Cody Gakpo’s early opener was followed by a Virgil van Dijk header, only for Bayern to respond and level the score at the break through Serge Gnabry and Leroy Sane.
Luis Diaz dispatched a thumping finish to put the Reds back ahead on 66 minutes, though Josip Stanisic equalised and Frans Kratzig smacked in a stoppage-time winner to see Bayern collect the Singapore Trophy, presented by Audi and Standard Chartered Bank.
Jürgen Klopp’s squad now fly back to Merseyside for the final stages of their pre-season preparations, facing SV Darmstadt 98 on Monday night.
Having scored four at this venue three days ago, Liverpool needed just two minutes to net again – and it was a wonderfully incisive goal.
Gakpo played a clever one-two with Diogo Jota inside the Bayern half that allowed the Dutchman to burst forward into space. He held off three chasing opponents before thumping a finish over Yann Sommer for 1-0.
The Reds could have instantly doubled that lead when they again cut through the Bundesliga outfit and found Mohamed Salah inside the box. But Kim Min-jae recovered in time to block the No.11’s effort.
Bayern threatened soon after – with Benjamin Pavard sending a header against the post and squandering the rebound from close range – as the game settled into a more even rhythm after the early action.
But it was Liverpool who scored again just shy of the half-hour mark and it was a goal to mark Van Dijk’s first appearance as the official new Reds captain.
Andy Robertson swung in a corner kick from the right-hand side and the skipper took full advantage of the space he found to send a downward header past Sommer.
Liverpool’s increased lead was short-lived, however, as a long pass out from the back invited Gnabry to attack through the left channel. He cut past Joel Matip and hooked a low finish inside the near post.
And Bayern were level three minutes before the interval. Gnabry was again heavily involved via his flank, this time threading an assist across the area for Sane to fire in a first-time strike.
Klopp made three changes at the break as Ibrahima Konate, Darwin Nunez and Diaz replaced Matip, Jota and Alexis Mac Allister, who picked up a knock just on half-time.
Nunez soon flicked a header wide when picked out by Robertson from a free-kick, while Alisson Becker thwarted a low drive from substitute Kingsley Coman.
Both teams were pushing to get themselves in front and half-chances flowed – Nunez off target from a narrowing angle after a Salah set-up – before the Reds bagged the game’s fifth goal.
Another beauty it was, too.
Diaz dropped deep to ping a pinpoint pass out to Salah on the right wing and moved into the Bayern area to collect a return from the Egyptian. The No.7 got around Stanisic with one touch and thumped a shot into the corner with another.
Alisson subsequently had to make a smart stop to deny Ryan Gravenberch from yards out, but his next from a Matthijs de Ligt header after a set-piece was pounced on by Stanisic to level with 80 on the clock.
Penalties loomed until, as four minutes of added time began, Kratzig met a long ball in behind with a ferocious blast beyond Alisson, meaning a narrow loss as Liverpool now bid farewell to Singapore.
Team
Alisson, Alexander-Arnold (Gomez, 61), Matip (Konate, 46), Van Dijk (Quansah, 75), Robertson (Tsimikas, 61), Jones (McConnell, 75), Mac Allister (Nunez, 46), Szoboszlai (Clark, 75), Jota (Diaz, 46), Salah (Doak, 75), Gakpo (Elliott, 61).
Unused subs: Adrian, Kelleher, Mrozek, Scanlon, Koumas, Frauendorf.
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