HL Bank

What HL Bank does

HL Bank (legal name: HL Bank Singapore) is a private, retail and small-business bank domiciled in Singapore and operating as a subsidiary of HongLeong Bank Malaysia within the broader HongLeong Financial Group. The bank serves individual consumers, vehicle buyers, insurance seekers, and small businesses through a single Singapore branch at Guoco Tower (7 Wallich Street) and the digital HLB Connect platform, with a regional footprint that also includes Malaysia, Hong Kong, and Vietnam at the group level. The product portfolio spans deposit products (iSavings Account, basic Savings Account, Current Account, SGD and Foreign Currency Fixed Deposits), lending products (Auto Loans and COE Car Loans distributed through authorised vehicle dealers), and a full suite of Protect360 insurance products (motor, travel, maid, critical illness, home contents, and personal accident) underwritten by the group affiliate HL Assurance Pte. Ltd. and distributed on a bancassurance basis.

The core technology stack is the proprietary HLB Connect platform delivered as a web application and a mobile app on iOS and Android, with integrations into Singpass and MyInfo for instant digital onboarding and instant auto loan approval, FAST for interbank transfers, and GIRO for recurring payments. The mobile app embeds the AppAuthorise digital token, Malware Shielding device-integrity checks, a Money Lock feature, and a mandatory 12-hour cooling period for high-risk digital transactions, reflecting a security-first product posture aligned with Monetary Authority of Singapore scam-prevention guidance. The platform also supports a cross-border Links feature that enables zero-fee, instant transfers between HL Bank Singapore and HLB Malaysia accounts.

The business model is a standard retail banking spread-plus-fee construct: net interest income from auto loan and deposit books, bancassurance distribution commissions from HL Assurance, current account monthly service fees (S$10 personal, S$20 corporate) on balances below S$10,000, fixed deposit placement and remittance fees, and promotional customer-acquisition spending funded by deposit margin. SGD deposits are insured by the Singapore Deposit Insurance Corporation up to S$100,000. Customer acquisition is omnichannel and increasingly digital-first, combining branch sales, the website, email campaigns, financial comparison platforms, and structured referral and promotional programmes such as the Hello Kitty savings campaign and a member-get-member scheme offering S$10 cash credit per qualified referral.

Name

HL Bank

Legal name

HL Bank Singapore

Website

https://hlbank.com.sg

Company type

Private

Founded year

1905

Operating status

Operating

Headcount range

101–250 employees

Short description

HL Bank is a Singapore-based private retail and small-business bank, subsidiary of HongLeong Bank Malaysia, offering deposits, auto loans, and Protect360 insurance through its HLB Connect digital platform and a single Guoco Tower branch. It serves individual consumers, vehicle buyers, and SMEs in Singapore.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Finance and Insurance (52)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Account & Balance Services (Operating accounts, statements, eBAM) (FSABAIAD)

Keywords

• Retail banking services
• Personal banking
• Fixed deposit accounts
• Auto financing
• Bancassurance distribution

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Net Interest Income: Interest income earned on loans (auto loans, COE car loans) and other credit products, offset by interest paid on deposits (savings, current accounts, fixed deposits). The bank offers competitive fixed deposit rates (up to 1.50% p.a. for 6-month SGD FD) and charges interest on vehicle financing.
2. Bancassurance Distribution Fees: Commissions earned from distributing insurance products underwritten by HL Assurance Pte. Ltd. Products include Motor Insurance (Car Protect360), Travel Insurance (Travel Protect360), Maid Insurance (Maid Protect360), Critical Illness Insurance (Early Protect360), Home Contents Insurance (Home Protect360), and Personal Accident Insurance (Family Protect360).
3. Current Account Fees: Monthly service fees for current accounts: S$10/month for personal accounts and S$20/month for corporate accounts if average daily balance falls below S$10,000. Early account closure fee of S$30 if account is closed within 6 months.
4. Fixed Deposit Services: Fees for fixed deposit services including free inward remittances (MEPS, Telegraphic Transfer) and free first transaction withdrawal with S$5 fee for subsequent MEPS withdrawals.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

HL Bank is a Singapore retail bank offering personal and small-business deposit products (savings, current, SGD and foreign currency fixed deposits), hire-purchase auto loans, and bancassurance (Protect360 motor, travel, home, maid, personal accident, and critical illness policies underwritten by HL Assurance). Services are delivered through the HLB Connect online and mobile banking platform with AppAuthorise digital-token security, supported by a physical branch at Guoco Tower.

