The 5 Best Banks To Use in Singapore in 2023

The success of Singapore's banking industry is a remarkable one. After achieving its independence in 1965, Singapore has become one of the world's financial centers, with over 100 banks operating within it. However, despite having over 100 banks in Singapore, only 6 are local.

This article aims to provide a comprehensive review of the 5 top banks in Singapore, along with an alternative banking option that you should consider.

The Best Banks in Singapore

In this section, we will list the best banks in Singapore to help you compare the different options available in the market.

1. DBS Bank Ltd.

Total Assets: 743 billion SGD

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-).

Total number of employees: Approximately 36,000 employees

Annual Report: DBS Group Holdings Ltd Annual Report 2022

Year Founded: 1968

DBS Bank Ltd is a multinational banking and financial services firm based in Singapore that was formerly known as "The Development Bank of Singapore Limited." In 2003, they rebranded to the abbreviated version, which is DBS Bank Ltd. Since then, they are now one of the world's most successful banks, receiving the accolades of being the world's best bank 5 years in a row.

It recently launched an initiative under the slogan "live more, bank less" to deliver banking suited for the digital era.

2. Overseas-Chinese Banking Corporation (OCBC)

Total Assets: USD 360.508B

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-).

Total number of employees: Approximately 30,809 employees

Annual Report: OCBC Annual Report 2022

Year Founded: 1932

The OCBC Bank towers over the Singapore banking scene in more ways than one—its signature headquarters was once the tallest building in Southeast Asia. OCBC Bank is also one of the largest banks in Southeast Asia in terms of assets, market capitalizations, and profit.

They also received a lot of accolades and awards in 2022, with the most significant being "Best Bank for SMEs Singapore – 6th Consecutive Win (2017-2022)".

In 1948, the bank created a night drop deposit that allowed its customers to safely drop their earnings at the bank without waiting for the next sunrise. 

And you could argue that OCBC invented one of the first "mobile banking apps."

Branches sent cart workers to towns that didn't have banks in them to do their banking right where they lived.

3. United Overseas Bank (UOB)

Total Assets: USD 304.339B

Credit Rating: S&P (AA-), Moody's (Aa1), and Fitch (AA-).

Total number of employees: 28,659 employees

Annual Report: UOB Annual Report 2022

Year Founded: 1935

UOB is a well-established and highly-regarded bank in Singapore that has grown to become a leading financial institution in Southeast Asia. Although UOB is based in Singapore, they have a strong focus on Asia and operate branches and subsidiaries across different countries in the region.

They offer a wide range of banking and financial services that cater to different customer segments, including Retail Banking, Wealth Management, Corporate and Commercial Banking, Treasury and Investment Services, Digital Banking, and SME Banking.

Given its history, and range of services, UOB has solidified its position as a leading bank in Singapore and the broader Southeast Asian region.

4. Standard Chartered

Total Assets: USD $819.992B

Credit Rating: S&P (A+), Moody's (A1), and Fitch (A+).

Total number of employees: 85,000

Annual Report: Standard Chartered Annual Report 2022

Year Founded: 1969

In Singapore, Standard Chartered provides various services, including personal banking, corporate and institutional banking, wealth management, and investment solutions. The bank is known for its international focus, leveraging its global network to facilitate cross-border transactions, trade financing, and other international banking needs.

Standard Chartered also has a strong emphasis on digital banking and has developed digital platforms and mobile apps to enable customers to conveniently manage their accounts, conduct transactions, and access various banking services online. The bank also offers a range of credit card products, loans, savings accounts, and investment opportunities tailored to the diverse needs of its customers.

As in other markets, Standard Chartered Singapore is committed to responsible and sustainable banking practices, aiming to contribute positively to the local community and environment. The bank's history and reputation as a reliable financial institution, combined with its international expertise, make it a significant player in the Singaporean banking landscape.

5. Citibank

Total Assets: USD 2,423.675B

Credit Rating: S&P (A+), Moody's (A1), and Fitch (A+).

Total number of employees: 240,000

Annual Report: Citi Bank Annual Report 2022

Year Founded: 1812

Citibank is one of the oldest banks in the world, with a strong presence in various countries, including Singapore. It is also the oldest bank on this list. In terms of assets, it is also the largest by a significant margin.

Citibank provides a wide range of banking and financial services to individuals, businesses, and institutions in Singapore. These services include personal banking, wealth management, credit cards, loans, insurance, investment products, and corporate banking solutions.

The bank is well-known for its innovative digital banking offerings and customer-centric approach. Customers can use online and mobile banking platforms to manage their accounts, make transactions, and access various financial services with ease. Additionally, Citibank offers a range of credit card options that are tailored to meet different customer needs, often with rewards programs and exclusive privileges.

Citibank's wealth management services cater to high-net-worth individuals and offer investment advisory, portfolio management, and financial planning services. As a critical player in the global financial landscape, Citibank has established itself as a prominent choice for banking and financial needs in Singapore.