Local Banks in Singapore: The Banking Industry’s Incomparable Trio

Welcome, fellow Singaporeans! You’re here today as a curious cat eager to uncover the secrets behind the three local banks in Singapore.

You share the same thought with many others who need personal loans and banking services, and it’s clear to see why. It’s natural to gravitate towards aspects that are associated with home. It makes you feel cosy and secure. 

Thus, take a deep breath as you’ll step into the dynamic world of Singapore’s vibrantly glorious banking industry and discover the incomparable trio of the Lion City’s financial prowess. Now, brace yourself; it will be a captivating journey!

DBS Bank Limited: Empowering Generations Since 1968

The Development Bank of Singapore Limited, or DBS Bank Ltd, has been the citizens’ most favoured Singaporean multinational bank since its official establishment on July 16th, 1968.

What can you first notice about DBS Bank Ltd upon its establishment date? 

Be honest. If you haven’t seen it yet, it’s the bank’s date. As most banks in Singapore were founded in the 1800s, it’s pretty curious to see among the top local banks in Singapore only risen from the ashes since the late 1960s. 

Well, its heritage is a unique tale. It was because the founders of DBS Bank Ltd, the Development Bank of Singapore, the Singaporean government, and the Industrial and Commercial Bank of China formed a merger. As the three financial powerhouses have the same visions and goals, they united their strengths to create the most popular bank in the country.

It’s been deemed as the “World’s Best Bank” and continues to grow as Southeast Asia’s largest bank, providing massive choices of banking services to individuals, corporations, and SMEs with:

  • Digital Banking Solutions
  • Personal Loans
  • Investment Services
  • Comprehensive Wealth Management

DBS Bank Ltd embodies its motto of being a purpose-driven bank where clients like you can live more, bank less

Fun fact

Did you know DBS Bank Ltd’s logo has a deep heritage meaning?

Yes, it does! The logo first appeared in 1972 and is an actual model or representation of the caissons of the DBS building foundation. 

Also, DBS Bank Ltd’s colour palette shares its visual identity with the timeless and influential combinations of black and scarlet red. It stands for professionalism, power, and excellence evoking the essence of expertise and reliability.

OCBC Bank: A Rich Bank Legacy Since 1932

There’s not a soul in Singapore who doesn’t know about the banking titan OCBC Bank. It’s among the three local banks in Singapore that stood its ground regardless of the economic crisis it faced.

In truth, the Oversea-Chinese Banking Corporation, Limited was born during the Great Depression. The Great Depression is regarded as the most destructive and ominous economic crisis in modern history, which occurred between 1929 and the beginning of the Second World War in 1939.

The OCBC Bank came to be a financial institution in 1932 via the consolidation of three banks, which are the Ho Hong Bank Limited (integrated in 1917), Chinese Commercial Bank Limited (incorporated in 1912), and the Oversea-Chinese Bank Limited (incorporated in 1919). It forms the unparalleled solid foundation for OCBC Bank for growth and expansion, with the best banking services:

  • Personal Loans
  • Personalised Wealth Management
  • Insurance Products
  • Digital Banking

OCBC Bank’s purpose and values focus on “simply spot on”. The bank’s new brand campaign tells its valued Singaporeans, especially the young, to let them “help you do it all”. The bank’s logo, with the national colour red, illustrates strength, dynamism, prosperity and success.  

Fun fact:

The bank is notable for its commitment to supporting local artists, thus having one of Southeast Asia’s most vivid and visually pleasing collections.

UOB: Empowering Dreams Since 1935 

Sarawak-born businessman Wee Kheng Chiang and six other prominent businessmen were the United Overseas Bank founders. They made it happen by raising $1 million for the bank’s establishment. The year was 1935.

During this period, it was a devastating time as the Great Depression spread worldwide. Even so, the then-United Chinese Bank bravely continued on its voyage into the vast ocean of the banking industry. The UOB also resisted the economic challenges of the Second World War from 1939 to 1945 and even the 1997 Asian financial crisis.

These events almost hindered UOB’s progress. Still, the bank emerged as a triumphant gladiator during such formidable economic periods and flourished by providing financial stability and support. Alongside UOB’s growth was the range of financial products and banking services, including:

  • Loans like personal loans
  • Wealth Management
  • Corporate Banking
  • Innovative Digital Solutions

UOB’s logo comprises the legendary red five-bar gate system that symbolises unity and security. The combination of the bank’s brand colour, red and blue, reflects the progressive vision for a brighter future.  Thus, the logo is simple yet modern with the mark and the UOB abbreviation. 

The bank’s tagline, “Our commitment to you never wavers, ” reflects its values of being enterprising, honourable, united, and committed. 

Fun fact:

Have you ever heard of a bank that’s famous for Singapore’s longest-running art competition?

Well, it’s none other than the UOB. The United Overseas Bank Painting of the Year was started in 1982 to encourage talented artists to pursue their creative pursuits. Thus, UOB POY is Southeast Asia’s most prestigious annual art competition today. 

Top 3 Local Banks in Singapore and the Financial Safety Net

Singapore’s financial jungle is dynamic, vibrant, and ever-evolving. The country’s incomparable trio has since become the torchbearers of economic stability and innovation. The Development Bank of Singapore, the Oversea-Chinese Banking Corporation, and the United Overseas Bank have not just granted Singaporean citizens and communities a rock-solid foundation for banking needs but, more crucially, had a pivotal role in shaping Lion City’s economy.  

Upon their establishment, it’s undeniable that these banks have firmly established themselves as Singapore’s financial pillars of strength. The unwavering customer-centric commitment and services, digital innovations, and community engagements continue to mould the banking industry to its best potential, which benefits countless Singaporeans and even foreigners. 

But when situations require alternative solutions, Accredit Licensed Moneylender stands ready to serve you with efficient and reliable personal loan solutions. You now have many choices that empower your financial journey, guided by the unwavering support from these unprecedented financial institutions. 

Are you now ready to unlock the vault of your financial possibilities? Don’t keep your dreams waiting! Get the outstanding and exhilarating services of DBS, OCBC, and UOB. 

You have the power to change and save your day. Grab your financial cape and freely soar into limitless economic opportunities. Make your money move with the top local banks in Singapore!

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