This document provides an overview of the banking industry in Singapore. It discusses how Singapore developed as a global financial center in the 1980s and the regulatory reforms by MAS in 1999 and 2001 to further strengthen the banking system. It also mentions that financial services contributed 11% of GDP in 2004, making it the 5th largest sector. The document then outlines the relevant regulating authorities and acts governing banking in Singapore. Finally, it provides recommendations for books, journals, databases and websites for further research on topics related to banking in Singapore.

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PathFinder
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Singapore
Banking
Contents
Introduction
Search Terms and Call Numbers
Books
Journals
Databases
Websites
Introduction
In the 1980s, Singapore was on its way to becoming a global financial centre as many famous and large financial
institutions had branches here. Schroders has described Singapore’s advantages in its geography that gave it a
time-zone advantage, strict regulations and framework, a strong domestic economy, a pro-business environment,
good infrastructure and a skilled labour force. In May 1999, MAS launched a five-year program to strengthen the
banking system and to improve Singapore’s reputation as an international financial centre. All foreign banks were
allowed to convert to wholesale banks eventually. QFB (Qualifying Full Bank), QOB (Qualifying Offshore Bank)
and other new restricted licenses were issued to foreign banks. In June 2001, restricted banks were re-classed as
wholesale banks to improve the competitive environment in retail banking. QFBs were given more privileges, and
QOBs gained priority to get wholesale banking status. In 2004, financial services, excluding insurance, contributed
$20 million to the economy, i.e. a share of 11%, making it the 5
th
largest, according to GDP statistics released by
Singstat.
The regulating authority is the Monetary Authority of Singapore (www.mas.gov.sg) and its functions are covered
under the MAS Act (Chapter 186). The MAS was inaugurated in January 1971. It supervises the issuing of
licenses for banks, finance offices, financial advisors, fund managers, and insurance companies. MAS derives its
powers from the Banking Act (Chapter 19) and the Banking (Clearing House) Regulations. Banking is covered by
several acts: the Banking Act (Chapter 19), the Currency Act (Chapter 69), and the Finance Companies Act
(Chapter 108), all of which are available full text with amendments on the Attorney-General’s website,
statutes.agc.gov.sg.
This Pathfinder serves as a guide to help you to source for information on how to set up a small business, available
at NLB libraries as well as on the World Wide Web.
Search Terms and Call Numbers
For library materials, a corresponding Call Number is given for every search-term. These Call Numbers are
assigned based on the Dewey Decimal Classification, which the library uses to categorise its books, and to
place the books on the appropriate shelves. Below is a selective list of subject headings that can be found in
our computer catalogue that may help you locate materials on this topic:

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Call-Numbers
Singapore Banking
332.10,
341.751
346.59
Singapore Finance
332.10
658.15
658.20
Financial Services Singapore
332.10
341.751
658.15
Books
You can use the search-terms listed above to search for library materials at our online catalogue, which is
accessible at http://vistaweb.nlb.gov.sg
Here are some recommended books available in the Lee Kong Chian Reference Library. For the contact details
and location of NLB libraries, please visit: http://www.nlb.gov.sg/fr_ourLib_branches.html.
Title: Singapore financial and business sourcebook
Author: Tan, C. H.
Publisher: (2002). Singapore University Press.
Call number: RSING 332.1095957
Provides a summary of the financial developments, reforms and policies of the financial system
over the past decades. The highlights include chapters on venture capital, franchise, Internet
banking, and major regulations and guidelines for financial institutions. Includes a glossary of
financial terms.
Title: Major financial institutions of the world.
Author: Hoerning, S., Smith, D. J., & Wilson, A.
Publisher: (2004). London: Graham & Whiteside.
Call number: RBUS 332.1 MFIW [DIR]
Lists the addresses, contact numbers, names of the board members and management team,
principal activities, the parent and subsidiary companies, and principal shareholders, the year of
establishment in Singapore and the number of employees.
Title: Schroder’s directory 2004/2005: ASEAN & Hong Kong.
Author: Schroder International Merchant Bankers
Publisher: (1994-). Singapore: Schroder International Merchant Bankers.
Call number: RBUS 332.12025595 SIMBSA [DIR]
Provides an overview of the financial sector, associations, and list of banks and finance
companies.
Title: The bankers’ almanac.
Author: Reed Business Information
Publisher: (1866-). East Grinstead, West Sussex: Reed Business Information.
Call number: RBUS: 332.15025 BA [DIR]

