Standard Chartered Singapore

Bank Name	Standard Chartered Bank (Singapore) Limited
Founded in Singapore	1859
Headquarters	Singapore, Singapore
CEO	Patrick Lee
Total Assets (2024, Bank)	S$160.03 billion
Net Profit (2024, Bank)	S$1.59 billion
ROE (2024, Estimated)	13.5%
SWIFT Code	SCBLSG22
Branches in Singapore	11
Main Digital Banking Offer	SC Mobile, supported by Digital Wealth and SC Online Trading tools

Standard Chartered Singapore holds a rare place in the city’s banking landscape. It is a long-established international bank with deep local roots, a Qualifying Full Bank presence, and a business mix that spans retail banking, wealth management, SME banking, transaction banking, trade finance, FX, and private banking. For readers comparing banks in Singapore, this matters because Standard Chartered is not built around only one customer type. It serves day-to-day savers, affluent clients, cross-border families, entrepreneurs, and large corporates under the same Singapore platform.

The local numbers also show real scale. In 2024, the Singapore bank entity reported S$160.03 billion in total assets, S$1.59 billion in net profit, S$55.33 billion in deposits from non-bank customers? No — the audited local figure was much higher at S$110.24 billion for the bank entity and S$135.13 billion for the group view, while loans and advances to customers reached S$60.21 billion at bank level. Those figures place Standard Chartered Singapore firmly among the more relevant banking platforms in the market.

Key Information

About Standard Chartered

History

Standard Chartered opened its first branch in Singapore in 1859. That gives the franchise more than a century and a half of local operating history. The modern Singapore structure took shape in stages. The bank’s retail and SME businesses were transferred to the locally incorporated subsidiary in 2013, and in 2019 the commercial, corporate and institutional, and private banking businesses were also moved into the Singapore entity. That shift made Standard Chartered Bank (Singapore) Limited the core platform for the bank’s business lines in the country.

Singapore is also one of the group’s most important operating centres. A large share of global business leadership, technology operations, and innovation activity sits in the city. That helps explain why the Singapore franchise often acts as more than a local retail bank. It also functions as a regional booking, wealth, payments, and connectivity hub.

Mission and Vision

In practical terms, Standard Chartered Singapore is built around two ideas. The first is helping clients move money, build wealth, and manage risk across borders. The second is linking Singapore-based customers to the bank’s wider footprint across Asia, Africa, and the Middle East. That positioning is especially visible in services such as multicurrency banking, international wealth access, foreign exchange, transaction banking, and cross-border payments.

Landmark Milestones

Year	Event	Brief Note
2025	Affluent Strategy Expanded in Singapore	The bank said it would keep pushing for more affluent new-to-bank clients and highlighted growth in affluent AUM in 2024.
2025	SC PrismFX Launched	A digital-first transactional FX suite covering 130+ currencies across 40+ markets for corporate, PayTech, FI, and NBFI clients.
2025	MyWay Refresh	MyWay Savings Account was refreshed with rates up to 3% and a complimentary digital scam protection feature for eligible balances.
2025	Retail Campaign Lifted Spend and Deposits	A 2025 campaign update said participating clients recorded a 15% lift in card spend and 20% growth in deposit balances.
2024	Full-Year Local Results Published	Local audited accounts showed higher assets, stronger fee income, and solid capital ratios.
2022	Trust Bank Launched	Standard Chartered and FairPrice Group launched Trust Bank in Singapore.
2020	SRFB Status	The bank received Significantly Rooted Foreign Bank status from MAS, highlighting deep local presence.
2019	Business Consolidation into SCBSL	Commercial, corporate, institutional, and private banking lines were moved into the Singapore subsidiary.
2013	Local Subsidiary Took on Retail and SME Businesses	This laid the groundwork for the current Singapore structure.
1999	Qualifying Full Bank Licence	The bank was among the first international banks to receive QFB status in Singapore.
1859	First Branch Opened	Standard Chartered began its Singapore journey in the 19th century.

Products and Services

Retail Banking

For individuals, Standard Chartered Singapore offers a broad set of everyday and wealth-linked products. The retail line-up includes current accounts, savings accounts, time deposits, multicurrency features, credit cards, debit cards, personal loans, mortgages, insurance access, and investment products. Popular product families include Bonus$aver, JumpStart, MyWay, Wealth $aver, and First$aver, each aimed at a different life stage or banking pattern.

This product mix matters because Standard Chartered is not only chasing mass-market volume. Its Singapore franchise leans toward clients who want daily banking plus wealth functionality. That is why savings products, premium cards, international access, and investment pathways are tightly linked on the same platform.

SME and Corporate

For businesses, the bank’s offer goes well beyond a standard business current account. Singapore clients can tap cash management, trade finance, receivables and payables solutions, FX, working capital tools, digital banking through Straight2Bank, and cross-border transaction services. This is one of the bank’s clearest advantages in Singapore: the local franchise sits inside a network built for trade and multi-market flows.

