HDFC Bank Expands into Singapore's Financial Hub with New Wholesale Banking License

MEVHunterX · 2025-12-31T08:45:27+00:00

HDFC Bank has launched its Singapore operations after gaining regulatory approval, transitioning from a representative office to a full banking entity. This move enhances its ability to serve clients across Southeast Asia and strengthens its international footprint.

MEVHunterX

2025-12-31 08:45:27

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India’s largest private-sector banking institution has officially launched its Singapore operations following regulatory approval from local authorities. The Monetary Authority of Singapore (MAS) granted HDFC Bank a wholesale banking license effective October 15, 2024, marking a significant milestone in the bank’s regional strategy.

The Singapore branch now operates as a full banking entity, upgrading from its previous status as a representative office. This transition enables the institution to deliver comprehensive financial solutions to a broader client base throughout Southeast Asia, including multinational corporations, institutional investors, and wealth management clients seeking exposure to Indian markets.

Strategic Positioning in Asia-Pacific Markets

The opening ceremony was led by Mr. Rakesh Singh, Group Head of International Banking divisions at HDFC Bank, alongside Mr. Gaurav Khandelwal, CEO of HDFC Bank Singapore. During the event, Singh highlighted the strategic value of establishing a presence in one of the world’s premier financial centers.

“Singapore’s position as a major international financial hub makes it an ideal location to serve our growing client base in Asia-Pacific,” Singh remarked. “We remain grateful for the guidance provided by MAS and the Reserve Bank of India throughout this regulatory process.”

Expanded International Footprint

The Singapore branch represents the latest addition to HDFC Bank’s growing international network. The bank now operates five branches across key markets—Hong Kong, Bahrain, Dubai, Singapore, and an IFSC Banking Unit in Gujarat’s International Finance Tech City. Additional representative offices serve clients in Kenya, Abu Dhabi, Dubai, and London.

As of March 31, 2024, the bank’s international business division reported a balance sheet size of US$9.06 billion, reflecting steady growth in cross-border financial services and strengthening regional ties.

Continuity for NRI Banking Services

The new branch continues providing housing loan administration for Non-Resident Indians seeking to purchase properties in India—a service previously offered through the representative office. This continuity ensures seamless support for expatriate clients managing their domestic financial interests.

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