The banking system in Singapore consists of 3 local banks and a number of foreign banks (20 have full banking licenses). As is the case in many countries, there has been a lot of consolidation over time within the country and the 3 remaining local banks maintain a dominate position in Singapore.

Key Statistics about banks in Singapore

  • Total number of banks: 23 operating with a full banking license
  • Total Assets: S$3,323 billion (approx. $2,450 billion U.S. Dollars)
  • Total Deposits: S$1,625 billion (approx. $1,200 billion U.S. Dollars)
  • Total Loans Outstanding: S$1,323 billion (approx. $975 billion U.S. Dollars)
    • Consumer Loans to Residents: S$312 billion (approx. $230 billion U.S. Dollars)
    • Consumer Loans to Non-Residents: S$71 billion (approx. $52 billion U.S. Dollars)
  • The 3 local banks with full banking licenses collectively have S$1,688 billion of assets, S$1,006 billion of loans and S$1,196 billion of customer deposits as of December 2021. The below chart shows the breakdown of their financial statistics in billions of Singapore dollars:

  • Each of the three local banks maintains a significant international presence, operating in multiple countries in the Asia region
    • DBS Bank: 63% of the bank’s income was derived from its Singapore operations and the remainder was generated in Greater China (including Hong Kong), South and Southeast Asia.
    • UOB Bank: Singapore was 58% of its profit in 2021 and the remainder came from Malaysia, Thailand, Indonesia and Greater China.
    • OCBC Bank: 40% of its loan portfolio is in Singapore and the rest consists of loans to customers in Malaysia, Indonesia, Greater China and other countries in Asia.

Big 3 Local Banks Have Dominant Market Share Positions

When we consider the overall market for financial products in Singapore, the big 3 local banks, DBS Bank, OCBC Bank and UOB Bank combined dominate the market for loans and deposits. Their international businesses will skew these figures somewhat but even so, these banks still represent the majority of loans and deposits in the country.


Listing of Banks in Singapore (Full Banking Licenses)