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|Banking System of Singapore
Singapore is one of the leading financial centers in the world and a key financial hub in Southeast Asia. Not surprisingly, the country boasts one of the most advanced banking systems, with roughly 700 local and foreign banking and financial institutions providing services ranging from consumer banking and asset management to foreign exchange, investment banking and specialized insurance services. As of year-end 2004, Singapore's domestic banking sector had total assets/liabilities of roughly US$230 billion.
Leading banks in Singapore include Citibank, DBS, HSBC, OCBC, Standard Chartered, Maybank and UOB.
The central bank for the country is the Monetary Authority of Singapore (MAS), which sets monetary policy, regulates banking and financials institutions, and issues currency.
There are presently 113 commercial banks in Singapore. Five of these are locally incorporated and are owned by three local banking groups. Commercial banks operate as full banks, wholesale banks or offshore banks.