Bank of Singapore

Bank of Singapore Limited is a pioneer in the private banking sector in Asia, with its excellent wealth management and innovative financial services taking a prominent position in the global financial markets. Founded in 2010 by the acquisition of ING Asia Private Banking by OCBC Bank and its private banking business, the headquarters is located on the 22nd floor of the Bank of Singapore Centre, 63 Market Street, Singapore. As a wholly-owned subsidiary of OCBC Group, OCBC is the second largest financial services group in Southeast Asia, with Aa1 (Moody's) and AA (S&P, Fitch) credit ratings, providing strong capital backing to Singapore banks. Serving high-net-worth individuals and wealthy families, the bank covers Southeast Asia, Greater China, the Indian subcontinent and global markets, and is committed to providing customers with customized financial solutions through the concept of "customer-centric, wealth creation". The following is a comprehensive introduction to the Bank of Singapore, covering its basic information, deposit and loan products, digital services, technological innovations, unique services and market position.

Bank BasicsSingapore

Bank is a commercial bank, non-state-owned or joint venture, established in January 2010 and headquartered at 63 Market Street, Singapore. Wholly owned by OCBC Group, the bank acquired ING Asia Private Bank from ING Group for US$1.46 billion in 2009 and merged it with OCBC Private Banking, officially rebranding as Bank of Singapore. Banks in Singapore are strictly regulated by the Monetary Authority of Singapore (MAS) and are required to comply with the Banking Act and international financial standards to ensure operational transparency and the safety of customer funds. Its deposits are protected by the Singapore Deposit Insurance Corporation (SDIC) with a maximum coverage of S$100,000 per depositor. The bank has branches in Hong Kong and Dubai, representative offices in Makati City in the Philippines and Malaysia, and serves customers in Europe through BOS Wealth Management Europe (Luxembourg and London), with approximately 2,496 employees worldwide.

Deposit & Loan Products

depositsSingapore

banks offer high-end deposit products designed for high-net-worth clients and wealthy families, with a focus on customisation and flexibility:

Demand Deposits: This includes checking and savings accounts, with a usually higher minimum opening amount (e.g. S$100,000) and a base annualized rate of return (APY) that can be enquired through Private Banking, which may refer to OCBC's retail deposit rate (around 0.05% to 0.50% in May 2025).

• Fixed Deposits: Support multiple currencies (SGD, USD, CNY, etc.), deposit terms from 1 month to 5 years, and the minimum deposit is usually SGD 50,000. In May 2025, OCBC fixed deposit rates will be available at up to 2.45% (12 months, S$19,900 deposits), with Singapore banks potentially offering higher rates in consultation with a private banker.

• Featured Products:

  • High Yield Savings Account: Customized savings solutions for high-net-worth individuals with interest rates higher than the market average and high balances (e.g. S$500,000 or more).

  • Large Certificates of Deposit (CD): Support flexible tenors, suitable for large amount of money customers, interest rates need to be queried through private banking services, may refer to OCBC USD Time Deposit (May 2025, 12 months up to 4.60%). Clients can enquire about the "Cloud Interest Rate" offer through the Bank of Singapore's mobile app or online banking, and the deposit products are often integrated with OCBC Group's wealth management services to provide personalized income solutions.

LoansSingapore

banks provide customized loan products to meet the financing needs of high-net-worth customers:

• mortgages: Fixed and variable rate mortgage loans are available for up to 80% of the value of the property for a term of up to 30 years. In 2025, interest rates may be based on SORA (Singapore Overnight Interest Rate Average, around 2.74%) plus a premium (e.g. 1.5%), with cash rebates or insurance discounts, subject to consultation with a private banker.

• Car Loans: Luxury and new car financing is supported with loan amounts of up to S$5 million, tenors of up to 7 years, an annualized interest rate (APR) as low as 2.5%, and a high credit score (usually above 700).

• Personal Line of Credit: Includes Securities-Based Lending, the amount is based on the value of the client's portfolio, the APR is confirmed through the Private Banking Service, and the application threshold includes high net worth assets (e.g. above S$1 million) and good credit history.

• Flexible repayment options: Mortgages and personal loans offer no penalty for prepayment, monthly or bi-weekly payment plans, and revolving lines of credit (such as portfolio loans) that give customers the flexibility to manage their debt. All loans are subject to bank approval and clients are required to provide portfolio details or financial documents, the terms of which are subject to the loan agreement. Bank of Singapore's loan services focus on high-end customers, emphasizing personalized financing.

Digital Services ExperienceBank

of Singapore's mobile banking app (name undisclosed, presumably "Bank of Singapore Mobile") is at the heart of its digital services and is available for download on iOS 14.0 and above and Android 9.0 and above. Based on its Digital Customer Experience awards, it is speculated that the App Store has a rating of around 4.6 and the Google Play score is around 4.5, with users praising its smooth design and powerful features. Core features include:

• Face recognition: supports biometric authentication (such as Face ID and Touch ID), combined with strong encryption technology to ensure transaction security.

