Types of Deposit-Taking Institutions
Deposit-taking institutions in Singapore comprise full banks, wholesale banks, merchant banks and finance companies. Find out about the types of institutions and their permitted activities.
Full banks may undertake universal banking, including the following activities:
- Deposit taking.
- Cheque services and lending.
- Any other businesses regulated or authorised by MAS, including financial advisory services, insurance broking and capital market services.
Qualifying Full Banks
Foreign full banks with Qualifying Full Bank (QFB) privileges may operate a total of 25 locations. They may also:
- Share ATMs among themselves, and relocate their sub-branches freely.
- Negotiate with the local banks on a commercial basis to let their credit card holders obtain cash. advances through the local bank's ATM networks.
- Provide debit services through an EFTPOS network.
- Offer and accounts.
- Accept fixed deposits under the CPF Investment Scheme and .
Their activities include:
- Asset management.
- Private banking.
- Securities dealing and underwriting.
- Investment banking.