Singapore is one of the most visited places in Southeast Asia because the place is full of famous and unique attractions such as the Marina Bay Sands, Gardens by the Bay, and Merlion Park. Yet, the growth of their marketing and business industry isn’t just because of their tourism but also the financial security that their leading sectors provide.
The city has hundreds of financial institutions where people could apply for their Business Loans and Personal Loan, and other more offers regarding finances; and to know more about this, visit MoneyIQ Singapore. Furthermore, each of these establishments has its policies and plans that fit every demand and needs of both the tourists and locals. And as an overview, here are some of the financial institutions that have become well-known in Singapore.
Development Bank of Singapore
Development Bank of Singapore, or commonly known for its abbreviation as DBS Bank, is multinational banking that also offers financial services. This was set up last July 1968 by the Government of Singapore to take over the activities regarding the industrial financing from their Economic Development Board. Moreover, DBS Bank is proclaimed to be the largest bank located in Southeast Asia because of its approximated total assets of S$518 billion for the year 2017 and over 100 branches only within the island-wide. Also, this has positions that dominate the market in debt-fund raising, equity, securities brokerage, asset management, treasury and markets, and consumer banking in Hong Kong and Singapore.
United Overseas Bank
United Overseas Bank, or commonly known as UOB, is a multinational banking organization that was originally named as United Chinese Bank by Wee Kheng Chiang. This was founded in 1935 and was set up by a group of Chinese businessmen. With its hundreds of branches that are mostly located within Southeast Asian countries, UOB provides asset marketing, private banking, personal finances, corporate banking, and commercial banking services and as well as insurance, investment, venture capital, and corporate finance services. Also, the bank was known to be the third-largest financial institution in Southeast Asia with having estimated total assets of $235,400,000,000 and total profits of S$3,096,000,000 and holds a High Quality or Aa1 rating for long-term credit according to the survey done by Moody’s.
OCBC Bank
OCBC Bank or Oversea-Chinese Banking Corporation is a financial service and multinational banking corporation that was created through the consolidation of the oversea-Chinese Bank, Ho Hong Bank, and Chinese Commercial Bank. This is the second-largest bank having over S$467.5 billion of total assets in Southeast Asia and has 570 representative offices and branches within 18 regions and countries.
Furthermore, OCBC Bank has always ranked among the Top Five Safest Bank worldwide according to the Global Finance Magazine and was also included as one of the most highly-rated banks with having a rate of Aa1 and AA- from the surveys done by Moody’s and Standard & Poor’s, respectively. And because of the bank’s great management and financial strategy, it was awarded by the Global Finance Magazine as the World’s Best Bank within Asia-Pacific in 2019.
Hong Kong and Shanghai Banking Corporation
The Hong Kong and Shanghai Banking Corporation, or HSBC, is a financial services holding company that was established primarily in London last 1991. This multinational investment bank was proclaimed as the 7th largest bank worldwide for the year 2018 because of its total assets of US$2.558 trillion and 3,900 offices and branches located within 65 territories and countries across South America, North America, Europe, Oceania, Asia, and Africa. According to Forbes magazine, the bank is the sixth-largest public company compositely measure in the world.Unlike the previously mentioned banks, HSBC is categorized in four different business groups including Global Private Banking, Wealth Management, and Retail Banking, Global Banking and Investment Banking, and Commercial Banking. Because of the great services they offer, the bank has recorded over 38 million active customers and has made its name within the banking and financial services industry
Conclusion
Financial institutions were established to provide all the need people have regarding their finances. They have created the system of loans, such as business and Personal Loan, to lend people who are struggling with their financial problems. Although as a return, an additional percentage acting as interest rate from the principal value was added during the repayment, it is evident that this system has helped millions of people worldwide.
And as an example, Singapore is one of the countries where financial institutions are well regulated. Because of the security the leading sectors provide for the finances of the people, this has paved the way for the growth of the city’s tourism, marketing, and business industry. Thus, for those people who are planning to visit Singapore and are in doubt regarding their allowance, then visit Easy Credit Singapore.