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Contains data that will be helpful to compare banks across various countries. The data includes
balance sheet figures, summary of profit and loss statements, a brief history, number of
branches and employees, ownership, HQ addresses, and URLs.
Title: Financial markets and institutions in Singapore (11
th
ed.)
Author: Tan, C. H.
Publisher: (2005). Singapore: NUS Business School, National University of Singapore.
Call number: RSING 332.1095957 TAN
This book is useful for the historical treatment of the financial industry and providing some
information on the preceding financial regulators of MAS. It also highlights the banking and
financial exams that should be undertaken by bank employees in various divisions.
Title: Schroders directory 2004/2005: ASEAN & Hong Kong.
Author: Schroder International Merchant Bankers.
Publisher: (1994-). Singapore: Schroder International Merchant Bankers.
Call number: RBUS 332.12025595 SIMBSA [DIR]
Provides an overview of the financial sector, associations, and list of banks and finance
companies in Singapore.
Title: Pledges, guarantees and letters of credit (3
rd
ed.)
Author: Poh, C. C.
Publisher: (1995). Singapore: Longman Singapore Publishers.
Call number: RSING 346.5957074 POH
This reference book examines banking laws in Malaysia and Singapore. Also provides
comprehensive tables of cases and statutes.
Title: Banking and finance in Singapore: the legal framework.
Author: McCracken, S.
Publisher: (1993). Singapore: Longman Singapore Publishers.
Call number: RSING 346.5957082 MAC
Looks at the historical development of the laws from the 1960s onwards, and provides the full
text of the 1992 edition of the Currency Act (Chapter 69), 1985 edition of the Monetary Authority
of Singapore Act (Chapter 186), 1985 edition of the Banking Act (Chapter 19), and 1985 edition
of the Finance Companies Act.
Title: Law of banker and customer (5
th
ed.)
Author: Poh, C. C.
Publisher: (2004). Singapore: LexisNexis.
Call number: RSING 346.5957082 POH
This book features important decisions made by the courts from April 1999 to March 2004 in
Malaysia, Singapore and the UK. It also looks at the relationship of bank and customer as in the
Acts and the decisions made in various situations
Title: Singapore: organized authority and financial order. In Asian states, Asian bankers:
central banking in Southeast Asia
Author: Hamilton-Hart, Natasha
Publisher: (2002). Singapore: Singapore University Press.
Call number: RSING 332.110959 HAM
This chapter (from pages 66 to 100) presents a concise look at the history of financial
administration in the Straits Settlements.

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Title: International financial statistics
Author: International Monetary Fund
Publisher: (1948-). Washington, D.C.: International Monetary Fund.
Call number: RBUS 332.0212 IFS
This monthly publication provides national accounts figures, domestics and inter-bank rates,
money reserves, and many other monetary data. This is an excellent source of information
about the fiscal and monetary positions of countries arranged in alphabetical order. Cumulated
annually as International financial statistics yearbook.
Title: Finance and banking. In Committee on Singapore’s competitiveness
Author: Ministry of Trade and Industry, Singapore
Publisher: (1998). Singapore: Ministry of Trade and Industry.
Call number: RSING 330.95957 SIN
The chapter, from pages 132 to 142, provides a summary of the financial sector in the 1980s
and 1990s and maps out policy changes that were carried out by MAS eventually.
Journals
Title: Asiamoney
Publisher: (2003). [UK]: Euromoney Publications (Jersey) Limited.
Call number: RBUS 332.04095 ALE
Title: FinanceAsia
Publisher: (2003). FinanceAsia.com Limited.
Call number: RBUS 332.095 FA
Title: Banking industry update
Publisher: (?). Singapore: PricewaterhouseCoopers.
Call number: RSING 332.1095957 BIU
Databases
Factiva
Factiva is an online database available from our multimedia stations in the libraries. It is a full-text database that
offers online news and current business and industrial information. You may search for newspapers and journal
articles. Below are some articles retrieved from the database using the keywords recommended below.
Title: Foreign stakes take hold in local banks
Source: (6 June 2005). Business Times Singapore.
This article looks at how the banking environment is changing with the entry and expansion of
foreign banks.
Title: Banks - some jobs go, some come
Source: (25 August 2003). Business Times Singapore.
This article at the issues of outsourcing back end functions and the impact it may have on bank
employment.

