Statistics and information on Singapore's banking sector

The Singapore banking system has been growing rapidly in recent years. This growth is attributable to several factors, including the city-state’s stable political environment, sound economic policies, and pro-business stance.

As of 2019, there were a total of 97 banks operating in Singapore, with assets totaling SGD 2.4 trillion (US$ 1.7 trillion). The banking sector is highly concentrated, with the three largest banks – DBS, OCBC, and UOB – accounting for more than 70% of total assets.


The Singapore Banking process is regulated by the Monetary Authority of Singapore (MAS), which is the city-state’s central bank and financial regulator. The MAS has a well-deserved reputation for being proactive and forward-thinking and has been praised for its handling of the banking sector during the global financial crisis.


In this article, we will provide an overview of the Singapore banking sector, including its recent performance, key players, and regulatory environment.


The Singapore Banking System in Numbers


The banking sector in Singapore has been growing rapidly in recent years. This growth is attributable to several factors, including the city-state’s stable political environment, sound economic policies, and pro-business stance. 


As of 2019, there were a total of 97 banks operating in Singapore, with assets totaling SGD 2.4 trillion (US$ 1.7 trillion). The banking sector is highly concentrated, with the three largest banks – DBS, OCBC, and UOB – accounting for more than 70% of total assets. 





The banking sector is regulated by the Monetary Authority of Singapore (MAS), which is the city-state’s central bank and financial regulator. 

The MAS has a well-deserved reputation for being proactive and forward-thinking and has been praised for its handling of the banking sector during the global financial crisis.

The main players in the banking system of Singapore


The banking sector in Singapore is highly concentrated, with the three largest banks – DBS, OCBC, and UOB – accounting for more than 70% of total assets. 


DBS Group Holdings is the largest bank in Singapore, with assets of SGD 597 billion (US$ 421 billion) as of 2019. The bank has a wide range of businesses, including retail banking, wealth management, and corporate banking. 


DBS is also one of the leading banks in Southeast Asia, with a strong presence in Hong Kong, Taiwan, and Indonesia. OCBC is the second largest bank in Singapore, with assets of SGD 455 billion (US$ 322 billion) as of 2019. 


The bank has a focus on retail and SME banking and also has a strong presence in Southeast Asia. OCBC is the largest bank in Indonesia and also has a strong presence in Malaysia, China, and Hong Kong. UOB is the third largest bank in Singapore, with assets of SGD 422 billion (US$ 298 billion) as of 2019. 


The bank has a focus on retail and corporate banking and also has a significant presence in Southeast Asia. UOB has a strong presence in Indonesia, Thailand, and Malaysia.

The future outlook for the Singaporean banking sector


The banking sector in Singapore is expected to continue growing at a rapid pace in the coming years. This growth will be driven by strong economic growth, rising income levels, and ongoing efforts to promote financial inclusion. 


The MAS has laid out an ambitious agenda for the banking sector, including a target of achieving three million online banking users by 2020. The MAS is also working to promote financial inclusion by expanding the use of mobile banking and other innovative technologies.


Conclusion

The banking sector in Singapore is booming thanks to strong economic growth, supportive government policies, and a favorable regulatory environment. 


The sector is highly concentrated, with the three largest banks – DBS, OCBC, and UOB – accounting for more than 70% of total assets. The MAS is working to promote financial inclusion and expand the use of mobile banking.

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