That network-first design is useful for importers, exporters, treasury teams, regional headquarters, and firms handling multi-currency collections or supplier payments. In that space, Standard Chartered Singapore feels less like a purely domestic bank and more like a regional operating bank.

Digital Initiatives

Standard Chartered has kept investing in digital banking in Singapore. The everyday client-facing layer includes SC Mobile, online banking, digital account opening for selected products, digital card issuance for eligible flows, and online servicing for transfers, deposits, and account management. On the investment side, the bank also offers Digital Wealth tools, Online Unit Trust access, Live FX, and SC Online Trading, which gives clients access to global exchanges.

On the business side, the 2025 launch of SC PrismFX added another layer. It packages transactional FX capabilities under one suite and supports payments across more than 130 currencies in over 40 markets. That is especially relevant in Singapore, where treasury, trade, and FX needs often sit inside the same client relationship.

Financial Indicators (2022–2024)

Year	Net Profit (S$ bn, Bank)	Estimated ROE	Total Assets (S$ bn, Bank)	Branches
2024	1.586	13.5%	160.026	11
2023	1.670	15.1%	142.124	11
2022	1.115	10.2%	132.943	11

ROE values above are estimated from audited net profit and average year-end equity of the local bank entity.

A few patterns stand out in the 2022–2024 data. First, assets expanded steadily, rising from about S$132.94 billion to S$160.03 billion. Second, the local bank’s non-interest income became a larger earnings support, helped by fees and foreign exchange income. Third, capital remained healthy, with the bank reporting a 2024 CET1 ratio of 15.15% and a total capital ratio of 25.62% on the bank view.

That mix tells a useful story. Standard Chartered Singapore is not relying on one narrow earnings line. Its local profit base comes from interest income, fee income, dealing and FX income, deposits, and lending. For a bank that positions itself around wealth, trade, and cross-border activity, that balance is important.

Latest News and Developments

These 2025 updates show where the Singapore franchise is leaning. The direction is clear: more affluent banking, more digital engagement, more FX capability, and more product design tied to life-stage banking. That lines up with the way Singapore’s banking market has been evolving, where deposits, wealth, card spend, mobile engagement, and multi-currency activity increasingly feed each other.

Account Opening Process

For most users, the account opening flow starts online. Standard Chartered Singapore allows eligible applicants to check product requirements first, then apply digitally for selected accounts. Singapore citizens and permanent residents can use Singpass / MyInfo for faster pre-filled applications. Foreigners are also eligible for selected accounts, though the document path depends on the product and residency status.

1. Choose the right account type, such as Bonus$aver, JumpStart, MyWay, or another savings/current account.
2. Review eligibility, including age, residency status, and any account-specific rules.
3. Submit the application online through MyInfo where available, or through the bank’s application form.
4. Provide supporting documents if your profile or chosen product requires them.
5. Complete funding, verification, and activation steps through online banking, SC Mobile, or branch support if needed.

This process is fairly smooth for standard retial applications, but the exact flow still depends on whether you are a citizen, PR, or foreign applicant and which product you want to open. Some accounts are easier to start fully online, while others may still require branch follow-up.

Pros and Cons

Comparison with Other Singapore Banks

Bank	Where It Often Stands Out	Who May Find It Useful
Standard Chartered Singapore	International connectivity, wealth access, FX, transaction banking	Cross-border professionals, affluent clients, regional businesses
DBS	Large domestic ecosystem and broad digital everyday banking reach	Users seeking wide local integration across daily banking and payments
OCBC	Broad local banking and wealth ecosystem	Customers comparing savings, cards, insurance, and wealth under one domestic brand
UOB	ASEAN business links and strong regional banking relationships	Individuals and firms with Southeast Asia-focused banking needs

The clearest way to read this comparison is simple. If the priority is Singapore-only daily banking, local incumbents may feel more familiar. If the priority is wealth-led banking with international reach, Standard Chartered becomes much more compelling.

FAQ

Is Standard Chartered a Local Bank in Singapore?

It is part of an international banking group, but the operating entity in Singapore is Standard Chartered Bank (Singapore) Limited, a locally incorporated bank with deep roots in the market.

When Did Standard Chartered Start Operating in Singapore?

Standard Chartered opened its first branch in Singapore in 1859. That long operating history remains one of the franchise’s defining features.

What Is the Standard Chartered Singapore SWIFT Code?

The bank’s SWIFT / BIC code for Standard Chartered Bank (Singapore) Limited is SCBLSG22.

How Many Branches Does Standard Chartered Have in Singapore?

The bank states that it has 11 branches in Singapore, alongside more than 30 ATMs.

Can Foreigners Open an Account with Standard Chartered Singapore?

Yes, foreigners can open selected accounts, but requirements vary by product. Some applications can start online, while others may require branch submission and extra documents.

Does Standard Chartered Offer Digital Investing in Singapore?

Yes. The bank offers Digital Wealth tools, Online Unit Trust access, Live FX, and SC Online Trading, which supports investing across global exchanges.