Singapore is one of the top private banking destinations for investors around the world. The private banking sector in the country is rapidly growing, playing a significant role in financial and economic development. Some of the key drivers of the growth are high-quality services such as:
- Global wealth-management services
- Wealth, lifestyle, and investment advisory services
- Estate and tax planning
- Asset protection
- Credit services
- High banking standards
- Sustainable investing, and
- Many high-net-worth individuals
Singapore has many private banks that cater to everyone from individuals to small and medium-based enterprises to large companies. Private banking Singapore offers personalized solutions to meet your needs for everyday financial transactions, SME or corporate banking, wealth planning, and investment strategies, irrespective of who you are or where you are.
Some leading private banks, like DBS Bank, provide unique services tailored to their client’s financial goals. They have professionals to assist clients in wealth planning and investing through efficient advisory services, as well as solutions.
Get to Know the Private Banking Services Offered in Singapore
DBS, one of the leading private banks in Singapore, is known for providing services specifically designed to help their clients achieve their long-term financial goals. Other than the standard banking services of payments, deposits, and money transfers, they provide:
- Investment Advisory
Making smart investments calls for a thorough understanding of stock and bond markets market conditions, and risk management. Further, it is crucial to have a clear understanding of your investment horizons and goals for money management. The investment advisory services from Singapore’s private banks assist you in finding solutions specifically tailored to meet your needs.
For instance, DBS Private Bank helps you with discretionary portfolio management services aligned with your objectives related to your family, business, and retirement. With it, you get opportunities for making better investments at an affordable cost. Some of the investment products you have access to are:
- DBS Global Income Note
- DBS ESG Focus Note and Bond Fund
- DBS I.D.E.A. Fund
- DBS CIO Barbell Index Note
- DBS SGD Focus Note
- DBS CIO Barbell Income Fund
The other investment options include direct equities, investment grade bonds, foreign exchange options, Singapore Savings Bonds, currency-linked investments, money market investments, and structured investments.
Creating a suitable investment strategy and offering advice on various investment options and products based on your preferences and goals are a part of Singapore’s private banking service.
- Wealth Planning
Private banks assist their customers with some advice on the efficient accumulation and management of their wealth through wealth planning or management service. Further, they provide you with access to several investment options, which include private equity deals, solutions, and services. You need a plan and strategy to preserve and grow your hard-earned wealth and attain your investment objectives, wherein private banks assist you with expert counselling.
The professionals at the bank will assist you with expert advisory, tax planning, succession planning, estate planning, liquidity planning, wills, philanthropy, retirement planning, and family legacy planning as part of wealth planning, which is a high level of financial management.
The well-experienced team will develop a plan based on your financial goals and current financial situation. Further, you are well-informed on the most recent developments in investment products, credit options, and wealth management strategies.
- Sustainable Investing
The mainstreaming of sustainable investing by private banks also has a positive sustainable impact on the environment. Private banks assist in increasing investor awareness of the value of sustainability when governments around the world promote sustainable investing.
Sustainability is essential to a company’s success. Businesses that provide opportunities for sustainable investments can achieve both financial and intrinsic returns. Investors are becoming more and more interested in investments beyond monetary returns. They want to invest in organisations that have a clear sense of purpose and provide long-term solutions for the ESG factors.
Private banks help clients incorporate sustainable investing into their portfolios apart from giving advice on it. As a result, ESG investing or impact investing can help you build your wealth while also producing clean water, generating energy from renewable resources, creating efficient transportation systems, and improving healthcare and sanitation.
- Digital Exchange Platform
You can also trade stocks, cryptocurrencies, and commodities on an integrated online exchange platform. Private banks safeguard this platform from security risks with high level security and encryption technologies.
With the unique and functional mobile application, DBS digibank, DBS allows you to carry out banking effortlessly every day. It helps you with wealth management by having a detailed breakdown of your transactions, holdings, allocation., asset movements in the portfolio, and analysis.
To sum up, private banking in Singapore is fast growing capitalizing on the increasing number of high net-worth individuals, SMEs, and multinational companies and supporting them with distinctive wealth planning and investment options in addition to the standard banking services.