Local Payment Methods: Top Banks in Singapore You Should Know for Your Online Payment Gateway

Familiarising yourself with the financial institutions of any given market is key towards the successful localisation of one’s business. Being one of the most dynamic financial hubs of Asia, Singapore is an ever-popular market of expanding one’s eCommerce business aspirations.

Before getting into the best banks in Singapore, here is a general overview of the payments landscape in the country.

Banking & Payments Landscape in Singapore

The banking infrastructure in Singapore is not only steadily optimised for an increasingly digitised global economy but also well-integrated into the local populace, as evidenced by the 97.9% financial inclusion rate and 88.9% internet penetration level of the country¹.

This is further backed up by the government's proactive policy towards digitalisation with initiatives such PayNow and e-wallet integration.

As such, the payments landscape in Singapore is largely digital, with card payments being the preferred payment method though current online payment trends predict that e-wallet payments will soon topple the primacy of card payments by 2024.

Top Banks in Singapore by Total Assets

1. DBS Group
2. OCBC
3. United Overseas Bank (UOB)
4. Standard Chartered Bank
5. Maybank Singapore
6. Citibank Singapore
7. HSBC Singapore
8. Bank of China
9. Sumitomo Mitsui Banking Corporation
10. BNP Paribas

DBS Group & its Digital Payment Methods

DBS Bank is the largest bank in Singapore by total assets, with the Group owning 686 billion in SGD as of 2021. Founded in 1968 by the government of Singapore, the bank offers a wide range of financial products and services, including personal and business banking, investment banking, and wealth management.

DBS Group offers the following electronic payment methods for its users:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

Most third-party international payment gateways should be able to support bank redirected payment methods and card payments for eCommerce transactions. In light of localisation to the Singaporean market, some payment gateways, like Tazapay, have also opted to include the PayNow system to accept payments, making it familiar for the Singaporean buyer and helps to earn brand trust for international merchants.

OCBC & its Digital Payment Methods

Founded in 1932, OCBC is the second-largest bank in Singapore with over SGD 542 billion in total assets as of 2020. Like most major banks in this list, the financial products and services it provides are well-suited for a robust digital economy.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

UOB & its Digital Payment Methods

UOB is the third-largest bank in Singapore by assets, with over SGD 459 billion in total assets as of 2021. Its nigh-omnipresence in Singapore rivals that of DBS and COCBC, with its headquarters being the former tallest building in Southeast Asia.

As such, here are the following payment methods that it offers:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

Standard Chartered Bank

Standard Chartered Bank is a multinational bank with over SGD 153 billion in total assets as of 2021. Opening their first branch in 1859, they’re certainly a certified household name amongst Singaporeans that boasts reliability earned by its longevity.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

Maybank Singapore

Maybank is a leading Southeast Asian bank headquartered in Malaysia and possesses a strong presence in Singapore, with SGD 69 billion in total assets as of 2021. With an impressive network of over 2,600 branches in 18 countries including all 10 ASEAN member states, this bank is a worthwhile choice for regional prospects in Southeast Asia.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR
• Maybank2u

Citibank Singapore

Citibank is a multinational bank with a major presence in Singapore, with over SGD 52 billion in total assets as of 2021. The bank offers a variety of financial products and services that make it a noteworthy choice.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

HSBC Singapore

HSBC is a multinational bank with approximately SGD 27 billion in total assets as of 2021. It has offices in over 64 countries across the globe and, much like Standard Chartered, share a common root in British colonial history.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

Bank of China

Bank of China is one of the largest banks in China, with a strong presence in Singapore, with around 26 billion RMB (approx. 5.2 billion SGD) in total assets as of 2021. The bank offers a slew of financial products and services, and is an indicator of China’s own growing presence in the greater Asian digital economy.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow QR

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation is a leading Japanese bank that is relatively significant in Singapore, with over 512 billion JPY (approx 5.2 billion SGD) in total assets as of 2021. The bank provides a comprehensive range of wholesale banking solutions and has done so since 1963.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow Corporate

BNP Paribas

BNP Paribas is a multinational bank with 2.6 billion Euros (approx. 3.7 billion SGD) in total assets as of 2021. It is the largest banking group in Europe and based in France.

The payment methods it offers are as follows:

• Internet & Mobile banking
• Bank transfers
• Cards, credit & debit
• PayNow Corporate

With the knowledge you have about what banks Singaporeans prefer to use, you're better prepared to expand your online business into the island nation. Better yet, localise your presence into Singapore better with a payment gateway that is integrated with these major banks in Singapore to make your business stand out from other competitors.

Tazapay is not only headquartered and fully operational in Singapore, but you'll also get to enjoy a 0% fee for all international transactions if your buyers pay using the local bank transfer payment option. Earn more, and save more with Tazapay today! Contact us now:

Sources

1. Digital 2021: The evolution of the digital landscape in Singapore - We Are Social Singapore