Product overview

HL Bank (Hong Leong Bank Singapore) operates as a retail and commercial bank offering a comprehensive suite of banking and financial products. The core banking platform consists of HLB Connect (Online and Mobile Banking) with AppAuthorise Digital Token for secure authentication, complemented by deposit products including iSavings Account, Savings Account, Current Account, SGD Fixed Deposits, and Foreign Currency Fixed Deposits. Lending products include Auto Loans and COE Car Loans. The insurance portfolio, branded under Protect360, includes Motor Insurance (Car Protect360), Travel Insurance (Travel Protect360), Home Contents Insurance (Home Protect360), Personal Accident Insurance (Family Protect360), Maid Insurance (Maid Protect360), and Critical Illness Insurance (Early Protect360). Additional features include Links on HLB Connect for cross-border Singapore-Malaysia banking. The bank participates in the Singapore Deposit Insurance Corporation scheme protecting SGD deposits up to S$100,000.

Differentiator

Problem solved

Functional benefit

Brands

• HLB Connect: Digital banking platform for HL Bank Singapore customers
• AppAuthorise
• iSavings Account
• Protect360
• HL Assurance

Products and services

• iSavings Account
• Savings Account Basic Singapore Dollar savings account for individuals with 0.10% p.a. interest and a S$500 minimum initial deposit; S$10 monthly fee if average daily balance falls below S$500.
• Current Account Transaction account for personal and corporate customers offering hassle-free opening via MyInfo; S$10/S$20 monthly fee below balance threshold and S$30 early-closure fee within 6 months.
• Fixed Deposit Account (SGD)
• Foreign Currency Fixed Deposit Fixed deposit in AUD, GBP, CAD, NZD, USD or CNH with 1 to 12 month tenors and minimum placement of 50,000 in the respective currency (or S$50,000 equivalent for CNH).
• Auto Loan Hire-purchase loan for new and used vehicle purchases, financing up to 70% of price or market value with tenors up to 7 years and fixed monthly instalments; instant approval via MyInfo.
• COE Car Loan Specialised vehicle loan for cars 10-18 years old or with expiring Certificates of Entitlement; financing up to 70% of purchase price or bank valuation.
• Car Protect360 (Motor Insurance) Comprehensive motor insurance for vehicle owners with up to 25% discount, free car servicing, 24/7 roadside assistance and high medical coverage, underwritten by HL Assurance.
• Travel Protect360 (Travel Insurance) Travel insurance covering overseas medical expenses up to S$500,000, travel inconvenience benefits and No Claims Discount for safe travels, underwritten by HL Assurance.
• Family Protect360 (Personal Accident Insurance) Personal accident insurance for families with free child cover, 20 infectious disease protection and 15% No Claims CashBack, underwritten by HL Assurance.
• Maid Protect360 (Maid Insurance) Maid insurance with enhanced medical benefits, hospitalisation coverage up to S$80,000 and medical teleconsultation; 14-month or 26-month policy terms priced S$386.80 to S$1,595.50 inclusive of GST.
• Early Protect360 (Critical Illness Insurance) Critical illness insurance providing a 30% acceleration payout on early-stage diagnosis for top critical illnesses, with free medical teleconsultation, underwritten by HL Assurance.
• Home Protect360 (Home Contents Insurance) Home contents insurance for furniture, valuables, renovations and personal liability against fire, burglary and flood, offered with a 15% discount, underwritten by HL Assurance.
• HLB Connect Online and Mobile Banking HL Bank's primary digital banking platform providing account opening, transfers, fixed deposit placement, loan applications and account management via web and iOS/Android apps, secured by AppAuthorise digital token, malware shielding, Money Lock and a 12-hour cooling period.

