POSB White Sands Branch

Founded on January 1, 1877 as the Post Office Savings Bank (POSB), the bank belonged to the Postal Services Department in the Straits Settlements and was set up by the colonial federal government to supply banking services for lower-income citizens.Headquartered in the General Post Office Building, in Raffles Place, the bank was under the jurisdiction of the Postmaster-General, with bank policies overseen by a group of trustees designated by the Governor of the Straits Settlement. From 1877 to 1940, the bank had a steady development of accounts opened increasing from 211 to 57,000 while total deposits increased from 19,862 to 14.3 million Straits dollars during the same period.