Standard Chartered enabled to run more places of business in Singapore

Tuesday 4 August 2020 11:10 CET | News

The Monetary Authority of Singapore (MAS) has enabled Standard Chartered Bank Singapore (SCBSL) to run more places of business (POBs) as a Significantly Rooted Foreign Bank (SRFB).

The bank has been allowed to open to 50 POBs including a maximum of 35 branches. Standard Chartered also plans to enhance the framework for SRFB banks. Therefore, it will provide an additional full bank licence to a SRFB that exceeds the SRFB baseline criteria. As a result, they can set up subsidiaries, including with joint-venture partners, or run digital-only bank, noted the regulator. 

According to Verdict, multiple factors will be factored in to assess whether the SRFB exceeds the baseline criteria. These factors include the complete subsidiarisation of banking operations in Singapore, having a significant proportion of Singapore-based business heads and global key appointment holders. The SRFB’s commitment to Singapore’s financial stability will also be considered. This will depend on whether the foreign bank is a significant lender in the city based on headcount and whether it has a Singaporean group as a substantial shareholder.

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Keywords: Standard Chartered, SRFB, Singapore, The Monetary Authority of Singapore, MAS, Chartered Bank Singapore, SCBSL, Significantly Rooted Foreign Bank, banks, POBs, digital, digital banks, banking, lender
Categories: Banking & Fintech
Countries: Singapore
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Banking & Fintech