Quick answer: In Singapore, bank deposits are insured up to S$100,000 per bank (SDIC), banks share liability for phishing losses under the Shared Responsibility Framework, and any bank, lender or investment provider should be verified on MAS’s Financial Institutions Directory — or, for moneylenders, MinLaw’s Registry of Moneylenders — before you commit money.
Before you park your savings, know this: the safety nets are not all the same size. We lay out exactly what’s covered, who pays if things go south, and what’s not worth a single cent of worry—or extra insurance—so you can keep your money working without losing sleep over the fine print.
Is that investment opportunity legitimate? Is your money actually protected if a bank fails or you’re scammed? Singapore’s financial rules are extensive, but as a consumer, only a handful of them directly affect you. This guide covers what matters: deposit protection, scam liability, and how to check a provider is genuine — not a rundown of every law on the books.
How much of my bank deposits are actually protected?
Every bank depositor in Singapore automatically gets protection from the Deposit Insurance Scheme, administered by the Singapore Deposit Insurance Corporation (SDIC). The coverage limit is S$100,000 per depositor, per bank — raised from S$75,000 in April 2024. This applies to Singapore-dollar savings, current and fixed deposit accounts. It does not cover foreign-currency deposits, structured deposits or investment products like unit trusts and shares.
If you hold more than S$100,000 in SGD across products at one bank, consider spreading the balance across different insured institutions. Digital banks such as MariBank and GXS Bank are fully covered members of the scheme, so your money there gets the same S$100,000 protection as a traditional bank. No application or fee is needed — the coverage is automatic if your bank is a member.
- Enable your bank app’s “Kill switch“ to freeze your account instantly if you suspect fraud.
- Use the ScamShield app to filter scam calls and SMSes.
- See our guide to spotting loan scams for borrowing-specific red flags.
What if a phishing attack hits my account?
Since December 2024, the Shared Responsibility Framework (SRF) from MAS and IMDA sets out clear duties for banks and telcos. If a bank fails to send real-time transaction alerts, provide a kill switch to freeze your account instantly, or maintain effective fraud-monitoring systems, it bears the loss. If the bank met all its duties but the telco did not fulfil its own — for example, by not blocking fraudulent SMSes — the telco pays.
This framework shifts a meaningful share of phishing-loss risk away from you, but it is not a blanket refund guarantee. You should still take proactive steps: activate the kill switch on your banking app so you can use the switch to freeze your account at the first sign of trouble. Install the ScamShield app to filter unsolicited calls and messages. These small actions give you an extra layer of control.
- Banks and financial institutions: check MAS’s Financial Institutions Directory at mas.gov.sg.
- Licensed moneylenders: check the Ministry of Law’s Registry of Moneylenders — see our full guide to licensed money lenders.
- Investment products: confirm the provider holds a Capital Markets Services licence or a relevant MAS exemption before committing funds.
How can I verify a lender or investment provider is legitimate?
Before you commit any money, run a quick check. For banks, insurers, and most financial institutions, use the Monetary Authority of Singapore’s Financial Institutions Directory at mas.gov.sg. If a firm is not listed there, it is not licensed. For borrowing, check the Ministry of Law’s Registry of Moneylenders for licensed moneylenders — our full guide to licensed money lenders walks you through the process.
When you are looking at an investment product, confirm the provider holds a Capital Markets Services licence or a specific MAS exemption. A provider offering financial products in Singapore without a licence or exemption is operating illegally. Treat any unlicensed solicitation as a sign to stop and verify independently.
Beyond the directory, MAS also publishes investor alerts about unregulated entities. Taking a minute to cross-check can protect you from dealing with a provider that is not properly authorised.
What about crypto and digital payment tokens?
Digital payment token services, including cryptocurrency exchanges, must be licensed under the Payment Services Act. MAS has progressively tightened the rules to require clear risk disclosures to consumers. However, a licence from MAS is not a safety endorsement — it simply means the provider meets baseline regulatory requirements such as anti-money laundering controls.
Treat all crypto holdings as high-risk, regardless of the provider’s licensing status. The protection afforded by deposit insurance does not extend to digital tokens, and the SRF for phishing losses does not cover unauthorised crypto transactions in the same way. Always verify the provider’s licence on the MAS directory before trading.
What else should I do to stay protected?
Beyond the regulatory safeguards, your own habits make a difference. Spread large sums across multiple insured banks so no single account exceeds the S$100,000 SDIC limit. Keep your banking app’s kill switch turned on and know how to trigger it — having that switch ready can stop a fraud in progress.
Read our guide to borrowing safely for tips on what to look out for when dealing with moneylenders. Financial regulation provides a strong foundation, but staying informed and using the tools available — like ScamShield and the kill switch — keeps you one step ahead.
FAQs about financial regulation in Singapore
How much of my bank deposit is protected in Singapore?
Up to S$100,000 per depositor, per bank, automatically, through the Singapore Deposit Insurance Corporation (SDIC) — no application needed if your bank is a scheme member.
Who pays if I’m a victim of a phishing scam?
Under the Shared Responsibility Framework, the bank pays if it failed its anti-scam duties (like real-time alerts or a kill switch); if the bank met its duties but the telco failed its own, the telco pays. It isn’t an automatic refund for every scam.
How do I check if a financial product is legitimate?
Check MAS’s Financial Institutions Directory for banks and licensed institutions, or the Ministry of Law’s Registry of Moneylenders for licensed moneylenders. A provider offering financial products in Singapore without a licence or MAS exemption is operating illegally.
What penalties apply for financial non-compliance in Singapore?
Penalties vary by breach — from monetary fines to licence revocation for institutions, and criminal liability for serious offences like money laundering. As a consumer, your protection comes from dealing only with MAS-licensed or MAS-exempted providers.
Last updated July 2026. Figures verified against MAS, SDIC and the Ministry of Law on 22 July 2026 — rules and coverage limits can change, so confirm current details on the official sites before relying on them.
Disclaimer: This article is for general information only and is not legal or financial advice. Compiled from publicly available sources; while we aim for accuracy, we do not guarantee completeness. Confirm current rules directly with MAS, SDIC or the Ministry of Law. Let us know if you spot anything that needs correcting.
