HDFC Bank, India’s largest private-sector lender, has reportedly applied for a banking license in Singapore, marking its first foray into the city-state as part of its overseas expansion strategy the bank is awaiting approval from the Monetary Authority of Singapore (MAS), and the type of banking license sought remains undisclosed. The move is seen as a bid to tap into the Indian diaspora in Singapore for savings, term deposits, and cross-selling products, including mortgages with a focus on expanding its global presence, HDFC Bank aims to leverage the significant Indian community in Singapore, estimated at 650,000 non-residents and persons of Indian origin.
The bank’s expansion plans align with its broader strategy of deepening its reach beyond India, where it has been concentrating on providing loans to retail customers. HDFC Bank has not yet received a license or regulation from MAS, according to its website, and the specifics of the license sought will determine the scope of the bank’s activities in Singapore.
Singapore, with its large Indian diaspora and strategic location, offers HDFC Bank an opportunity to further diversify its international footprint, alongside its existing presence in markets like London, Hong Kong, and Bahrain as the bank awaits regulatory approval, this move signifies HDFC Bank’s commitment to broadening its global operations and strengthening its position in the international financial landscape.
