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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.
Singapore's central bank plans to issue up to five digital bank licenses to suitable applicants, in a move that could deliver the biggest shake-up in two decades in a market dominated by local banks.
Citibank Singapore Limited is a division of Citibank N.A. of the United States and incorporated in Singapore on 28 June 2004. Its parent was awarded Qualifying Full Bank (QFB) status on 20 October 1999, and this status was transferred to the Singapore division on the day of its incorporation. [5]
In September, CIMB Group set up retail banking services in Singapore through CIMB Bank Singapore. CIMB Group expanded to Cambodia through the fully owned subsidiary CIMB Bank Plc in 2010. The first branch, which also serves as the headquarters, was officially launched in Phnom Penh on 19 November 2010.
Some large non-bank financial institutions, such as hedge funds, also offer retail bank-type services such as checking and savings accounts. Retail banks are just one of several types of banks .
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.
DBS Bank Singapore: 63.0 3 Bank Rakyat Indonesia Indonesia: 50.1 4 OCBC Bank Singapore: 39.7 5 United Overseas Bank Singapore: 38.0 6 Bank Mandiri Indonesia: 26.9 7 Maybank Malaysia: 24.7 8 Public Bank Berhad Malaysia: 21.2 9 Vietcombank Vietnam: 16.9 10 CIMB Malaysia: 12.2 11 Bank Negara Indonesia Indonesia: 12.1 12 BDO Unibank Philippines: 11 ...
Singapore banks are likely to report their average net interest margins fell the most quarter-on-quarter in 18 years as interest rates weakened, while profits on the year are seen taking a hit ...