That's true. Plus almost no MNC uses DBS, OCBC or UOB for their banking needs other than to store their Singdollar holdings. I am also pretty sure no F500/FG500 firm has anything more than a SGD account with the local banks and only if they have a presence in Singapore. They need it to pay local operating expenses, such as staff salaries, that's about it. Complex international banking operations would be undertaken by global banks, or at least banks from the same country as the company. Like BOC for Chinese firms and SMBC for Japanese firms.