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POSB Newton Branch POSB deposit and cash withdrawal machines located at Bugis MRT station. On 24 July 1998, the Ministry of Finance announced the acquisition of POSBank by DBS Bank, [11] [12] which was fully acquired on 16 November 1998 for S$1.6 billion, [3] at the same time, ceased to exist as a statutory board under the Ministry of Finance.
NETS operates Singapore's national debit scheme enabling customers of DBS Bank, POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, CIMB and UOB to make payments using their physical/contactless ATM cards or mobile devices at more than 120,000 acceptance points in Singapore including major retailers, food courts, hawker centres, convenience stores and supermarkets.
By 1976, POSB had one million depositors, while deposits crossed the S$1 billion mark. The bank was then renamed POSBank in 1990, before being acquired by DBS Bank on 16 November 1998 for S$1.6 billion (first announced on 24 July 1998), [ 17 ] [ 18 ] giving it a dominant market share with over four million customers. [ 19 ]
POSB may refer to any of the following: POSB Bank - a financial services provider in Singapore; formerly Post Office Savings Bank People's Own Savings Bank - a savings bank in Zimbabwe; formerly Post Office Savings Bank
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
A POSB branch at Waterway Point, in Punggol. In 1998, President Ong found out, through the newspapers, that the Government intended to privatise Post Office Savings Bank and accept an offer by DBS Bank to acquire POSB and its subsidiaries. [25] POSB was a Key Statutory Board whose Past Reserves came within the President's protection.
POSB - Post Office Savings Bank (now known as POSBank) PP - Public Prosecutor (see also "APP" and "DPP") or Parkway Parade; PROGRESS - Providing Opportunities through Growth, Remaking Singapore for Success; PS - Plaza Singapura; PSA - Port of Singapore Authority (now known as PSA International) PSC - Public Service Commission
PayNow is a near-instant real-time payment system developed by Association of Banks in Singapore. [1] The interface facilitates inter-bank peer-to-peer and person-to-merchant transactions. The system is supported by all major Singaporean banks and is regulated by the Monetary Authority of Singapore (MAS) and works by transferring funds between ...