The recent fighting in the Middle East has accentuated Singapore’s status as a safe haven, with anecdotal reports of wealthy individuals moving cash previously parked in Dubai over. Total Singapore deposits increased by 7.2% y-o-y to $2.1 trillion in March, up by $66.2 billion. The three banks reported a total of $52 billion y-o-y deposit growth in 1Q2026. DBS Group Holdings and United Overseas Bank’s (UOB) deposits rose by 9% each to $19 billion and $17 billion, respectively, while Oversea-Chinese Banking Corporation’s (OCBC) deposits rose 10% y-o-y to $16 billion.
With declining net interest margins (NIMs) on the back of lower interest rates, banks now have to prop up their bottom lines with non-interest income, including wealth management income.
The broader trends are in their favour. Singapore’s concerted efforts to become a regional wealth management hub have helped attract top wealth managers to set up shop here. Local incumbents have been seizing growth opportunities across the region as well, albeit with varying degrees of aggressiveness.
