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Banking Industry in Singapore

Updated on Thursday 19th May 2016

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Banking-industry-in-SingaporeBanking - one of the most developed industries in Singapore

Singapore is currently one of the most renowned financial center in the world, with a banking industry accounting for more than 10% of the city-state’s Gross Domestic Product. The financial sector employs only a small percentage of the Singapore workforce (approximately 5%) which also makes it one of the highest value-added industries in the country. There are several reasons the banking industry has become so successful, among which:

  • -          the strong regulatory framework;
  • -          the business environment which is very attractive for foreign investors;
  • -          the infrastructure;
  • -       the skilled workforce which comprises both local and foreign employees who together form an international talent pool.

The success of the Singapore banking industry consists in its diversity, as it provides various financial services, among which lending, deposit and investment. Our local agents can provide you with more information about the banking sector.

What are the most successful branches of the Singapore banking industry?

Private banking is currently one of the most developed and successful sectors of the banking industry in Singapore. There is a large number of private banks operating in Singapore at the moment and many other private companies offering other financial services. Wealth management is another remarkable example of the Singapore banking segment as the number of financial companies providing advisory services with respect to wealth management has increased considerably in the last few years. Investment services are also a good example of the success of the Singapore banking industry.

Our specialists in company registration in Singapore can help you establish a company in the financial services industry.

What types of banks operate in Singapore?

In 1999 when Singapore liberalized its banking sectors, the number of foreign banks coming to the city-state has boomed. Nowadays, the following types of banks are thriving in Singapore:

  • -          local banks in a small number;
  • -          foreign banks;
  • -          wholesale banks;
  • -          offshore banks;
  • -          merchant banks.

All banks fall under the supervision of the Monetary Authority of Singapore.

If you need information about the legislation governing the banking industry, please contact our consultants in company registration Singapore.

 

Comments

  • Aaron 2016-03-14

    I am considering to open a financial company in Singapore soon. I will contact you for assistance. Thanks!

    Hello Aaron! We are waiting for your e-mail with details about your project at: office@lawyers-singapore.com. As soon as we receive it we will reply with a personalized offer. Have a great day!

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