp;||India||9 Raffles Place

|-

|Bank of China||中国银行|| rowspan="2" |China||4 Battery Road|| rowspan="2" |Sec

|-

|Industrial and Commercial Bank of China||中国工商银行||6 Raffles Quay

|}

Wholesale banks

Wholesale banks serve corporate and institutional clients and cannot offer SGD retail deposits. These licences were first issued in December 2001 to replace the "Restricted Bank (RB)" licence as a reflection of the greater range of services which may be conducted by these banks. These banks may conduct the same range of services as full banks, except that they do not deal with banking activities in the Singapore Dollar, and can only have one main branch.

MAS-listed wholesale banks are listed in the table.

{|class="wikitable"

|-

!colspan="2"|Wholesale Bank||rowspan="2"|EFA||rowspan="2"|Incorporated in||rowspan="2"|Local address||rowspan="2"|SGS

|-

!English||Local language

|-

|Australia and New Zealand Banking Group Limited||&nbsp;||Yes||Australia||1 Raffles Place||Sec

|-

|Scotiabank ||&nbsp;||No||Canada||10 Collyer Quay||No

|-

|Barclays Bank PLC||&nbsp;|| rowspan="3" |Yes||United Kingdom||1 Raffles Quay||Pri

|-

|Bayerische Hypo- und Vereinsbank Aktiengesellschaft||&nbsp;||Germany||30 Cecil Street|| rowspan="3" |No

|-

|BNP Paribas Private Bank||&nbsp;||France||20 Collyer Quay

|-

|Mega International Commercial Bank||兆豐銀行||No||Taiwan||80 Raffles Place

|-

|Commerzbank Aktiengesellschaft||&nbsp;|| rowspan="3" |Yes||Germany||8 Shenton Way||Sec

|-

|Credit Suisse||&nbsp;||Switzerland||1 Raffles Link|| rowspan="2" |Pri

|-

|Deutsche Bank Aktiengesellschaft||&nbsp;||Germany||6 Shenton Way

|-

|Dresdner Bank Aktiengesellschaft merged with Commerzbank in 2009

|-

|EFG Bank ||&nbsp;||Yes||Switzerland||25 North Bridge Road||Pri

|-

|First Commercial Bank Limited||第一商業銀行股份有限公司||No||Taiwan||77 Robinson Road||No

|-

|Fortis Bank S.A./N.V.||&nbsp;||Yes||Belgium & the Netherlands||63 Market Street||Sec

|-

|Habib Bank Limited||&nbsp;||No||Pakistan||3 Phillip Street||No

|-

|HSBC Private Bank (Suisse) SA||&nbsp;||Yes||Switzerland||21 Collyer Quay||Sec

|-

|Industrial and Commercial Bank of China||中国工商银行||No||People's Republic of China||6 Raffles Quay||No

|-

|ING Bank N.V.||&nbsp;|| rowspan="2" |Yes||the Netherlands||9 Raffles Place||Sec

|-

|KBC Bank N.V.||&nbsp;||Belgium||30 Cecil Street|| rowspan="11" |No

|-

|Korea Exchange Bank||외환은행||No||South Korea||30 Cecil Street

|-

|Landesbank Baden-Wuerttemberg||&nbsp;||Yes||Germany||25 International Business Park

|-

|Mizuho Bank Limited||みずほ銀行||Yes||Japan||168 Robinson Road

|-

|Moscow Narodny Bank Limited||&nbsp;||No||United Kingdom||50 Robinson Road

|-

|National Australia Bank Limited||&nbsp;||Yes||Australia||5 Temasek Boulevard

|-

|National Bank of Kuwait SAK||الوطني|| rowspan="2" |No||Kuwait||9 Raffles Place

|-

|Norddeutsche Landesbank||&nbsp;||Germany||6 Shenton Way

|-

|Northern Trust Company, The||&nbsp;|| rowspan="3" |Yes||United States||1 George Street

|-

|Rabobank||&nbsp;||the Netherlands||77 Robinson Road

|-

|Royal Bank of Scotland PLC, The||&nbsp;||United Kingdom||50 Raffles Place

|-

|Sanpaolo IMI S.P.A.||&nbsp;||No||Italy||6 Temasek Boulevard|| rowspan="2" |Sec

|-

|Société Générale||&nbsp;||Yes||France||80 Robinson Road

|-

|State Street Bank and Trust Company||&nbsp;||No||United States||168 Robinson Road||No

|-

|UBS AG||瑞士銀行|| rowspan="2" |Yes||Switzerland||5 Temasek Boulevard||Sec

|-

|UFJ Bank Limited||株式会社UFJ銀行||Japan||6 Raffles Quay||No

|-

|WestLB Aktiengesellschaft||&nbsp;||No||Germany||3 Temasek Avenue||Sec

|}

Offshore banks

Offshore banks primarily serve non-SGD international transactions.

Below is a list of offshore banks listed in MAS Financial Institutions Directory registry that are providing services in Singapore.

