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

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    HKMA Urges Early Action for Adherence to IBOR Fallbacks Protocol

    HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.

    October 16, 2020 WebPage Regulatory News
    News

    FSB Sets Out Roadmap for Transition to Alternative Reference Rates

    FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).

    October 16, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on BRRD2 Transposition

    HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).

    October 15, 2020 WebPage Regulatory News
    News

    HM Treasury Publishes Response to Proposal on CRD5 Transposition

    HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.

    October 15, 2020 WebPage Regulatory News
    News

    BoE Publishes Reporting Schedule for Statistical Returns

    In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.

    October 15, 2020 WebPage Regulatory News
    News

    EC Welcomes Declaration by Member States on EU Cloud Federation

    EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.

    October 15, 2020 WebPage Regulatory News
    News

    PRA Updates Supervisory Statement on Counterparty Credit Risk

    PRA published the final policy statement PS22/20, which contains the updated supervisory statement SS12/13 on counterparty credit risk.

    October 14, 2020 WebPage Regulatory News
    News

    FSB Publishes Update on Work to Address Market Fragmentation

    FSB published an update on its work to address market fragmentation. FSB is working in this area in collaboration with the other standard-setting bodies.

    October 14, 2020 WebPage Regulatory News
    News

    EBA Proposes to Revise Guidelines on Incident Reporting Under PSD2

    EBA proposed revisions to the guidelines on major incident reporting under the second Payment Service Directive (PSD2).

    October 14, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5967