• Real-time transfers: Instant transfers in currencies such as Singapore Dollars and US Dollars are supported through the Singapore Faster Payment System (FAST) and international payment networks, with daily limits subject to bank consultation.

• Bill management: Support online bill payment, automatic deduction and e-statement, and classify transaction records in real time.

• Investment Tool Integration: Supporting stocks, ETFs, mutual funds, bonds and alternative investments (such as private equity) through OCBC Group's wealth management platform, providing real-time market data and investment advisory services. The online banking platform supports multiple browsers (such as Microsoft Edge, Google Chrome) and provides similar features, allowing customers to quickly manage their accounts through the app or official website. The app supports accessibility features and is compatible with the needs of visually impaired and hearing-impaired customers. Some users may report that international transfer fees are high, but banks continue to optimize the user experience.

Technological innovationBank

of Singapore is a leader in the field of fintech, relying on OCBC Group's technical resources:

• AI customer service: Analyze customer transaction behavior and detect risks in real-time through AI-driven fraud prevention systems (such as the "Best AI Fraud Prevention Award" in Regulation Asia in 2023). A virtual assistant is planned to be launched in 2025 to support 24/7 inquiries and financial advice.

• Robo-advisors: Provide AI-based investment management services through Bank of Singapore Invest, recommend diversified portfolios based on customers' risk appetite, with a minimum investment of S$1,000 and no subscription fees.

• Open Banking API: Follows the Monetary Authority of Singapore's Open Banking Framework, integrates with third-party service providers to provide account management and financial services interoperability, particularly in the areas of wealth management and cross-border payments.

• Other innovations: Support for mobile check deposits, digital wealth planning tools, and RegTech solutions, winning the "Best Use of Technology in Asia" award at the PWM Wealth Tech Awards in 2025. Banks are investing in cloud technology and data analytics to improve operational efficiency.

Featured Services & DifferentiationSingapore

banks are known for their high-end private banking services and internationalization capabilities:

Open

• Architecture Product Platform: Through a strategic partnership with Edelweiss Group (2019), Offering the best categories of investment products, including private equity, real estate, and hedge funds.

• Cross-border financial services: With offices in Singapore, Hong Kong, Dubai, Luxembourg and London, we provide global investment and wealth management solutions to clients across Southeast Asia, Greater China and the Indian subcontinent.

• Wealth Protection & Succession Planning: We provide trust services through BOS Trustee Limited to help clients achieve wealth inheritance and tax optimization.

• Green Finance and ESG Investment: Launched green bonds and sustainable investment products in response to the United Nations Principles for Responsible Banking, and won the "World's Best Private Bank ESG Investment Award" by Euromoney in 2025.

• Corporate Finance & Financial Services: We provide corporate lending, acquisition financing and foreign exchange services through OCBC Group to meet the business needs of high-net-worth clients.

Market Position & Accolades

Bank of Singapore is Asia's leading private bank, with nearly US$2 trillion in assets under management in 2024, making it one of the world's leading private banks. The bank has branches in Singapore, Hong Kong, Dubai and other places, with about 2,496 employees worldwide, serving 90% of the Fortune 100 companies and top wealthy families. Its parent company, OCBC Group, has total assets of S$560 billion in 2024, making it the second largest financial services group in Southeast Asia. The cost-to-income ratio of Singapore banks remains at the lowest level in the industry, reflecting efficient operations. Key accolades include:

• Euromoney 2025 "ESG Investment Award for World's Best Private Bank".

• PWM Wealth Tech Awards 2025 for "Best Private Bank in Asia Digital Customer Experience" and "Best Use of Technology in Asia".

• "Best Bank for Ultra-High Net Worth Clients in Singapore" by Asiamoney since 2010.

• Asian Private Banker's 2023 Best Sustainable Investment & Impact Award.

• HR Excellence Awards 2024 for Excellence in Diversity & Inclusion. Bank of Singapore's solid financial performance and innovation capabilities have made it a benchmark in Asia's private banking market.

SummaryBank

of Singapore Limited is a leader in Asian and global financial markets with its commitment to excellence in private banking, digital innovation and sustainability. It offers customized deposit and loan products designed for high-net-worth clients, with flexible repayment options to meet diverse needs. Mobile banking apps are widely praised for their efficient real-time transfer and investment management features. Technological innovations, including AI-driven fraud prevention, robo-advisors, and open banking API support, demonstrate its forward-looking digital transformation. With its open-architecture product platform, cross-border financial services and multiple industry accolades for 2025, Bank of Singapore has demonstrated unrivalled competitiveness and influence in the private banking sector in Asia.