{| class="wikitable sortable"

|+

! Bank (English)

! Local name

! EFA

! Incorporated in

! Local address

! ACU

! SGS

|-

| Absa Group || || rowspan="6" | No || South Africa || 9 Temasek Boulevard || rowspan="40" | Yes || rowspan="29" | No

|-

| Agricultural Bank of China || 中国农业银行 || People's Republic of China || 80 Raffles Place

|-

| Arab Bank || البنك العربي || Jordan || 80 Raffles Place

|-

| Bank of Communications || 交通银行 || People's Republic of China || 128 Beach Road

|-

| Bank of Taiwan || 臺灣銀行 || Taiwan || 80 Raffles Place

|-

| BNY Mellon || || United States || 1 Temasek Avenue

|-

| Canadian Imperial Bank of Commerce || || Yes || Canada || 16 Collyer Quay

|-

| Chang Hwa Commercial Bank || 彰化銀行 || rowspan="3" | No || Taiwan || 1 Finlayson Green

|-

| China Construction Bank || 中国建设银行 || People's Republic of China || 9 Raffles Place

|-

| CIMB Bank || || Malaysia || 7 Temasek Boulevard

|-

| Commonwealth Bank || || rowspan="3" | Yes || Australia || 3 Temasek Avenue

|-

| Crédit Agricole || || rowspan="2" | France || 168 Robinson Road

|-

| Crédit Industriel et Commercial || || 12 Marina Boulevard

|-

| DNB ASA || || rowspan="8" | No || Norway || 8 Shenton Way

|-

| DZ Bank || || Germany || 50 Raffles Place

|-

| Hana Bank || 하나은행 || South Korea || 8 Cross Street

|-

| Hang Seng Bank || 恒生銀行有限公司 || Hong Kong SAR || 21 Collyer Quay

|-

| Hua Nan Commercial Bank || 華南銀行 || Taiwan || 80 Robinson Road

|-

| Korea Development Bank || 한국산업은행 || South Korea || 8 Shenton Way

|-

| Krung Thai Bank || ธนาคารกรุงไทย || Thailand || 65 Chulia Street

|-

| Land Bank of Taiwan || 土地銀行 || Taiwan || 80 Raffles Place

|-

| Lloyds Bank || || rowspan="2" | Yes || United Kingdom || 1 Temasek Avenue

|-

| Mitsubishi UFJ Trust and Banking Corporation || 三菱信託銀行 || Japan || 50 Raffles Place

|-

| Natixis || || No || France || 50 Raffles Place

|-

| Nordea Bank || || Yes || Finland || 3 Anson Road

|-

| Norinchukin Bank || 農林中央金庫 || rowspan="4" | No || Japan || 80 Raffles Place

|-

| Philippine National Bank || || Philippines || 304 Orchard Road

|-

| Bank Mandiri || || Indonesia || 3 Anson Road

|-

| Raiffeisen Bank International || || Austria || One Raffles Quay

|-

| Royal Bank of Canada || || Yes || Canada || 20 Raffles Place || Yes

|-

| Shinhan Bank || 신한은행 || rowspan="2" | No || South Korea || 50 Raffles Place || rowspan="10" | No

|-

| Siam Commercial Bank || ธนาคารไทยพาณิชย์ || Thailand || 16 Collyer Quay

|-

| Skandinaviska Enskilda Banken || || Yes || Sweden || 50 Raffles Place

|-

| State Bank of India || || No || India || 135 Cecil Street

|-

| Sumitomo Mitsui Trust Holdings || 住友信託銀行 || Yes || Japan || 8 Shenton Way

|-

| Svenska Handelsbanken || || No || Sweden || 65 Chulia Street

|-

| Toronto-Dominion Bank || || Yes || Canada || 1 Temasek Avenue

|-

| Union de Banques Arabes et Françaises || || No || France || 6 Temasek Boulevard

|-

| Westpac || || Yes || Australia || 77 Robinson Road

|-

| Woori Bank || 우리은행 || No || South Korea || 5 Shenton Way

|}

Retail banks in Singapore by total assets (as of 2024)

This list includes only banks that provide retail banking services in Singapore through independent corporate entities. It excludes branches of overseas banks (e.g., BOC Singapore Branch) and considers only the assets held within the Singapore entity (may includes any overseas branches operated by that entity). Assets held by overseas subsidiaries or independent entities (e.g., DBS Hong Kong) are not included.

{|class="wikitable sortable"

|-

! Rank !! Bank !! Bank Type !! Total assets (S$m)

|-

|1||DBS Singapore|| rowspan="2" |Local bank||543,845

|-

|rowspan="2"|2||OCBC Singapore||362,744

|-

|Bank of Singapore||Local bank (private banking subsidiary)||US$40,675m

|-

|3||UOB Singapore||Local bank||318,152

|-

|4||Standard Chartered Singapore|| rowspan="4" |Foreign bank||182,245

|-

|5||Citibank Singapore||53,310

|-

|6||Maybank Singapore||44,227

|-

|7||HSBC Singapore||34,301

|-

|8||Trust Bank|| rowspan="3" |Digital bank||4,135

|-

|9||MariBank||2,329

|-

|10||GXS Bank||2,318

|}

Merchant banks

Merchant banks in Singapore are financial institutions licensed by the Monetary Authority of Singapore (MAS) to engage primarily in wholesale and investment banking activities, including corporate finance, underwriting of equity and debt securities, mergers and acquisitions advisory, portfolio management, and other fee-based financial services.

Under MAS regulations, merchant banks are not permitted to accept sight deposits or savings deposits from the public or engage in retail deposit-taking activities. However, they may raise funds from wholesale sources, including banks, finance companies, shareholders, and related corporate entities.

Merchant banks operate under a regulatory framework designed to separate wholesale investment banking activities from retail commercial banking, thereby ensuring financial stability while supporting capital market development in Singapore.

Representative offices of banks

  • Citibank International Personal Bank Singapore

See also

  • List of financial supervisory authorities by country
  • Banking in Singapore
  • Monetary Authority of Singapore
  • Economy of Singapore

Notes

References

  • Best Banks in Singapore
  • Address and Contact numbers of Singapore banks
  • Complete list of banks and branches in Singapore
  • List of banks swift codes in Singapore