Banks in Singapore have attracted a lot of banking business formerly based in Switzerland due to the business-friendly environment of Singapore commercial banking. The total assets Singapore banks have grown steadily since the year 2000. Commercial banking in Singapore and corporate banking in Singapore have grown into a major portion of the country's economy.
Banking in Singapore is getting easier to establish, due to the presence of several large western banks such as Credit Suisse and Citibank. This banks in Singapore industry overview includes information on Singapore commercial banks, so you can get a general understanding of business banking in Singapore. Compare the services of several banks in Singapore before selecting a specific Singapore banking institution.
1. Consider establishing an account in one of the many major Singapore banking institutions that are in partnership with a western bank.
2. Open a small account in Singapore banks on a trial basis to compare Singapore banks to western banks.
3. Understand the regulations of banking in Singapore as related to the regulations of the country where your business is located.
Action Steps
The best contacts and resources to help you get it done
Get an account with major Singapore banking institutions
Banks in Singapore are becoming a major location for offshore banking resources. Many major international financial institutions offer banking and asset management services through a Singapore bank. There are over a hundred foreign commercial banks in Singapore. Singapore's political and economic stability have made it one of the top financial centers in Asia.
I recommend: Many major Singapore banking institutions have established ties with overseas banks.
DBS Bank has the largest assets of any bank Singapore bank. It is also a banking leader in Hong Kong.
United Overseas Bank Limited offers a full line of commercial and private banking services. Its international online banking and digital banking system is first rate.
Establish a small-scale account with Singapore banking institutions
Set up a small account in a commercial bank in Singapore before you try moving too many business assets. If you conduct business in Asia, you should open a small account in a Singapore bank with direct ties to your home bank. A Singapore commercial bank with a foreign parent bank would be the best bank to start banking in Singapore.
I recommend: The
Standard Chartered Bank is one of the banks in Singapore based in London.
Citibank has a large banking division located in Singapore. It offers a full range of services similar to those offered in the United States.
Work directly with established banks in Singapore
The laws governing Singapore banking institutions are quite different than those regulating most American or European banks. It is best to work directly with banking personnel from institutions that have a record of stability, and were able to weather the banking troubles that plagued many Asian banks in the late 1990s.
I recommend: The
Australia and New New Zealand Banking Group (ANZ) has a long track record in Singapore commercial banking. ANZ offers a full line of commercial services for customers in Singapore. The
Hong Kong and Shanghai Banking Corporation has established a fine reputation for banking in Singapore.
Tips & Tactics
Helpful advice for making the most of this Guide
- Go to Singapore and spend time in the region before conducting relations with any Singapore banking institutions. The area is well known for security and stability, but the regulations are quite stringent in some areas.
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