Do You Know How Singapore Banks Fully Support Service-Based Businesses?

Accelerating Banking Transformation in Singapore Amid Global Economic Uncertainty

Amid increasing global economic volatility and a more complex financial environment, the banking industry is accelerating its transformation to better meet evolving customer needs. As one of Asia’s leading financial centers, Singapore’s banking sector is renowned for its robust financial system, efficient service capabilities, and forward-looking strategic planning. In recent years, major banks in Singapore have intensified their focus on fee-based services, leveraging technological innovation, product diversification, and enhanced customer experience to deliver comprehensive support to both individual and corporate clients. This trend not only reflects the industry’s internal development needs but also highlights the critical role of financial services in supporting the real economy.

Fee-Based Services as the New Growth Engine

As growth in traditional lending and deposit businesses slows, banks are placing increasing emphasis on fee-based services. These services span wealth management, asset management, payment and settlement, insurance, investment banking, and private banking. They are characterized by relatively lower risk, stable revenue streams, and high customer retention. According to the Monetary Authority of Singapore’s MAS 2025 Financial Industry Report, Singapore banks have seen significant growth in fee-based services over the past year, particularly in wealth management and digital banking. For example, DBS Bank reported a 14.3% year-on-year increase in wealth management revenue in Q1 2025, driven by rising asset allocation demand from high-net-worth clients. OCBC Bank has also expanded its private banking offerings by introducing a range of customized investment products to cater to diverse client segments.

Technology-Driven Service Upgrades

Driven by the digital transformation wave, Singaporean banks are ramping up investments in fintech to improve service efficiency and customer experience. Digital banking has become a key component of fee-based services. In 2025, UOB launched a new corporate digital banking platform integrating account management, cross-border payments, and trade financing, enabling corporate clients to manage their finances more efficiently. The adoption of technologies such as artificial intelligence, blockchain, and big data allows banks to better understand customer needs and offer personalized services. For instance, DBS uses AI to enhance its client investment advisory system, providing clients with more accurate and real-time data support during asset allocation. Such technological empowerment not only boosts customer satisfaction but also strengthens banks’ market competitiveness.

Comprehensive Support for Both Individual and Corporate Clients

Singaporean banks’ fee-based services extend beyond corporate clients to also prioritize the financial needs of individuals. In personal finance, banks offer integrated, one-stop wealth management solutions by combining online and offline resources. OCBC’s Wealth 360 platform, for example, integrates modules such as investment, insurance, and savings, helping individuals preserve and grow their assets. For corporate clients, banks provide tailored financial solutions to support cross-border expansion and supply chain management. UOB has established partnerships with financial institutions in several Southeast Asian countries to offer seamless cross-border payment services to business clients, reducing operational costs and improving capital efficiency.

Embracing Green Finance and Social Responsibility

Aligned with the global trend toward sustainability, Singaporean banks are actively integrating green finance into their fee-based services. Many banks have launched green bonds and sustainable investment funds to support financing for environmental and renewable energy projects. For example, DBS issued a US$500 million green bond in 2025 to fund renewable energy projects across Southeast Asia. At the same time, banks are enhancing the social value of their services through corporate social responsibility initiatives. OCBC’s Financial Inclusion Program, for instance, offers low-interest loans and financial advisory services to small and medium enterprises SMEs and low-income groups, supporting their development and growth.

Conclusion

The comprehensive support offered by Singaporean banks through fee-based services not only underscores the city-state’s status as a global financial hub but also provides clients with more diversified, personalized, and efficient financial solutions. Whether for individuals or corporations, Singapore’s banking system offers tailored financial tools to meet specific needs. Looking ahead, as technology continues to advance and customer expectations evolve, Singapore’s banking sector is well-positioned to remain at the forefront of innovation in fee-based services, setting a benchmark for the global financial industry.