This was the first banknote of the Straits Settlements printed by Union Bank of Calcutta. The bank was opened in December 1840 and closed a few years later. The only note known from this bank and it is of the utmost historical importance.
In 1840, Union Bank of Calcutta opened its branch in Singapore and began printing its own banknotes. The bank had a systematic and efficient banking system in the Straits Settlement . After 1866, there was only 4 bank operating in the settlement, they were:
The Oriental Bank
The Chartered Merchantile Bank of India , London & China
The Chartered Bank of India , Australia & China
The Hong Kong & Shanghai Bank
During the initial stages, the banks functioned as "exchange banks" to manage the oversea transaction. and to provide financial assistance for commerce and short term business loans.