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The total assets of Singapore's banks amounted to nearly **** trillion U.S. dollars in 2024, indicating significant growth compared to the previous year. Over the measured period, this value has increased by about *** trillion U.S. dollars since 2014. 

Singapore banking sector

Singapore's banking sector is essential to its economy as well as its international influence. Due to its strategic location and status as one of the world's leading financial centers, Singapore aims to become Asia's primary financial services hub. The three major banks DBS, UOB, and OCBC Bank top the list of Singapore's most valuable brands. DBS, formerly known as Development Bank of Singapore Limited, is the largest bank in Southeast Asia by assets. As of 2024, the group's total assets stood at *** billion Singapore dollars.

Digital banking in Singapore

Digital banking is growing in a favorable environment in Singapore, driven by extensive internet coverage and the widespread use of smartphones. This development is supported by a nationwide digitization strategy, directed by the Monetary Authority of Singapore's (MAS) vision of an innovative and connected society. This support has materialized initiatives such as PayNow and FAST, which facilitate instant money transfers through the collaboration of multiple stakeholders. Digital banking has become essential for many banks, and cashless usage has increased further since the COVID-19 pandemic, which introduced restrictions on many offline shopping activities at the time. Traditional banks are adapting to these evolutions and benefiting from the national programs, allowing DBS and OCBC to be among the highest-rated digital banks in the Asia-Pacific region.