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

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699