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 July 2001, banks were no longer permitted to engage in non-financial activities.

Local banks

In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates better able to regionalise and compete with foreign banks, the government liberalised the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001. Since then, the number of local full banks has shrunk by more than half to 5 today.

Full banks

There are presently 6 locally-incorporated full banks in Singapore, owned by three banking groups. These full banks have the liberty to provide any financial service as permitted by the Banking Act.

Defunct banks

Foreign banks 

There are presently 106 foreign commercial banks in Singapore, of which 24 are Full banks, 40 are Wholesale banks, and 42 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 restricted in terms of number of branches and automated teller machines.

Qualifying full banks

Liberalisation of the banking sector saw the government creating a new category under the foreign banks category, called the Qualifying Full Bank (QFB). 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. 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 Malayan Banking. These QFBs are permitted to operate up to 15 service locations.

In June 2004, the QFB license 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.

Wholesale banks 

Wholesale bank licences were first issued in December 2001 to replace the "Restricted Bank (RB)" license as a reflection of greater 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.

Offshore banks 

As we all know Singapore is a Tourist place which provides Singapore a Niche environment for the banks Banks of Singapore. They have much Flexibility for their customers. They also have attractive schemes for them. Singapore dollar deposits held by or for an individual or a charity will be insured in accordance with and for up to the limits specified in the Deposit Insurance Act. Bank of Singapore provides following features

Door-step service with a personal touch
Special promotional packages
High financing quantum
Quick approval within 24 hrs

Commercial banks

Commercial banks in Singapore that undertake universal banking, such as the taking deposits and the provision of cheque services and lending, as well any many other business authorized by the Monetary Authority of Singapore, including financial advisory services, capital market services and insurance brokering, as long as they are permitted under section 30 of the Banking Act. But since July 2001, banks were not permitted to be engulfing in non-financial activities.

Local banks

In a bid to encourage consolidation of the local banking industry to form larger banking conglomerates better able to regionalized and compete with foreign banks, the government liberalized the banking sector by awarding greater liberty for foreign banks to operate in Singapore in 2001. Since then, the number of local full banks has shrunk by more than half to 5 today.

Foreign bank

At present there are 106 foreign commercial banks in Singapore, out of which 40 are Wholesale banks, 24 are Full banks, and 42 are offshore banks 

Full banks 

Foreign banks with full bank licenses can also offer commercial banking services to their customers compared to local banks, but they are restricted in terms of number of branches and A.T.M

Member banks of ABS (Associates Bank of Singapore) 

ORDINARY MEMBERS 

Local Banks

OCBC Bank (Chairman Bank)

DBS Bank Ltd (Vice Chairman Bank)

United Overseas Bank Limited

Citibank Singapore Limited

Bank of Singapore

Far Eastern Bank Limited

ING Asia Private Limited

Islamic Bank of Asia Limited, The

Foreign Banks

ABN AMRO Bank NV

Agricultural Bank of China

American Express Bank Limited

Arab Bank plc

Australia and New Zealand Banking Group Limited

Banco Bilbao Vizcaya Argentaria, S.A.

Bangkok Bank Public Company Limited

Bank Hapoalim ( Switzerland) Ltd Singapore Branch

Bank Julius Baer & Co Ltd

Bank of America NA

Bank of Baroda

Bank of China Limited

Bank of Communications Co., Ltd

Bank of East Asia Limited, The

Bank of India

Bank of New York, The

Bank of New Zealand

Bank of Nova Scotia, The

Bank of Taiwan

Bank of Tokyo-Mitsubishi UFJ Ltd, The

Barclays Bank PLC

Bayerische Hypo-und Vereinsbank AG

BNP Paribas

BNP Paribas Private Bank

Calyon

Canadian Imperial Bank of Commerce

Chang Hwa Commercial Bank Limited

China Construction Bank Corporation

CIMB Bank Berhad

Citibank NA

Clariden Leu Ltd

Commerzbank AG

Commonwealth Bank of Australia

Credit Agricole (Suisse) SA

Credit Industriel et Commercial

Credit Suisse

Deutsche Bank AG

Dexia Banque Internationale à Luxembourg SA

DnB NOR Bank ASA

Dresdner Bank AG

DZ Bank AG Singapore Branch

First Commercial Bank

Fortis Bank SA/NV

Habib Bank Limited

Hana Bank

Hang Seng Bank Limited

HL Bank

HSBC

HSBC Private Bank (Suisse) SA

HSH Nordbank AG

Hua Nan Commercial Bank Ltd

ICICI Bank Limited

Indian Bank

Indian Overseas Bank

Industrial and Commercial Bank of China Limited

ING Bank NV

JPMorgan Chase Bank NA

KBC Bank NV

Korea Development Bank, The

Korea Exchange Bank

Krung Thai Bank Public Company Limited

Land Bank of Taiwan

Landesbank Baden-Wuerttemberg (LBBW)

Lloyds TSB Bank plc

Maybank

Mega International Commercial Bank Co Ltd

Mitsubishi UFJ Trust and Banking Corporation

Mizuho Corporate Bank Limited

National Australia Bank Limited

National Bank of Kuwait SAK

Natixis

Norddeutsche Landesbank Girozentrale

Nordea Bank Finland Plc

Norinchukin Bank, The

Northern Trust Company, The

Philippine National Bank

PT Bank Mandiri (Persero)

P.T. Bank Negara Indonesia (Persero) TBK

Rabobank , Singapore Branch

Raiffeisen Zentralbank Oesterreich AG (RZB-Austria)

RHB Bank Berhad

Royal Bank of Canada

Royal Bank of Scotland Plc, The

Shinhan Bank

Siam Commercial Bank Public Company Limited, The

Skandinaviska Enskilda Banken AB (publ)

Societe Generale

Societe Generale Bank & Trust

Standard Chartered Bank

State Bank of India

State Street Bank and Trust Company

Sumitomo Mitsui Banking Corporation

Sumitomo Trust & Banking Co Limited, The

Svenska Handelsbanken AB

Toronto Dominion Bank, The

UBS AG

UCO Bank

Union de Banques Arabes et Francaises - UBAF

VTB Bank Europe plc, Singapore Branch

Wachovia Bank National Association

WestLB AG

Westpac Banking Corporation

Woori Bank

ASSOCIATE MEMBERS

Allied Banking Corporation

Aozora Bank Limited

Arab Banking Corporation (B.S.C.)

Bank Central Asia

Bank For Foreign Trade of Vietnam

Euroclear Bank

Qatar National Bank SAQ

Zürcher Kantonalbank