Kwong Yik Bank was the first Chinese bank to be established in Singapore when it started operation at 26 Kling Street in 1903. The bank was founded by Wong Ah Fook, who was then a leading building contractor and gambier planter.[1] It provided ordinary banking facilities, and arranged for mortgages and loans to its predominantly Chinese clientele.[2]
Following the sudden suspension of payment by Kwong Yik Bank on 20 November 1913 due to high withdrawals of funds by depositors,[3] the bank’s directors and shareholders agreed for the bank to go into liquidation.[4] The Companies Bill was subsequently amended in 1915 in order to safeguard the interests of depositors by restricting advances from banks to their directors and officers.[5]
References
1. Lee, S.-Y. (1990). The monetary and banking development of Singapore and Malaysia (p. 38). Singapore: Singapore University Press. Call no.: RSING 332.095957 LEE; Kwong Yik Bank. (1913, December 9). The Straits Times, p. 9. Retrieved from NewspaperSG.
2. Wright, A. (Ed.). (1908). Twentieth century impressions of British Malaya: Its history, people, commerce, industries, and resources (pp. 145–146). London: Lloyd's Greater Britain Pub. Call no.: RDKSC 959.51033 TWE
3. Run on a Singapore bank. (1913, November 21). The Singapore Free Press and Mercantile Advertiser (1884–1942), p. 7. Retrieved from NewspaperSG.
4. The Kwong Yik Bank. (1913, December 9). The Singapore Free Press and Mercantile Advertiser (1884–1942), p. 7; The Kwong Yik Bank (1913, December 11). The Singapore Free Press and Mercantile Advertiser (1884–1942), p. 378. Retrieved from NewspaperSG.
5. Legislative Council. (1915, August 28). The Straits Times, p. 9. Retrieved from NewspaperSG.
The information in this article is valid as at 2014 and correct as far as we are able to ascertain from our sources. It is not intended to be an exhaustive or complete history of the subject. Please contact the Library for further reading materials on the topic.