Featured Product

    MAS Awards SRFB Privileges to Standard Chartered Bank in Singapore

    August 03, 2020

    MAS announced that it will award Significantly Rooted Foreign Bank (SRFB) privileges to Standard Chartered Bank (Singapore) Limited, allowing it to operate additional places of business. With effect from August 03, 2020, Standard Chartered Bank (Singapore) Limited will be able to operate up to 50 places of business. In addition, MAS announced that it will enhance the SRFB framework to grant, in the future, an SRFB that substantially exceeds the criteria for significant rootedness in Singapore additional privileges, including the ability to establish a separate subsidiary to develop alternative business models.

    Under the SRFB framework, which was announced in 2012, qualifying full banks that are significantly rooted in Singapore and from jurisdictions that have a Free Trade Agreement with Singapore are allowed to establish up to 50 places of business, of which up to 35 may be branches. MAS assesses the "significant rootedness" on the basis of a range of quantitative and qualitative attributes. Standard Chartered Bank (Singapore) Limited is the first qualifying full bank to qualify for SRFB privileges under the EU-Singapore Free Trade Agreement commitments.

    Under the enhanced SRFB Framework, MAS will consider granting an additional full bank license to an SRFB that substantially exceeds the SRFB baseline criteria. This will provide the SRFB with the same flexibility as Singapore-incorporated banking groups to establish subsidiaries, including with joint-venture partners, to operate new or alternative business models such as a digital-only bank. The enhanced SRFB Framework will strengthen the ability of SRFBs to complement local banks as anchors to the financial system in Singapore. To determine if an SRFB substantially exceeds the baseline criteria, MAS will consider a range of additional attributes of rootedness in Singapore. These include full subsidiarization of banking business operations in Singapore; significant proportion of global key appointment holders and business heads based in Singapore; and firm commitment to the financial stability and development of Singapore in the long term. SRFB privileges, including the award of the additional full bank license, will continue to be offered only under Singapore’s Free Trade Agreements that contain SRFB commitments.

     

    Keywords: Asia Pacific, Singapore, Banking, Foreign Banks, SRFB Framework, Standard Chartered, Significantly Rooted Foreign Bank, MAS

    Featured Experts
    Related Articles
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    UK Government to Set Out Rules on Wind-down of Critical Benchmarks

    HM Treasury notified that, after considering all responses, the government intends to bring forward further legislation, when the Parliamentary time allows, to address issues identified in the consultation on supporting the wind-down of critical benchmarks.

    May 07, 2021 WebPage Regulatory News
    News

    EIOPA Launches Stress Test for Insurance Sector in EU

    EIOPA launched the 2021 stress test for the insurance sector in EU.

    May 07, 2021 WebPage Regulatory News
    News

    UK Authorities Publish Third Edition of Regulatory Initiatives Grid

    UK authorities jointly published the third edition of Regulatory Initiatives Grid setting out the planned regulatory initiatives for the next 24 months.

    May 07, 2021 WebPage Regulatory News
    News

    EC Consults on Regulation on Non-Financial Sustainability Disclosures

    EC is requesting feedback on the proposed Commission Delegated Regulation on the content, methodology, and presentation of information that large financial and non-financial undertakings should disclose about their environmentally sustainable economic activities under the Taxonomy Regulation.

    May 07, 2021 WebPage Regulatory News
    News

    OSFI Outlines Prudential Policy Priorities for Coming Months

    OSFI has set out the near-term priorities for federally regulated financial institutions and federally regulated private pension plans for the coming months until March 31, 2022.

    May 06, 2021 WebPage Regulatory News
    News

    BIS Announces TechSprint on Innovative Green Finance Solutions

    Under the Italian G20 Presidency, BIS Innovation Hub and the Italian central bank BDI launched the second edition of the G20 TechSprint on the lookout for innovative solutions to resolve operational problems in green and sustainable finance.

    May 06, 2021 WebPage Regulatory News
    News

    ACPR Publishes Version 1.0.0 of RUBA Taxonomy

    ACPR published Version 1.0.0 of the RUBA taxonomy, which will come into force from the decree of January 31, 2022.

    May 06, 2021 WebPage Regulatory News
    News

    EBA Proposed Regulatory Standards for Central Database on AML/CFT

    EBA proposed the regulatory technical standards on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in EU.

    May 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6944