Singapore banking serves high net worth individuals and affluent families in its main markets in Asia, Greater China, the Indian Subcontinent and other international markets. Bank of Singapore has branches in Hong Kong and Dubai and a representative office in Manila.
About Singapour Banking
Singapour banking was established on 29 January 2010 with the acquisition of ING Asia Private Bank. OCBC Bank in 2009, after the ING Group was bailed out from the government in 2008, as a result of ING’s restructuring plan, due to the Financial Crisis in the late 2000s. The Bank of Singapore Center on Market Street, its current headquarters, was officially opened in June 2011. Since then, the bank has strengthened its position in the Asia Pacific region.
In April 2016, OCBC Bank announced that its private banking subsidiary, Bank of Singapore, had acquired the wealth and investment management business of Barclays in Singapore and Hong Kong. The Singapour banking transaction was completed in November 2016 and USD 13 billion of assets were transferred to Bank of Singapore. As a result of the acquisition, more than 60 private bankers from Barclays joined Bank of Singapore. The bank offers specialized asset management, investment and lending services alongside general banking services provided by its parent bank, OCBC Bank. It also offers financial analysis in areas such as international stocks and estate planning services.
List Of Singapour Banks
Currently, 111 commercial banks 49 and 45 goverment banks with representative offices operate in Singapore. Here is a list of some well known Singapour banks :
· Standard Chartered
· Bangkok Bank
· CIMB Bank
If you’re a visitor/tourist wanting to open a business account here are some options for you to start opening your Singapour banking account.
· DBS offers applicants a multi-currency account option when they apply to open a bank account with DBS. Most of the services are offered to foreign customers. This allows non-resident account holders to easily manage and transfer their money anywhere.
· OCBC Bank: Another bank that foreign business owners should consider opening a bank account in Singapore is OCBC Bank. However, during the Singapour banking application process, a Singapore resident must meet all the necessary conditions.
· UOB Bank: Foreign businesses can also apply with UOB Bank to open their corporate bank account in Singapore. However, for non-residents, they can apply for an account with the UOB by attending a meeting in person at a UOB branch.
Opening A International Bank Account In Singapour
There are some steps and rules for you to open international banking in Singapour . Here are the things that you should bring with you to the bank before applying for a Singapour banking account.
· Certificate Confirming the Establishment of the Company (ACRA form)
· Work Profile
· Pay Shares Document
· Tax number (Tin code)
· ID cards of all members
· Original electricity bill (electric bill, water bill, etc.) as proof of residence address.
· Bank Statements for the Last 6 Months
· Related Certificate
· Singapore banking companies can open accounts in many banks around the world i.e. Local banks (OCBC, DBS, UOB, etc.) or International banks (Maybank, UOB Malaysia, Standard Chartered, etc.). Also, low or free tax offshore banks are keen on Singapore Companies like Euro Pacific Bank (Puerto Rico), CIM (Switzerland), Maubank (Mauritius), Bendura Bank (Liechtenstein).
· The procedure for opening a bank account is simplified and straightforward as their information is disclosed to the Singapore Government. High certification contract – Apostille is not required.
About Singapour Central Bank
DBS Bank is a Singapore-based bank. The Singapour central bank was established by the Singapore government in July 1968 and was known as The Development Bank of Singapore Limited until 2003 and is a subsidiary of Temasek Holdings. It is headquartered in Marina Bay, in Marina Bay Financial Center Tower 3.
DBS Bank is Southeast Asia’s largest bank in assets and one of the largest in Asia, with $518 billion as of December 31, 2017. In 2018, the Singapour banking was named the best bank in the world by Global Finance. Singapour bank holiday days are Tuen Ng Festival, Dragon Festival, Hari Raja Hari, Racial Harmony Day, Ghost Festival and El am Hejr.
What Is The Best Bank In Singapour?
Singapour is an international financial center whose government implements pro-business policies. Attractive policies and strategic location make Singapour banking a banking hub in Southeast Asia. More than 200 banks operate in Singapour, and the assets of the general banking sector are worth almost US$2 trillion as of 2013. This guide will outline about what is the best bank in Singapore
· Singapore Development Bank
The Singapore Development Bank (DBS) was established in 1968 by the Singapore government. DBS currently operates more than 100 branches across the country. DBS is the largest bank in Southeast Asia with branches and offices in China, UAE, Hong Kong, India, Japan, Indonesia, Myanmar, South Korea, Malaysia, Philippines, Taiwan, Thailand, Vietnam, United Kingdom and United Kingdom.
· United Overseas Bank
United Chinese Bank was established in Singapore in 1935. It was renamed United Overseas Bank (UOB) after Singapore gained independence in 1965. UOB is the third largest bank in Southeast Asia with over 500 offices in 19 countries. The Singapour banking offers a wide range of commercial and personal banking products and services.
· Standard Chartered Bank
British financial institution with its origins dating back to 1858, is one of the largest banks in the world. Standard Chartered Bank operates with over 1,200 branches in 70 countries, with 90% of its profits coming from its operations in Asia.