List of Banks in Singapore: Complete 2026 Guide to All 196 Licensed Institutions

The list of banks in Singapore spans 196 MAS-licensed institutions across seven distinct licence categories — from the three dominant local banking groups to 96 wholesale banks and 27 representative offices. As of 2026, Singapore’s banking sector holds SGD 3.3 trillion in total assets, manages over SGD 6 trillion in wealth, and processes 95% of all transactions digitally.

That number — 196 — surprises most people. More importantly, however, what matters beyond the count is understanding what each licence type actually permits. For instance, a wholesale bank and a full bank operate under fundamentally different rules. In practice, this distinction trips up more foreign businesses and HNWIs than any other aspect of Singapore banking.

Below, you’ll find every licensed institution categorised by licence type. In addition, this guide provides something no other resource offers: the specific requirements, permitted activities, and restrictions that define each category.

Singapore’s Banking Sector at a Glance

For context, those SGD 6 trillion in assets under management represent a 12.2% year-on-year jump, as reported in the MAS Annual Report 2024/2025 (opens in new tab). Furthermore, banking sector total assets grew at a 6.8% compound annual growth rate between 2021 and 2024. In fact, Singapore isn’t just a regional hub — it’s also the third-largest foreign exchange centre globally, with daily FX volumes surpassing SGD 1.5 trillion.

How MAS Structures Banking Licences

The Monetary Authority of Singapore (MAS) regulates every bank through a tiered licensing framework. In essence, think of it as a permission ladder: each rung grants different capabilities and comes with different obligations. Specifically, here’s the hierarchy from broadest to narrowest scope.

In addition to these five commercial categories, MAS also licenses finance companies (consumer lending specialists) and maintains a representative office category for foreign banks that want a marketing presence without conducting transactions. Furthermore, since 2020, a Financial Holding Company licence has also existed — currently held by just one entity.

What most guides miss, however, is this: the licence type doesn’t just define what a bank can do. Rather, it defines who the bank can serve, how many physical locations it can operate, and whether it can touch Singapore dollar retail deposits at all. Consequently, for anyone evaluating opening a bank account in Singapore, understanding these boundaries is the first step.

What Each Licence Type Requires and Permits

Here’s the thing — no other guide on this topic actually explains the requirements behind each licence. Instead, competitors simply list the names. Based on the MAS Banking Act and publicly available QFB scheme documents, however, the differences are significant and worth understanding in detail.

Side-by-Side Licence Comparison

Why the QFB Distinction Matters

The QFB scheme deserves special attention because it’s the closest a foreign bank can get to operating like a local one. Specifically, MAS created it in 1999 during the first wave of banking liberalisation. Initially, the first four QFB licences went to ABN AMRO, BNP Paribas, Citibank, and Standard Chartered.

Since 2012, however, MAS has required systemically important QFBs to locally incorporate their retail operations. As a result, banks like Citibank Singapore Limited and HSBC Bank (Singapore) Limited are now Singapore-incorporated entities — distinct from their parent companies. Importantly, this matters for depositors because locally incorporated banks fall under the Singapore Deposit Insurance Corporation (SDIC), which covers up to SGD 100,000 per depositor per institution.

The Offshore-to-Wholesale Migration

One detail that rarely appears in competitor guides: MAS has been systematically phasing out the old “Offshore Bank” licence. Previously, these legacy licences allowed foreign banks to operate with even fewer privileges than wholesale banks. Over the past decade, however, MAS has migrated most offshore licence holders to the wholesale bank category. Consequently, the current MAS directory no longer lists “Offshore Bank” as an active category — instead, the 96 wholesale banks include many former offshore entities.

Banking System Financial Health: Key Metrics

Singapore’s banks aren’t just numerous — they’re exceptionally well-capitalised. More importantly, before reviewing the full list, here’s a financial snapshot that explains why the history of Singapore’s banking system has produced one of the world’s most resilient sectors. The country’s regulatory framework is vital in maintaining this stability, as it provides a comprehensive singapore financial regulations overview that supports growth while ensuring consumer protection. By fostering transparency and accountability, these regulations help attract both local and international investments. This strong regulatory environment contributes to Singapore’s reputation as a global financial hub, ensuring it remains competitive in an ever-evolving market.

A few of those numbers deserve context. For instance, the Common Equity Tier 1 (CET1) ratio of 15.1% sits well above the Basel III minimum of 10.5%. For comparison, the European Banking Authority reported an average CET1 of 15.8% for EU banks in the same period — accordingly, Singapore is right in line with developed market standards. Meanwhile, the 1.2% non-performing loan ratio indicates exceptionally clean balance sheets.

