Overview of the Singapore Banking Industry

The Monetary Authority of Singapore (MAS)

The Monetary Authority of Singapore (MAS) was established under the MAS Act of 1976. It began operations on January 1, 1971. The mission of MAS Singapore is “to promote sustained non-inflationary economic growth and a sound and progressive financial center”.

The functions of the MAS are the following

• Management of monetary policy
• Banker and financial agent of the government
• Banker to the financial institutions
• Regulation and supervision of the financial sector
• Promotion and development of the financial sector

Related Link: Opening a Corporate Bank Account in Singapore

Local Banks

Singapore’s major local banks are

• Development Bank of Singapore (DBS),
• Oversea Chinese Banking Corporation (OCBC), and
• United Overseas Bank (UOB)

Foreign Banks in Singapore

Foreign banks in Singapore are categorized as full banks, wholesale banks, merchant banks and offshore banks.

Some of the major foreign banks are

• Citibank Singapore
• The Hong Kong and Shanghai Banking Corporation (HSBC) Limited
• Standard Chartered
• Maybank
• ABN AMRO
• BNP Paribas

Related Link: Opening a Personal Bank Account in Singapore