Quantifiable outcome

• Up to 1.50% p.a. on 6-month SGD fixed deposits (promotional rate)
• +3 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• HL Assurance Pte. Ltd.coreStrategic or Co-development PartnerHL Assurance Pte. Ltd. underwrites all insurance products distributed by HL Bank Singapore under the Protect360 product line. Products include Car Protect360 (motor insurance), Travel Protect360, Maid Protect360, Early Protect360 (critical illness), Home Protect360, and Family Protect360. HL Bank acts as the distributor while HL Assurance provides the insurance products and policy administration.
• SingpasscoreTechnology or IntegrationSingpass integration enables instant digital account opening and identity verification for HL Bank customers. Users can scan QR code with Singpass App to verify identity during registration and login processes, replacing traditional manual KYC procedures.
• MyInfocoreTechnology or IntegrationMyInfo integration enables instant auto loan approval by allowing applicants to retrieve personal information and confirm loan details digitally. This reduces documentation requirements and processing time for vehicle financing applications.
• DBS BankminorOthersDBS Bank filed bankruptcy applications against Autobahn Rent A Car directors. HL Bank is listed as one of the supporting creditors alongside Teck Wei Credit and Toyota Financial Services, collectively owed over S$170 million in car loan guarantees.
• HongLeong Bank MalaysiacoreChannel Partner/ Reseller/ DistributorCross-border banking partnership enabling HL Bank Singapore customers to have instant, zero-fee transfers to HongLeong Bank Malaysia accounts. Provides unified banking experience across Singapore and Malaysia markets.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• UOB: One of Singapore's Big 3 local banks with strong regional ASEAN franchise. Competes with HL Bank across retail deposits, personal loans, and increasingly on digital onboarding and cross-border ASEAN banking.
• DBS Bank: Singapore's largest bank and the dominant incumbent across retail deposits, payments, loans, and wealth management. Serves as the benchmark competitor HL Bank must position against in digital onboarding, deposit pricing, and security features.
• OCBC Bank: One of Singapore's Big 3 local banks with full retail, SME, and wealth offerings. Competes directly with HL Bank on retail deposits, fixed deposits, and bancassurance distribution at scale.
• HSBC Singapore: Global bank with major Singapore retail and wealth operations. Overlaps with HL Bank in retail deposits, foreign currency products, and cross-border banking — particularly relevant given HL Bank's Singapore-Malaysia Links positioning.
• Citibank Singapore: International universal bank with Singapore retail, cards, and wealth business. Comparable on retail deposits, credit cards, and digital banking, though Citibank's wealth orientation differs from HL Bank's mass-market retail focus.

Direct peers

• Maybank Singapore: Malaysian banking group's Singapore retail and commercial banking subsidiary. Directly comparable as a Malaysian-headquartered regional bank offering deposits, loans, and bancassurance to Singapore retail and SME customers, including cross-border Malaysia-Singapore flows.
• Public Bank Singapore: Malaysian banking group's Singapore operations. Comparable mid-tier Malaysian peer offering retail deposits, fixed deposits, and personal banking services in Singapore.
• Standard Chartered Bank Singapore: International bank with full retail and commercial banking license in Singapore. Comparable in targeting Singapore retail and SME customers with deposits, loans, and digital banking capabilities.
• RHB Bank Singapore: Malaysian banking group's Singapore branch/subsidiary. Comparable mid-tier Malaysian bank serving Singapore retail customers with deposit, loan, and remittance products targeting the cross-border Singapore-Malaysia segment.
• CIMB Bank Singapore: Singapore operations of Malaysian-headquartered CIMB. Directly competes with HL Bank for retail deposits, fixed deposits, and personal lending in Singapore, with similar ASEAN regional banking positioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/hl-bank

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HL Bank