During the 1990s, Singapore emerged as one of the four “Asian tigers” along with countries like Hong Kong, Taiwan, and South Korea. Nowadays, this small but prosperous island nation is firmly established as one of the world’s most developed economies, and is in fact on a par with the leading economies of the Western world.
The banking and financial sectors in Singapore contribute enormously to the country’s GDP. According to a 2011 report published by the World Bank, banking accounts for 22 per cent of Singapore’s gross domestic product, while related sectors like finance account for more than 13 per cent. The local banking sector underwent a liberalisation process in 2001, and is currently made up of six fully incorporated national banks and more than 100 foreign banking institutions, including offshore banks and merchant banks.
Banking in Singapore: an overview of the current situation and services
Singapore’s national banks include:
– UOB (United Overseas Bank)
– Bank of Singapore
– DBS Bank
– Singapore Island Bank
– Far Eastern Bank
– Overseas Chinese Banking Corporation
There is also a number of international banks with presence in Singapore that offer reliable banking services to residents. These include HSBC, Citibank, Barclays, and BNP Paribas, among others.
The Singaporean banking sector did not take long to catch up with the latest trends in terms of banking security, technology, and range of services. Singaporean banks have also expanded their working hours in order to provide better banking services to their customer base. Currently, banks are open between Monday and Saturday, with some of the largest branches also opening on Sundays.
Technology dominates in terms of the banking services available in Singapore. All institutions offer convenient online banking facilities and electronic payment services. Current accounts are by far the most popular type of bank account, and unlike banks in other coutries, most Singaporean banks levy no charges in terms of account maintenance.
In an effort to provide improved banking services that cater to the needs of all customers, some banks offer current accounts in a currency other than Singaporean Dollars, mainly in Euros and US dollars. Cheque books and the issuance of a personalised debit / ATM card are also standard. Because of its highly developed and modern infrastructure, travel credit cards in Singapore are a common method of payment in most establishments, and a star product offered by all Singaporean banking institutions.
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