In terms of profitability, DBS Bank alone posted SGD 10.3 billion in net profit for FY2023 — an 11% year-on-year increase. Similarly, OCBC’s total income reached SGD 13.1 billion. Furthermore, UOB’s earnings per share rose to SGD 4.15 from SGD 3.62 the previous year. Overall, all three local banking groups reported record earnings, driven largely by wealth management fee income and favourable interest rate conditions.

Sector Composition: Who Makes Up the 196?

The dominance of wholesale banks is immediately visible. Indeed, nearly half of all licensed entities operate under wholesale licences — serving corporations and institutional investors, not retail customers. As a result, this reflects Singapore’s strength as a trade finance and treasury hub rather than a retail banking market. The benefits of Singapore banking services extend beyond traditional offerings, emphasizing innovative financial solutions tailored for global businesses. This advantageous environment fosters a competitive edge for companies looking to optimize their operations in Asia. Moreover, the city’s commitment to regulatory excellence further enhances its appeal as a preferred banking destination.

For individuals looking at premium banking as a non-resident, however, the practical reality is quite different. Specifically, only about 36 institutions (6 local + 10 QFB + 20 full banks) can actually offer you a retail deposit account in Singapore dollars. In other words, that’s the pool you’re choosing from.

Complete List of Banks in Singapore by Licence Type

The following table lists every banking institution in Singapore as recorded in the MAS Financial Institutions Directory. Notably, some institutions hold multiple licences — therefore, the “Additional Licences” column captures these overlaps.

Local Banks

Notice something interesting? Both GXS Bank and MariBank are digital-only local banks — incorporated in Singapore but operating entirely without physical branches. More on digital licences below.

Qualifying Full Banks (QFBs)

Full Banks (Foreign)

Wholesale Banks

With 96 entities, wholesale banks form the largest licence category. In practice, these institutions serve corporations, institutional investors, and high-value clients — yet they cannot offer SGD retail banking services.

Wholesale Banks (continued: M–Z)

The remaining wholesale banks include several major global institutions. Notably, UBS AG and Wells Fargo both hold wholesale licences — meaning they cannot offer retail SGD accounts, even though they are household names elsewhere.

Merchant Banks

Finance Companies

Only three finance companies remain in Singapore. Essentially, they occupy a niche between banks and money lenders — authorised to accept fixed deposits and grant consumer loans, yet unable to offer chequing accounts or foreign exchange services.

Representative Offices

These 27 offices exist purely as liaison points for their parent banks. In particular, they can promote services and maintain client relationships. However, they hold no balance sheet and cannot process any transactions in Singapore.

Digital Banking Licences: DFB vs DWB

Since 2020, MAS has issued a new class of banking licences specifically for digital-only operators. Essentially, these fall into two categories: Digital Full Bank (DFB) and Digital Wholesale Bank (DWB). Here’s the difference — and it’s particularly significant.

Currently, the DFB licence holders are GXS Bank (a consortium of Grab and Singtel) and MariBank (backed by Sea Limited). As a result, both appear in the Local Bank table above because they’re incorporated in Singapore.

On the DWB side, meanwhile, ANEXT Bank and Green Link Digital Bank hold wholesale licences. Notably, ANEXT has won recognition as the “Best Digital Bank in Singapore” from The Asian Banker for its remote onboarding process. Similarly, Green Link focuses on SME lending in both SGD and USD.

What’s particularly interesting is that Trust Bank — a joint venture between Standard Chartered and FairPrice Group — instead operates under a traditional full bank licence rather than a digital-specific one. Nevertheless, it reached one million users faster than any digital-only competitor, proving that the licence type matters less than the execution. For the latest developments, accordingly, check our Singapore banking trends analysis.

How to Choose the Right Bank Type in Singapore

The “right” bank depends entirely on who you are and what you need. Instead of generic advice, here’s a practical breakdown by profile.

If you’re an individual resident: First, start with the three local banking groups — DBS, OCBC, or UOB. They offer the widest branch and ATM networks, full CPF integration, and the most competitive mortgage rates. Alternatively, for something digital-first, GXS Bank and MariBank are worth considering for high-interest savings.

If you’re a non-resident HNWI: In particular, the QFBs — Citibank Singapore, HSBC, and Standard Chartered — have dedicated premium banking programmes for non-residents. Typically, minimum deposits start at USD 200,000 for priority banking and USD 2 million for private banking.

If you’re a corporation or institutional investor: On the other hand, wholesale banks provide the deepest range of trade finance, treasury, and corporate lending services. For example, banks like UBS, Julius Baer, and Banque Pictet also serve as wealth management platforms for corporate treasuries.

If you’re an SME: Finally, ANEXT Bank and Green Link Digital Bank were created specifically for you. In particular, their digital-first onboarding processes bypass much of the documentation burden that traditional banks impose on small businesses.

Frequently Asked Questions About Banks in Singapore