The banking sector in Singapore is a key determinant of the growth of Singapore’s economy. There are over 117 foreign banks which have been established in Singapore. They are here to cater for the many industries which are operating in Singapore. The various services offered are credit facilities, deposits, insurance and much more.
A bank is a financial intermediary. The bank’s primary role is to act as a financial intermediary between the savers and borrowers. Therefore, borrowers are investors who come to the bank and seek funding. If their loan application is approve, they will then repay back the principal amount with interest.
Accepting of deposits
This is the major function of banks and they ought to collect deposits from any account holder in the bank. Money is taken to the bank by savers and credited to the owner’s account. These funds which are in the form of deposits is the one given to borrowers in case they need a loan from the bank. Also, in the owner of the money wants it he or she can be able to withdraw via the ATM or over the counter.
Banks in Singapore have entered into the business of portfolio management which involves making investment decisions of funds under their control. Their primary objective is to get the optimal results in such a project, and they will get a commission from that thus being able to continue with their day to day operations.
Most employers do not pay salaries or pension to their employees directly. Rather, they send all payments to the bank which is safer. Banks are then charged with the responsibility of periodic collections making sure they collect the money on behalf of their clients.
This is the task of buying, selling and trading currency at the set prices. Due to the high number of foreigners in Singapore, many foreigners would like to change their national currencies to the Singapore dollar so that they can transact businesses with the local currency.
If anyone feels that they have precious ornaments such as gold, jewelry or anything else they can take it to the bank at fee because the banks act as a safe custodian for such valuables.
Most financial institutions in Singapore are thriving because of the nature of the business in the country as well as opportunities. It is, therefore, mandatory that banks come up with innovative products to suit the current market need.
Best Credit SG Pte Ltd also known as Cing Dien Credit in the past. We are a licensed money lender company in Singapore. We are approve as a licensed moneylender in Singapore and have been one for more than 30 years by the Ministry of Law! If you require a loan today, get in touch with us, we will help you in every possible way.
Are you in need of cash? Get in touch with us! You can drop by our office at Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372 or call us at +65 6272 5538 if you have any questions. All our loan consultants are well train to answer your needs.