Banking in Singapore for foreigners works much harder than you would expect. If you have experience from Hong Kong for example you would be surprised by amount of data bank would like like to gather. Additionally the big surprise is once you provide all the information bank will probably get lost in it and disapprove your application. Just for the sake of complexity. That is really against all what I did go trough once I was a banker. I was always interested to know as much as possible about my client and once the client did dare to share I did feel comfortable and was keen to make business. Regulation nowadays did get just to the point, where truth is much less desirable than simple solution. Just for sake of we have done what regulation did ask us to be done. Banks are, therefore, very weak. They open enormous space for shadow banking, for the same banks not following all the regulation. As it is getting to the point where deposit on account has negative interest rate but to open bank account is super hard. How u can do business that way?
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