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Title: Prove bank's negligence to get compensation - lawyers
Source: (2 July 2002). Straits Times.
In this article, lawyers explain the nuances of suing a bank for negligence after a hacking incident.
Websites
We have reviewed websites and selected those which are most authoritative and useful to you.The list includes
websites published by well-known organizations or the government. Again, this will assist you in further in-depth
research on your own. Below is the list, last accessed on 15 November 2005.
Title: Monetary Authority of Singapore
URL: http://www.mas.gov.sg/
The MAS is the governing authority for banking and started operations in January
1971. It issues licenses for banks, finance offices, financial advisors, fund
managers, and insurance companies. It also provides the acts and regulations
relating to financial activities, providing a comprehensive list of the laws, codes,
guidelines and surveys that govern the banking industry.
Title: Statistics Singapore: Singapore economy: public finance and monetary
statistics
URL: http://www.singstat.gov.sg/
Provides the money supply volumes, exchange rates for the past five years against
selected currencies, bank assets and liabilities, bank loans by industry, interest
rates of banks, finance companies and government bonds, ACU assets and
liabilities, and many other statistics.
Title: Number and types of financial institutions
URL: http://masnet.mas.gov.sg/
This webpage provides an easy guide to the financial institutions such as banks
and finance companies according to the different licences.
Title Association of Banks in Singapore (ABS)
URL: http://www.abs.org.sg/index.htm
The ABS began in 1973 to promote the activities of and represent staff in the
banking sector. It sets banking guidelines and provides the Code of Consumer
Banking Practice which explains the how and why of the banking processes, the
minimum standards that a bank should provide and its responsibility. The
Association also provides consumer guides and information on budgeting, credit
cards, loans, and debts.
Title ACI Singapore: The Financial Markets Association
URL: http://www.acisin.com/index.asp
The ACI represents the financial markets professionals who trade, sell, manage
and operate in currencies, interest rates, equities and commodities. It also provides
feedback to the industry players and the regulators, and courses and certification.

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Title Singapore Foreign Exchange Market Committee (SFEMC)
URL: http://www.sfemc.org/
The SFEMC represents the foreign exchange market players, and also provides
feedback on technical standards and market practices, and arbitrate among market
professionals where needed. The Committee also maintains and ensures the
Singapore Guide to Conduct & Market Practices for Treasury Activities is carried
out consistently.
Title Singapore Investment Banking Association (SIBA)
URL: http://www.siba.org.sg/index.php
SIBA started in 1975. It represents member banks and foreign investment banks
that do not operate under the merchant bank regulations.
Title Institute of Banking and Finance (IBF)
URL: http://www.ibf.org.sg/
The IBF began operations in 21 November 1974 to provide training for banking
aspirants. The website also has a list of 52 job families and examination modules
for the CMFAS (Capital markets and financial advisory services).
Title ASEAN Bankers
URL: http://www.aseanbankers.org/
The organisation began in 1976 to promote collaboration among the banks in
ASEAN, banking and financial development, and other shared activities.
Title Association of Corporate Treasurers (ACT)
URL: http://www.act.org.sg/
The ACT started in 1991 to represent finance managers, corporate treasurers and
forex managers. It provides feedback to regulators and the Singapore government.
Its other activities include the promotion of the treasury and financial industries, and
provision of training and courses.
Title Outward expansion of Singapore banks (April 2005)
URL: http://www.imf.org/external/pubs/ft/scr/2005/cr05140.pdf
This paper looks at the critical factors of the entry of Singapore banks into Hong
Kong, Indonesia, Malaysia, the Philippines and Thailand, and concludes that local
market conditions are the most critical.
Title Singapore: Financial System Stability Assessment (April 2004)
URL: http://www.imf.org/external/pubs/ft/scr/2004/cr04104.pdf
The assessment reports on the Observance of Standards and Codes in the
following areas: banking supervision, insurance regulation, securities regulation,
payment and settlement systems, monetary and financial policy transparency, and
anti-money laundering activities.
Prepared by: Balbindar Kaur Dhaliwal, Lee Kong Chian Reference Library
For further assistance, please ask the Librarians.
© National Library Board 2003
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