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).
Local Full BankEFALocal addressACUSGSEnglishOther languagesBank of Singapore (part of OCBC Bank)Yes63 Market StreetYesNoDBS Bank Limited12 Marina BoulevardPriPOSB (part of DBS Bank)12 Marina BoulevardPriOCBC Bank 65 Chulia StreetPriUnited Overseas Bank Limited (UOB)80 Raffles PlacePriGXS Bank Private LimitedNo3 Media CloseNo
Digital full banks Digital full banks were introduced following MAS liberalisation in 2020.
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. All are incorporated in Singapore.
+Local Digital Full BankOwnershipLocal addressEnglishOther languagesTrust BankFairPrice Group, Standard Chartered Singapore77 Robinson Rd, #25-00, Robinson 77, 068896GXS BankGrab, Singtel3 Media Close, #09-03, 138498MariBankSea Ltd1 Fusionopolis Walk, #15-01, South Tower Solaris, 138628
Defunct banks English name Other language name Closed FateBank of 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 1999 Merged into United Overseas Bank Far Eastern Bank Limited 2017 Merged into United Overseas BankIndustrial and Commercial Bank Singapore Limited2002Merged into United Overseas BankInternational Bank of Singapore1984Merged into Overseas Union Bank Keppel Bank Limited 1998 Merged with Keppel TatLee Bank Keppel TatLee Bank Limited 2001 Merged into Oversea-Chinese Banking CorporationKwong Yik Bank1913Voluntary liquidation after a bank run Overseas Union Bank Limited 2002 Merged into United Overseas Bank Tat Lee Bank Limited 1998 Merged with Keppel TatLee Bank The Islamic Bank of Asia 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.
Foreign full BankEFAIncorporated inLocal addressACUSGSEnglishLocal languageStandard Chartered SingaporeYesSingapore8 Marina BoulevardYesNoBangkok Bank Public Company LimitedNoThailand180 Cecil StreetBank of America, National AssociationYesUnited States50 Collyer QuayPriBank of China LimitedPeople's Republic of China4 Battery RoadSecBank of East Asia Limited, TheHong Kong SAR137 Market StreetNoBank of IndiaIndia138 Robinson RoadBank of Tokyo-Mitsubishi UFJ Limited, TheJapan9 Raffles PlaceSecCalyonFrance168 Robinson RoadCIMB BankNoMalaysia39 Robinson RoadNoNoCitibank SingaporeYesSingapore3 Temasek AvenueYesPriHongkong and Shanghai Banking Corporation LimitedHong Kong SAR21 Collyer QuayNoMaybank Singapore LimitedMalaysia2 Battery RoadHong Leong Bank Berhad1 Wallich Street Indian Bankஇந்தியன் வங்கிNoIndia3 Raffles PlaceNoNoIndian Overseas Bankஇந்தியன் ஓவர்ஸீஸ் வங்கிNo64 Cecil StreetJPMorgan Chase Bank, National AssociationYesUnited States168 Robinson RoadYesSecPing An BankYesChina80 Pasir Panjang RoadPriPT Bank Mandiri (Persero) Tbk.NoIndonesiaAsia Square Tower 2NoPT Bank Negara Indonesia (Persero) Tbk.No39 Robinson RoadRHB Bank BerhadYesMalaysia90 Cecil StreetSecSumitomo Mitsui Banking CorporationYesJapan3 Temasek AvenueNoUCO BankNoIndia3 Raffles PlaceNo
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 atm5), 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.
Qualifying Full BankEFAIncorporated inLocal addressACUSGSEnglishLocal languageAustralia and New Zealand Banking Group Limited YesAustralia1 Raffles PlaceYesPriBNP Paribas France20 Collyer QuayNoCitibank International Personal Bank Singapore (Citibank Singapore Limited)Singapore23 Church StreetYesCitibank Singapore Limited3 Temasek AvenueNoHSBC Hong Kong SAR21 Collyer QuayPriMaybank Singapore LimitedMalaysia2 Battery RoadSecStandard Chartered SingaporeSingaporeMarina Boulevard, Marina Bay Financial CentrePriState Bank of India ஸ்டேட் பேங்க் ஆப் இந்தியாIndia135 Cecil StreetNoICICI Bank Limited India9 Raffles PlaceBank of ChinaChina4 Battery RoadSecIndustrial and Commercial Bank of China6 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.
Wholesale BankEFAIncorporated inLocal addressSGSEnglishLocal languageAustralia and New Zealand Banking Group Limited YesAustralia1 Raffles PlaceSecScotiabank NoCanada10 Collyer QuayNoBarclays Bank PLC YesUnited Kingdom1 Raffles QuayPriBayerische Hypo- und Vereinsbank Aktiengesellschaft Germany30 Cecil StreetNoBNP Paribas Private Bank France20 Collyer QuayMega International Commercial BankNoTaiwan80 Raffles PlaceCommerzbank Aktiengesellschaft YesGermany8 Shenton WaySecCredit Suisse Switzerland1 Raffles LinkPriDeutsche Bank Aktiengesellschaft Germany6 Shenton WayDresdner Bank Aktiengesellschaft merged with Commerzbank in 2009EFG Bank YesSwitzerland25 North Bridge RoadPriFirst Commercial Bank LimitedNoTaiwan77 Robinson RoadNoFortis Bank S.A./N.V. YesBelgium & the Netherlands63 Market StreetSecHabib Bank Limited NoPakistan3 Phillip StreetNoHSBC Private Bank (Suisse) SA YesSwitzerland21 Collyer QuaySecIndustrial and Commercial Bank of ChinaNoPeople's Republic of China6 Raffles QuayNoING Bank N.V. Yesthe Netherlands9 Raffles PlaceSecKBC Bank N.V. Belgium30 Cecil StreetNoKorea Exchange BankNoSouth Korea30 Cecil StreetLandesbank Baden-Wuerttemberg YesGermany25 International Business ParkMizuho Bank LimitedYesJapan168 Robinson RoadMoscow Narodny Bank Limited NoUnited Kingdom50 Robinson RoadNational Australia Bank Limited YesAustralia5 Temasek BoulevardNational Bank of Kuwait SAK NoKuwait9 Raffles PlaceNorddeutsche Landesbank Germany6 Shenton WayNorthern Trust Company, The YesUnited States1 George StreetRabobank the Netherlands77 Robinson RoadRoyal Bank of Scotland PLC, The United Kingdom50 Raffles PlaceSanpaolo IMI S.P.A. NoItaly6 Temasek BoulevardSecSociété Générale YesFrance80 Robinson RoadState Street Bank and Trust Company NoUnited States168 Robinson RoadNoUBS AGYesSwitzerland5 Temasek BoulevardSecUFJ Bank LimitedJapan6 Raffles QuayNoWestLB Aktiengesellschaft NoGermany3 Temasek AvenueSec
Offshore banks